Our Stakeholders: the Core of Our Sustainable Development Strategy 2007 Sustainability Report About This Report (3.1, 3.2, 3.3, 3.5, 3.6, 3.7, 3.8, 3.9, 3.13)
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OUR STAKEHOLDERS: THE CORE OF OUR SUSTAINABLE DEVELOPMENT STRATEGY 2007 SUSTAINABILITY REPORT ABOUT THIS REPORT (3.1, 3.2, 3.3, 3.5, 3.6, 3.7, 3.8, 3.9, 3.13) With the presentation of our seventh Annual Report on Sustainable Development, we reiterate our commit- ment to transparency and accountability to our stakehold- ers in communicating Peñoles’s social, environmental and economic performance during 2007. This report discusses the policies, programs and economic, social and environ- mental results of our activities in 2007, and gives an ac- count of our performance via key indicators. For the fourth consecutive year, our report has been pre- pared on the basis of the Global Reporting Initiative (GRI) guidelines, and for the second time, in accordance with Ver- OUR STAKEHOLDERS: sion G3 and its Protocols and Indicators, including those re- THE CORE OF OUR SUSTAINABLE lated to the Supplement for the Mining and Metallurgical DEVELOPMENT STRATEGY Sector of the International Council for Mining and Minerals (ICMM), version GRI 2002. This report is also based on the principles of the United Nations Global Compact and the Ex- Peñoles celebrated its 120th year in 2007. Sustainable develop- tractive Industry Transparency Initiatives (EITI). ment has been and continues to be a key factor in our busi- ness strategy. From economic, social and environmental equi- The contents were determined on the basis of three crite- librium, to the assimilation of best practices from the modern ria: the expectations of our stakeholders, through an ex- mining industry, we believe that our stakeholders should be tensive feedback process; adhering to best practices based the core of our sustainability strategy. Lastly, there are those on international standards such as Global Reporting Initiative who day after day, generation after generation, have enabled (GRI), International Council on Mining and Metals (ICMM) and the us to become what we are today: a 120 year-old sustain- United Nations Global Compact principles; and monitoring the able company. For these reasons, our enduring goal and com- economic, social and environmental performance of Pe- mitment is to promote the welfare of our shareholders, our ñoles. It should be noted that the information contained in clients, our employees, our suppliers and the communities this report is limited to the core businesses and operations where we operate. of Peñoles in Mexico—Exploration, Mining and Chemicals, and Metals—although in some sections reference is made to other support areas, particularly the corporate offices and associated companies. CONTENTS (3.12) To give more substance and transparency to our informa- MESSAGE FROM THE CEO 2 tion, for the third consecutive year we submitted our report PEÑOLES AND SUSTAINABLE DEVELOPMENT 5 for verification by PricewaterhouseCoopers (PwC), which ENVIRONMENTAL PERFORMANCE FOR conducted a review in accordance with applicable standards. OUR STAKEHOLDERS 21 This report may be found in electronic format on our web- SHAREHOLDERS 51 site at: www.penoles.com.mx. SUPPLIERS 59 CLIENTS 65 Note: All figures are expressed in Mexican pesos unless EMPLOYEES 73 otherwise indicated. COMMUNITY 87 AWARDS AND RECOGNITIONS 105 A REPORT OF THE INDEPENDENT AUDITORS 106 NOTES TO THE FOURTH FINANCIAL STATEMENT 109 GLOSSARY 114 Peñoles conducted a self-assessment of this report and obtained INDICATORS 116 an A+ level according to the criteria defined in the Global Reporting Initiative (GRI-G3). Peñoles is part of Grupo BAL, a privately held diversified group of independent Mexican companies that includes:Grupo Palacio de Hierro (department stores); Grupo Nacional Provincial (insurance); Profuturo GNP (individual retirement funds); Valores Mexicanos – Casa de Bolsa (financial services); Crédito Afianzador (bonding); and agribusinesses. 2007 SUSTAINABILITY REPORT. OUR STAKEHOLDERS: THE CORE OF OUR SUSTAINABLE DEVELOPMENT STRATEGY Our sustainability is 120 years old. Original bond dated October 24, 1887 with a value of 100 pesos 1 MESSAGE FROM THE CEO MESSAGE FROM THE CEO (1.1, 1.2) SUSTAINABLE DEVELOPMENT AS A KEY FACTOR OF OUR BUSINESS STRATEGY IS STRENGTHENED BY MEETING OUR OBLIGATIONS WITH STAKEHOLDERS AND THE CONTINUOUS IMPROVEMENT OF OUR OPERATIONS. In 2007, we strengthened communications with our stakeholders, who in good measure commit us to be who we are today: a company that has proved its sustainability and watches over the interests of its shareholders, clients, employees, suppliers and com- munities where it operates. For us, to add value is to contribute to a healthy and safe environment—through more efficient process- es—and to identify and support the priorities