ANNUAL%20REPORT%202015%20eng

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Management Discussion and Analysis Consideration The maximum consideration payable under this agreement is MNT12,933,103,680 (then equivalent to approximately USD7,627,225) payable on a monthly basis within 60 days upon receipt of valid invoice from M Armor LLC. The consideration was determined on an arm’s length basis between the Company and M Armor LLC based on the bid submitted by M Armor LLC. Annual cap for this agreement is MNT4,311,034,560 (then equivalent to approximately USD2,542,408) for the year ended 31 December 2015. Transactions (excluding VAT) in the total amount of MNT3,415,210,168 (equivalent to approximately USD1,733,803) was made by the Group for the year ended 31 December 2015 under the agreement. The independent non-executive Directors reviewed the CCTs of the Group pursuant to Rule 14A.55 of the Listing Rules. In the opinion of the independent non-executive Directors, the CCTs were entered into by the Group: (i) (ii) (iii) in the ordinary and usual course of business of the Group; on normal commercial terms or better; and according to the agreement governing them on terms that are fair and reasonable and in the interests of the shareholders of the Company as a whole. The Board has received a letter from the auditor of the Company confirming the matters set out in Rule 14A.56 of the Listing Rules that in respect of the disclosed CCTs: (a) (b) (c) (d) nothing has come to the attention of the auditor that causes them to believe that the disclosed CCTs have not been approved by the Board; for the transactions involving the provision of goods and services by the Group, nothing has come to the attention of the auditor that causes them to believe that the disclosed CCTs were not, in all material respects, in accordance with the pricing policies of the Group; nothing has come to the attention of the auditor that causes them to believe that the disclosed CCTs were not entered into, in all material respects, in accordance with the relevant agreements governing such transactions; and with respect to the aggregate amount of each of the CCTs set out in items (1) to (5), nothing has come to the attention of the auditor that causes them to believe that the disclosed CCTs have exceeded the annual cap disclosed in the announcements made by the Company in respect of each of the disclosed CCTs. In respect of the aforesaid CCTs, the Company has complied with the disclosure requirements under the Listing Rules. Annual Report 2015 51
Sustainability Report OUR APPROACH TO SUSTAINABLE DEVELOPMENT We integrate sustainability into the core of our business strategy and are committed to ensure that our operations appropriately account for their respective social and environmental consequences. We have Sustainable Development Policy and Corporate Social Responsibility (“CSR”) Policy, which alongside with our corporate documents and guidelines in the relevant fields, define our approach and responsibility towards diverse stakeholder groups. Effective and proper utilization of natural resources and continual strengthening of sustainable development practices are crucial for our long-term business success. We work in compliance with all applicable international and local standards at each and every level of our operation, ensure we put the health and safety of our employees and communities first, and seek to minimize our environmental impact. We also strive to be an integral part of the communities in which we operate, and foster sustainable and fruitful relationships with them in order to create lasting value. Our governance framework clearly defines the role and approaches our board and management should take in overseeing the performance in sustainability. Transparency, accountability, respect for the rule of law and respect for human rights are all deemed crucial in sustaining meaningful and long-term engagement with our stakeholders. BUSINESS INTEGRITY Code of conduct Integrity and accountability are core values at MMC and are central to our reputation as a socially responsible mining company. We have a Code of Conduct (the “Code”) that restates our commitment to responsible action and establishes good governance and CSR as essential principles for valuing employees, preserving the environment and contributing to development of the communities in which we operate. A set of desirable behaviours are embedded in the Code which promote a positive and responsible professional attitude among employees and leaders. Employees at all levels, including executives and contractors must strictly follow the Code and act with responsibility, honesty, trust, respect, and loyalty, obeying all laws and regulations in effect. Violations of the Code are taken seriously and can result in disciplinary actions. No disciplinary actions were recorded in the reporting period. Human rights At every level of our operations, we respect the human rights of our employees, host communities and partners. We uphold the United Nations (“UN”) Universal Declaration of Human Rights, the International Labour Organisation (“ILO”) Declaration on Fundamental Principles and Rights at Work and The UN Guiding Principles for Business and Human Rights. We are committed to equal opportunity and freedom from all forms of discrimination for our employees and their rights to freedom of association and collective bargaining. In line with the above, we promote human rights within our sphere of influence in the following ways: • At our operational sites and offices, we aim to ensure that equal opportunity is afforded to all our employees irrespective of race, gender, nationality, age, religious belief, social origin, political views, union affiliation, pregnancy, disability or any other basis. Our employees are free to exercise freedom of association and freedom of speech. We have feedback boxes at our mine sites to allow employees to express their opinions and report any breaches of ethical conduct and behaviour. We also endeavour to maintain a working environment free from workplace harassment and discrimination which promotes professional and personal growth; 52 Annual Report 2015
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