The success of our business is dependent on our ability to create value in a way that meets the needs of the company, our shareholders and our COIs while accounting for the broader environmental, social, and economic context in which Teck operates. This requires us to understand the evolving global environment and to take an integrated approach to identifying, prioritizing and managing risks and opportunities.
Through engagement with our communities of interest – including local residents, Indigenous Peoples and investors – and our own internal analysis of trends affecting the mining and metals industry, Teck continuously identifies areas of risk and opportunity, and evaluates those topics based on their potential and actual impact on our business and COIs. Follow the link to find a summary of our 2015 material topics. These topics, as well as broader issues, overlap and may require trade-offs. As such, they require effective collaboration among departments and business units. One example is water use and quality, which not only requires sound engineering and water management, but also effective engagement with local communities and Indigenous Peoples and comprehensive understanding of the energy intensity associated with water use.
Identification and prioritization of risks and opportunities is therefore integrated into every aspect of our business activities and guides the development and implementation of our strategies, policies, management practices and standards. That includes our sustainability strategy which was recently updated to reflect emerging and evolving risks and opportunities in areas of air and energy and climate change. More information on emerging risks can be found in the material topic sections of this website.
Our integrated approach is further embedded on a company-wide basis through our five-year business planning and objective setting process. At an employee level, business objectives inform individual objectives to ensure our efforts are aligned and focused on mitigating priority risks and taking advantage of the most beneficial opportunities. Our compensation program is linked to safety and sustainability through individual, department and company-wide objectives.
Successfully executed, our integrated framework allows us to deliver products essential to people while minimizing negative impacts and maximizing benefits.
Figure 1: Integrated Business Sustainability Framework
The following framework outlines how we integrate key social, economic and environmental risks and opportunities into our business.
As part of our commitment to responsibility throughout the value chain, Teck works to understand a broad scope of issues—ranging from the origins of the goods that we buy to the ultimate post-sale impacts of our products—through integrated risk management.
Our commitments are shaped by internal policies and procedures that outline our approach to sustainability, as well as external sustainability-related initiatives and regulatory requirements. We work to comply with all regulatory requirements, and strive to go beyond them by committing to voluntary international standards and sustainability-related initiatives.
We engage with COIs throughout the mining life cycle. Our direct engagement of COIs is organized into three broad levels: information disclosure, dialogue and participation. All such engagement is informed by the AA1000 principles of inclusivity, materiality and responsiveness.