of the communities where we have presence. We believe that Sustainable Development enables us to think and act in terms of present and future generations, to generate value by better responding to their needs, and to contribute to environmental balance through care and respect for the environ- ment. As such, our experience and actions are aimed at finding and assimilating an approach based on the best practices and trends in the global mining and metallurgical sector. Through this report, we reiterate our commitment to sustainable development, as well as to the United Nations Global Compact, in keeping with its policy on Communication on Progress. To refine this approach and act on priority areas, conscious of the percep- tion that our stakeholders have of us and to be able to choose the best path towards sustainability—in this report we want to engage in an exercise of re- 2 2007 SUSTAINABILITY REPORT. OUR STAKEHOLDERS: THE CORE OF OUR SUSTAINABLE DEVELOPMENT STRATEGY flection, self-criticism and feedback on our activities that, in We further worked on programs to eliminate unsafe con- turn, will determine the new actions and work plans that ditions and in training our employees to prevent unsafe will strengthen sustainable development as a key factor in practices. Notwithstanding the efforts made, we mourned our strategy. six fatalities due to unsafe practices, in which four of our employees and two contractors lost their lives; we extend In 2007, we continued to work to provide evidence that our most sincere condolences to their families, colleagues would advocate a change in the erroneous and distorted im- and communities in which they lived. age that exists about the actual effect of mining activities on the environment, and the safety and health of the people We continued to participate actively in a number of na- who work in it. To that end, we maintained the emphasis on tional and international discussion and analytical forums, caring for health, safety and the environment through pro- with the aim of exchanging best practices and learning grams and campaigns, the application of clean production first-hand about environmental trends and regulations. technologies and the responsible handling of minerals and metals, with the objective of balancing economic, social and In terms of the efficient use of resources, we extended our environmental performance. efforts to conserve water and energy in all their forms. We reduced the proportion of first-use water in our pro- We continue to center our environmental efforts on handling, cesses and rationalized the consumption of energy in all reducing and appropriately disposing of wastes; controlling at- its forms; we continuously seek sources of clean energy mospheric emissions; optimizing the use of all our inputs in that do not generate greenhouse gases, and we continue general, and of water in particular; industrial hygiene; accident to voluntarily participate in the Mexico Greenhouse Gases prevention; and emergency preparedness. Program (GEI Mexico). Non-renewable resources companies depend on finding new We extend our deepest appreciation to Alberto Baillères, ore bodies, as well as developing and executing projects that Chairman of the Board of Directors of Industrias Peñoles, leverage them appropriately. For that reason, for both the and to our Board of Directors, Executive Committee and our design of new projects and the evaluation of current opera- employees for their valuable contributions to sustainable de- tions, we conduct monitoring and risk studies that simulate velopment, which is bringing us closer to the expectations adverse conditions—social or environmental—that might of our shareholders, clients, employees, suppliers and com- occur and seek to implant the best technologies to mitigate munities where we are present, reiterating our openness to the effects. dialogue and the sharing of ideas that will contribute to the improved performance of our business. Another challenge facing our industry is the shortage of professionals in the various branches of earth sciences, along with the aging of the current work force. To improve this situation, Peñoles has joined efforts with a number of educational institutions and promotes research and devel- opment projects. In this context, the notable events in 2007 Jaime Lomelín were the inauguration of the Peñoles Module—donated to Chief Executive Officer the Autonomous University of Fresnillo, Zacatecas—support for the restoration of the Earth Sciences Academic Unit at the Autonomous University of Zacatecas, and the new Mu- seum of Metals in Torreón, Coahuila, to promote the impor- tance of metals in the development of civilization. 3 4 2007 SUSTAINABILITY REPORT. OUR STAKEHOLDERS: THE CORE OF OUR SUSTAINABLE DEVELOPMENT STRATEGY PEÑOLES AND SUSTAINABLE DEVELOPMENT THE CORE OF OUR ACTIONS IS FOCUSED ON THE INTEGRATION