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December 10, 2014
“Corporate Social Responsibility” (CSR) as a concept has been floating around in business-speak for years – but stakeholders in the mining and other natural resource industries are increasingly focussing on it. It’s safe to say that CSR is part of the “new normal” in the natural resource sector.
CSR has many definitions, but the common thread is that it relates to voluntary actions beyond legal obligations and contractual requirements that companies take to operate in a sustainable manner. Although CSR has its critics, a growing volume of research and commentary suggests – quite convincingly – that it has many benefits and supporters too. For example, CSR proponents say:
If you’re still not convinced of the value of CSR, maybe this will persuade you: although CSR isn’t about the law in the usual sense, CSR activities may arise as a result of, or interact with, laws and legal obligations. Here are 5 “legal” reasons why natural resource companies should care about CSR:
On October 23, 2014, the federal government also introduced Bill C-43 which will create the Extractive Sector Transparency Measures Act. This Act would create mandatory reporting for certain entities engaged in (or in control of other entities engaged in) the commercial development of oil, gas or minerals in Canada or elsewhere, and that are listed on a Canadian stock exchange or meet certain asset, revenue or employment thresholds. These entities would have to report specified payments made to both domestic and international government at all levels (including to aboriginal governments) in relation to the commercial development of oil, gas or minerals during a fiscal year. The reporting would only apply to payments (both monetary and “in-kind”) exceeding an amount set by regulation (one is not yet set) or, if there is no set amount, $100,000.
Please contact your McInnes Cooper lawyer or any member of our McInnes Cooper Corporate Governance and Compliance Team or our Energy and Natural Resources Team to discuss this topic or any other legal issue.
McInnes Cooper has prepared this document for information only; it is not intended to be legal advice. You should consult McInnes Cooper about your unique circumstances before acting on this information. McInnes Cooper excludes all liability for anything contained in this document and any use you make of it.
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