Ensuring we do business ethically
The structures and mechanisms used to drive ethical business practice
The foundation of our business is based on strong ethics. Our Board and its committees are responsible for setting the ethical tone which, in turn, cultivates a culture of integrity and transparent reporting to our stakeholders. From this foundation, we build trust with our stakeholders, allowing us to strengthen our reputation and create sustainable value. We have numerous mechanisms in place to help to ensure we conduct our business ethically, adhere to compliance requirements and entrench good governance within the business.
We assess any legal, non-compliance and reputational risks facing the Company and mitigate these by enacting an effective governance and compliance framework, which follows a systematic and integrated approach, and pivots on robust mitigating control structures.
During 2021, we:
- Maintained the annual profiling and assessment of applicable laws, regulations, rules, codes and standards with the assessment and integration of Covid-19 and related changes and obligations
- Made further changes to the internal assurance process to more effectively align inherent and residual risk, controls and imposed obligations
- Enhanced the Group Governance and Compliance portal to include a fit-for-purpose and focused centre of excellence for data protection and privacy
- Risk-screened 100% of all new and existing suppliers and contractors for a range of pre-defined risk categories
- Analysed engagements with and commitments made to external stakeholders, as well as declarations filed in terms of the Group's Code of Conduct
- Extended operational audits by our Internal Audit function to assess compliance-related controls as part of the control's application on the operational business process
The Risk Committee examines the key risks and opportunities facing the business and reports these to the Board twice a year. The Board aims for effective controls and corrective measures to manage and mitigate these risks. Furthermore, the Audit Committee seeks to ensure the integrity, accuracy, and adequacy of Gold Fields' accounting records.
Internal Audit ensures that the necessary internal controls are in place to mitigate any potential risks in all regions. Our operations receive an audit ranking and, where necessary, corrective measures are put in place.
The External Audit function assures the integrity, accuracy and adequacy of accounting records and corporate reporting. PricewaterhouseCoopers Inc. was appointed as our auditors from 2019.
Refer to the AFR for more information on our Risk and Audit Committees.We support the development of an ethical and responsible gold mining industry. Gold Fields is aligned to leading practices, which underpin our commitment to responsible corporate citizenship.
We are committed to and guided by:
- The legislation and regulations of the countries in which we operate
- The requirements of the JSE and NYSE
- The United Nations (UN) Guiding Principles on Business and Human Rights
- The ICMM 10 Mining Principles on Sustainable Development and eight position statements
- The 10 Principles of the UN Global Compact
- King IV
- UN Convention Against Corruption
- The Organisation for Economic Co-operation and Development (OECD) Convention on Combating Bribery
- Extractive Industry Transparency Initiative
- World Gold Council – Conflict Free Gold Standard
- Voluntary Principles on Security and Human Rights
- Task Force on Climate-related Financial Disclosures (TCFD)
Our Code of Conduct pivots on the Gold Fields' values, and informs the way we conduct ourselves – from our operations to our Board. It also extends to our supply chain business partners. Updated in 2017, our Code of Conduct was distributed to all existing employees, while new employees receive it during their onboarding processes. As at end-2021, 90% of our people had undergone training on the Code of Conduct. We also have an anonymous tip-offs hotline in operation, which is always available to employees and business partners in all regions. Our principle of speaking up was further enhanced with the implementation of a Whistleblower Policy during 2020.
Key principles of our Code of Conduct:
- Ethical leadership within the organisation, along with ethical management
- Protection of employees and third-party whistleblowers, promoting an environment for reporting of transgressions
- Safeguarding the business against potential reputational harm and litigation
- Transparent and ethical dealings and interactions with all stakeholders, and declaring all gifts and entertainment, as well as any conflicts of interest
- Protection of Company information
- Accurate and transparent reporting
- Safeguarding against insider trading