PanAust is an unlisted public company with one shareholder (parent company, GRAM) and has in place and complies with a range of corporate governance policies and procedures.
PanAust measures its sustainability performance against international standards and commissions independent audits to evaluate its performance. PanAust applies the following external standards, systems and principles.
*PanAust is an associate member of the MCA and a signatory to its ‘Enduring Value – The Australian Minerals Industry Framework for Sustainable Development’. The framework commits companies to upholding fundamental human rights and respecting cultures, customs and values in their dealings with people affected by their activities. As an associate member of the MCA, PanAust is committed to applying operational standards globally that are consistent with Australian operational standards, while accommodating variations as a result of cultural, geographical or environmental circumstances in Laos, Thailand and Chile.
Corporate Governance Guidelines
PanAust has adopted the following corporate governance guidelines:
- PanAust's Vision and Values provide a framework for business strategy, and the Company’s behaviour and culture.
- The PanAust Way is the Company's 'code of conduct'. It outlines the minimum standard of behaviour expected of PanAust directors, employees and business partners (contractors, consultants, suppliers and service providers) when they are working for or with PanAust. The document is also available in Lao, Tok Pisin and Spanish.
- PanAust's Diversity Standard provides the basis upon which PanAust promotes diversity across its operations and Board membership and PanAust's Clawback Standard may be applied so that a Senior Executive does not receive an 'inappropriate benefit'. These standards are made in accordance with the PanAust Employee Policy.
- PanAust provides sponsorship and donations to particular programs, organisations or causes that build goodwill in operational areas and/or enhance relationships with key stakeholders. In doing so, PanAust applies the following principles to determine and prioritise sponsorship and donations.
- Enterprise Risk Management Policy documents the framework, processes and procedures to be applied by PanAust in the oversight and management of material business risks. The Policy is supported by PanAust's Consequence Table.
- PanAust's approach to product stewardship focuses on the storage and transport of concentrate from mine gate to port through to the delivery of product that meets customer specifications and in-country requirements.
PanAust’s applies evidence-based decision-making where practical. The Company uses its enterprise risk management process to evaluate the environmental, social and economic impacts of mining projects approved by the Board. The relative merits of development are assessed and, when necessary, management plans are implemented in accordance with the precautionary principle. The precautionary principle is only used if evidence-based decisions cannot be made and it makes good sense to err on the side of caution.
Environment and social impact assessments are completed prior to the development of operations and are guided by statutory frameworks with work undertaken by international consultants.
The PanAust Whistleblower Service is a confidential and anonymous way for PanAust employees and stakeholders to report or raise concerns about misconduct at work through an independent externally operated body. PanAust's Whistleblower Standard provides the framework for making anonymous and confidential reports through the Whistleblower Service.