Concord recognises that as a global metals and minerals market participant, it must achieve high standards for its business practices and managing its carbon footprint. While Concord has always endeavoured to operate to the highest standards and good principles since its founding, it is becoming more important to articulate how those standards and principles are implemented. Concord knows that shareholders are interested in this topic from an investment perspective, trading partners are themselves also being held to account, ESG performance data is increasingly linked to loans and other forms of financing, and governments are being mandated by voters to achieve progress on climate change through policy and legislation. Concord has an opportunity now to demonstrate its commitment to these areas in a meaningful way and in turn, continue to demonstrate adherence to the standards and principles that it values and wants to promote through its culture and its actions.
We are pleased to announce that in September 2022, Concord was awarded an EcoVadis Silver Rating. As a leading sustainability rating agency EcoVadis undertakes a rigorous process looking at all aspects of a business. Concord scored above industry average in many areas of the assessment, and uses the results to focus on continuing improvement in the aim of reaching an ongoing higher standard for further next year.
UN Global Compact
Concord Resources Ltd is a member of the UN Global Compact agreement, the world’s largest corporate sustainability initiative. As such we have incorporated the following Ten Principles of the UN Global Compact into all our strategies, policies and procedures.
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: The elimination of all forms of forced and compulsory labour;
Principle 5: The effective abolition of child labour; and
Principle 6: The elimination of discrimination in respect of employment and occupation.
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: Undertake initiatives to promote greater environmental responsibility; and
Principle 9: Encourage the development and diffusion of environmentally friendly technologies.
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
Aluminium Stewardship Initiative Membership
ASI is a global non-profit organisation with the purpose of setting sustainable standards throughout the aluminium industry. By working with stakeholders worldwide, the aim is to ensure responsible that standards and practices are established and maintained. This collaboration encourages positive environmental, social and governmental impacts across the entire aluminium value chain.
At Concord, we are committed to building our business by making sustainability a key consideration. As an ASI member, we believe that with our active participation in the aluminium market we can further deepen our engagement in creating a sustainable value chain alongside our industry partners. We are proud to support the mission and work achieved by ASI which creates a global sustainability benchmark in the industry. This enables us to continuously re-assess our impact and add value to the environment in which we operate.
Carbon Chain is a platform enabling companies to accurately measure their GHG emissions across their supply chains.
Concord is an investor and customer of Carbon Chain because it supports our commitment to ensuring sustainability can be at the core of our decision-making. Using the data generated from this platform, the Marketing teams will be able to effectively assess transactions to review the carbon emissions from every trade. This information will enable the teams to work towards sourcing, marketing and delivering the right carbon emission materials to customers, without compromising quality.
In 2020, Concord purchased an equity stake in the joint venture of ElementUS Minerals, a green technology company. The aim of the venture is to deploy a certain technology to extract valuable rare earth elements and minerals from bauxite residue at the Gramercy alumina refinery in the U.S. Rare earth elements are an essential ingredient for permanent magnets which are used in the manufacture of wind turbines and EV motors.
Concord continues to work alongside industry participants Rabobank, PGS, Aon and Generation 10 to develop metals blockchain technology. The consortium aims to drive efficiency, traceability and transparency in metals trading and repo financing using the blockchain platform. Pure electronic handling of repo transactions (either on a PC or mobile phone) cuts down on paper wastage and is more efficient because it enables the metal to be tracked from the point of trade to delivery with real-time confirmation of completion, without manual intervention.
Code of Conduct
All Concord employees undertake training to ensure corporate alignment of our values and Code of Conduct with the evolving regulatory and sustainability environment. The nature of our business as a global merchant requires strict counterparty onboarding policies and procedures to conduct business with counterparties who we feel meet the standards we set out for ourselves and as required by our commercial partners.
OECD Supply Chain Policy
Recognising the risks of significant adverse impacts which may be associated with extracting, trading, handling and exporting minerals from conflict-affected and high-risk areas and that Concord has a responsibility to safeguard human rights and not to contribute to conflict, Concord enforces a strict supply chain policy. Concord is committed to refraining from any action which knowingly contributes to the financing of conflict and Concord commits to comply with relevant United Nations sanctions resolutions or, where applicable, domestic laws implementing such resolutions.