ANNUAL%20REPORT%202015%20eng

Recommendations

Info

Sustainability Report • In the value chain, we seek to establish relationships with suppliers and contractors which share our principles and values while promoting awareness and application of human rights protection; and • With local communities, we maintain continuous engagement based on dialogue and mutual respect for their rights to access land, access to water, freedom of movement and freedom of expression. Our community grievance handling mechanism allows the host community members to freely submit their complaints and grievances to the Company’s management and respective departments. We established a Human Rights Task Force in 2010 and subsequently developed the Human Rights Program which addresses our corporate sustainability policy in the area of human rights. Within the framework of the program, we provide customised training on Voluntary Principles on Security and Human Rights to our security service providers. In this way, we ensure that they are aware of our commitment to upholding human rights and any violations or workplace-related risks are duly prevented. In the reporting period, we recorded no such violations. Forced or compulsory labour We do not employ or support any type of forced, compulsory or child labour as defined by the ILO as “all work or service which is extracted from any person under the menace of any penalty and for which the said person has not offered himself voluntarily”. We strictly adhere to our principles that an employee should have the right to leave the work premises after completing the standard workday and to terminate employment after giving reasonable notice. MMC does not employ a person who is under the national legal age of employment and in line with our recruitment policy, we employ people aged 18 or older. In the year under review, the Company has not employed any people aged under 18. Transparency We report our financial statements and the results of our operational and sustainable development performance in accordance with all applicable rules and legislations, to ensure maximum transparency that is commercially viable. We are one of the active supporters of the Extractive Industry Transparency Initiative (“EITI”) in Mongolia and have been disclosing our payments to the government since the start of our mining operations in 2009. The National EITI Council in Mongolia operates at national, regional and local levels to expand its outreach to aimags and soums with active mining operations. In 2015, MMC had an active participation in sub-council meetings in both Umnugobi aimag and Tsogttsetsii soum and disclosed its payments to the government, spending on community development projects, tax payments to the local government, sponsorships and environmental issues, among others. The meetings were attended by representatives of the National EITI Council as well as local civil society organizations, local administration and local council members. We believe that direct and twoway communication with all of the above participants is essential in ensuring that our information reaches various stakeholders in a transparent manner. Our project related information is disclosed to our host communities every year as part of our Public Consultation and Disclosure Plan. Annual Report 2015 53
Sustainability Report Fair operating practices We are committed to high-level governance and ethical business conducts, and strongly believe that bribery, corruption, unfair supply chain practices and other similar behaviour that violate the rule of fair play would negatively affect the Company’s image and undermine its future performance. The Code and other guidelines clearly prohibit bribery and corruption in all forms of business dealings. We also strive to implement socially responsible supply chain practices and anti-corruption practices by working closely with our suppliers, host communities and relevant government agencies. A system is in place to ensure that our procurement practices are free from unfair business dealings. We have an independent internal audit function as well as a donation/sponsorship committee which prevent from all kinds of unfair dealings or making of payments in kind (gifts or favours) to influence individuals to award business opportunities to us or to make a business decision in our favour. We are committed to cooperative, respectful and positive dialogue with policymakers and government agencies of Mongolia. We believe this should be based on genuine consultation and accountability. In doing so, MMC participates in and contributes to all major public policy discussions and initiatives through proactive engagement with policymakers on a wide range of issues including dialogue on the operational and legal environment surrounding the mining industry in Mongolia. We recorded no cases of bribery, corruption or unethical business conduct in the reporting period. OUR PEOPLE A skilled and motivated workforce is central to our successful business operation. We engage our people over the long term and in line with our overall business strategy. We believe that it is essential to encourage diversity while providing a safe, challenging and exciting working environment where our employees can realize their full potential. Fair opportunities are provided at every level of our business operation and good performance and leadership are rewarded accordingly. As one of the largest private employers at both local and national level, we seek to: • Provide equal employment opportunities and respect the rights of our people; • Recruit based on skills and experience and support local employment wherever possible, within the framework of our community development strategy. Our aim is to recruit and maintain at least 30% of our workforce from the local communities; • Offer compensation and benefit schemes that are competitive within the Mongolian mining industry; and • Ensure that our employees are aware of and follow the ethical working standards and other internal procedures of the Company through the Code. Our human resources (“HR”) activities are in full compliance with the Mongolian Labour Law and other relevant legislation. We have passed the state labour inspections with outstanding results compared to other mining companies operating in Mongolia since 2012. In 2014, we were officially informed that no formal labour inspections will be carried out in 2015 to 2017 due to our exceptional HR performance. Nonetheless, we continue to have a strong focus on development at all levels within the Company and strengthening our HR system. 54 Annual Report 2015
Page 1 and 2:
(Incorporated in the Cayman Islands
Page 3 and 4: Company Profile Mongolian Mining Co
Page 5 and 6: Corporate Information BOARD OF DIRE
Page 7 and 8: Directors and Senior Management BOA
Page 9 and 10: Directors and Senior Management Gan
Page 11 and 12: Directors and Senior Management Une
Page 13 and 14: Directors and Senior Management SEN
Page 15 and 16: Group Structure 14 Annual Report 20
Page 17 and 18: Chairman’s Statement I believe th
Page 19 and 20: Management Discussion and Analysis
Page 53: Sustainability Report OUR APPROACH
Page 57 and 58: Sustainability Report Figure 3. HR
Page 59 and 60: Sustainability Report The Company
Page 61 and 62: Sustainability Report In September
Page 63 and 64: Sustainability Report Figure 5. LTI
Page 65 and 66: Sustainability Report Biodiversity
Page 67 and 68: Sustainability Report In 2015, appr
Page 69 and 70: Sustainability Report There are num
Page 71 and 72: Sustainability Report OUR COMMUNITY
Page 73 and 74: Sustainability Report We receive gr
Page 75 and 76: Sustainability Report As part of th
Page 77 and 78: Sustainability Report Procurement W
Page 79 and 80: Corporate Governance Report BOARD O
Page 81 and 82: Corporate Governance Report Continu
Page 83 and 84: Corporate Governance Report Remuner
Page 85 and 86: Corporate Governance Report The Cor
Page 87 and 88: Corporate Governance Report SHAREHO
Page 89 and 90: Directors’ Report The Directors s
Page 91 and 92: Directors’ Report Risk Management
Page 93 and 94: Directors’ Report FINANCIAL STATE
Page 95 and 96: Directors’ Report DIRECTORS’ SE
Page 97 and 98: Directors’ Report DIRECTORS’ AN
Page 99 and 100: Directors’ Report The basis of el
Page 101 and 102: Directors’ Report Details of the
Page 103 and 104: Directors’ Report RIGHTS TO PURCH
Page 105 and 106:
Directors’ Report ER pledged its
Page 107 and 108:
Directors’ Report At the time of
Page 109 and 110:
Independent Auditor’s Report OPIN
Page 111 and 112:
Consolidated Statement of Profit or
Page 113 and 114:
Consolidated Statement of Financial
Page 115 and 116:
Consolidated Cash Flow Statement Fo
Page 117 and 118:
Notes to Consolidated Financial Sta
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Financial Summary SUMMARY DATA OF C
Page 201 and 202:
Glossary and Technical Terms “FOT
Page 203 and 204:
Glossary and Technical Terms “Ore
Page 205 and 206:
Appendix I Technical details of the
Page 207 and 208:
Appendix I Criteria Commentary •
Page 209 and 210:
Appendix I Criteria Commentary Infr
Page 211 and 212:
Page 213 and 214:
show all

ANNUAL%20REPORT%202015%20eng

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?