We believe that being transparent in our payments can help communities to understand the economic benefits generated by mining activity and how this is distributed to governments for local, regional, and national economic and social development. As such, we disclose our taxes accrued and paid in our published financial results in accordance with applicable accounting standards and supplement this with additional voluntary disclosure, working to ensure that our disclosure is accessible and reported in a way that is easily understood.
Teck is a member of Extractive Industries Transparency Initiative (EITI), a voluntary global initiative that promotes transparency in payments to government and revenues for extractive industries. We also voluntarily provide information on our tax payments in our principal operating countries on a country-by-country basis in our Annual Sustainability Report.
In May 2023, Teck reported on our payments to governments under the Canadian Extractive Sector Transparency Measures Act (ESTMA), available on the Public Filings Archive page.
In 2023, we released our 2022 Economic Contribution Report which details the economic benefits created in the communities and jurisdictions where we operate, including payments to suppliers, employee wages and benefits, and payments to governments. It captures not only our direct economic impacts, but also the indirect impacts which arise from generating demand for goods and services provided by our suppliers and the induced impacts which arise from salaries and wages earned as a result of our operations.