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2016 SAMREC/SAMVAL VERSION OF THE CODES ARE MANDATORY FROM 1 JANUARY 2017
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News

SAMCODES ESG WORKING GROUP – UPDATE REGARDING ESG DISCLOSURE FOR SAMREC/SAMVAL

Samcodes ESG logo 03032023The Working Group has made considerable progress during 2022 and early 2023, having completed the following workstreams:

  • Categorisation of the key findings from the ESG Inquisition and ESG Survey into distinct outcomes.
  • Compilation of minimum ESG disclosure requirements.
  • Adoption of the ESG definitions formulated by CRIRSCO as placeholders in the interim. There is still considerable debate around an appropriate definition for Governance, varying from those aspects that directly affect mineral resources and reserves governance to a much broader corporate perspective.
  • Compilation of stakeholder expectations for ESG reporting.
  • Compilation of a proposed table of contents for the revision of the SAMESG Guideline.
  • Compilation of a draft SAMREC ESG document, a potential new section for the SAMREC Code, framing ESG integration of minimum ESG disclosure requirements in mineral reporting and providing context, perspective and guidance in terms of global trends, stakeholder expectations and end users of the mineral reporting. The draft is extensive and deliberately comprehensive to avoid losing valuable points at this stage.

Work is now focused on the following activities:

  • Migrate key aspects from the SAMREC ESG draft into the SAMREC Code (as recommended changes)
  • Incorporate the key ESG aspects into the SAMREC Table 1 (as recommended changes).
  • Compile chapters of the SAMESG Guideline according to the new Table of Contents, and incorporate key aspects from the stakeholder mapping, ESG Inquisition, minimum ESG disclosures and the SAMREC ESG draft.
  • Compile recommended ESG aspects for inclusion in the SAMVAL Code, in the same style as the SAMREC ESG draft. Follow the same review process to determine what should belong in the Code and what should appear to the Guideline.

The date of 11 July 2023 in the GSSA calendar has been earmarked for an ESG event. The Working Group expects this will take the form of progress made, appraise the broader mining and regulatory community of its recommendations, and link these to international developments.