Making the connection between our new Purpose statement, our refreshed Values, and what these mean for Teck.
We’ve always worked with purpose and been guided by values at Teck, so why is now the right time to articulate our Purpose statement and refreshed Values? How do we use these? And what comes next? The following FAQs will help provide the answers.
Why is it important for Teck to have a Purpose statement?
The growing importance of Environmental, Social and Governance (ESG) performance is creating increased societal expectation that a company is clear about what it stands for. Our Purpose statement addresses that expectation with a strong expression of who we are, the good we do and what we value most. It also allows us to speak in a unified way about what we do and why to our people, communities, governments, shareholders and other important audiences.
How does having a Purpose statement and refreshed Values change the way we work?
We’ve always worked with purpose and been driven by values at Teck, and that won’t change. The difference is that we now have a Purpose statement that is a clear expression of who we are and what we stand for. Our Purpose statement also provides us with a decision-making framework so we can be even more intentional and focused in our work. Our refreshed Values describe who we are and how we operate, and these guide us in our decision-making.
How do we use our Purpose and Values?
We use our Purpose and Values when we align our decisions and choices with them. This may include decisions and choices that have significant impact on our business—how we operate, growth projects we choose to prioritize and fund, or how we define good performance. It can also include the many smaller decisions and choices we make every day—how we show up in our teams, how we work through challenges, or what we choose to recognize and celebrate. We can also use our Purpose and Values in our engagement with Communities of Interest to help them better understand Teck.
How were our Purpose statement and refreshed Values developed?
Our Purpose statement and refreshed Values were developed with input from nearly 2,000 people from across Teck—from the frontline to the Board of Directors. Input was also gathered from important external stakeholders like customers, members of the investment community, and leaders across industry and civil society. A comprehensive process was undertaken to draft and refine our Purpose statement and refreshed Values, which were ultimately approved by our Board of Directors.
Now that we have a Purpose statement and refreshed Values, what happens next?
This will be an ongoing journey for everyone, and there will be much more to come in the months ahead. Planned activities include team workshops and virtual learning opportunities; tools and tactics for aligning with Purpose and Values; and sharing successes and stories that demonstrate how our Purpose and Values are being applied across the business and with our external communities of interest and stakeholders. Work is also underway to integrate our Purpose and Values into many of our business planning activities and employee programs, like five-year planning, annual objective-setting, leadership development programs, Courageous Safety Leadership and the Excellence Awards.
What we heard…
Input from nearly 2,000 people from across Teck—from the frontline to the Board of Directors—helped develop our Purpose statement and refreshed Values. Here’s a snapshot of what we heard.
“We attract the best talent in the world because they love how we operate, how we think, our values… we are proud of being world leaders in how we treat our people, partners, stakeholders and the communities we operate in. Anyone can dig a hole and pull out some raw materials…HOW we do that is what we’re known for.”
— Human Resources employee
“The one thing that's been constant throughout my 22 years is doing the right thing no matter what the situation. The thing that probably helps me sleep best at night, is the fact that I know I will always be given support to do the right thing no matter what.”
— Senior Management Team member
“My crew is like my family, and this area is where I’ve grown up hunting and fishing since I was a kid…what I’m motivated by is keeping folks safe and keeping this area pristine so my kids and my grandkids can enjoy it too.”
— Frontline leader
“People have no idea the lengths that we go to clean up problems we inherited—we live here too so of course we’re going to do everything we can to make it right.”
— Frontline employee