{"id":1142734,"date":"2019-10-08T12:58:52","date_gmt":"2019-10-08T17:58:52","guid":{"rendered":"https:\/\/www.mining.com\/?p=1003879"},"modified":"2019-10-08T12:58:52","modified_gmt":"2019-10-08T17:58:52","slug":"bhp-says-social-value-to-be-key-aspect-of-its-business-planning","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1142734","title":{"rendered":"BHP says \u201csocial value\u201d to be key aspect of its business planning"},"content":{"rendered":"<p>BHP&nbsp;(ASX, NYSE:BHP), the world\u2019s<br \/>\nlargest miner, is stepping up efforts to reassuring investors that the company<br \/>\nis committed not only to protecting the environment, but to&nbsp;ensure its<br \/>\noperations deliver \u201csocial value\u201d.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The company, which recently&nbsp;<a href=\"https:\/\/www.mining.com\/bhp-earmarks-400-million-to-reduce-emissions-from-its-mines-products\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">committed to invest $400 million<\/a> over five years&nbsp;to reduce greenhouse gas emissions from its operations and commodities, believes that a key component of being able to deliver financial value is to \u201chardwire\u201d local interests into its decision-making processes. <\/p>\n<p>\u201cIn order to deliver financial value, you have to deliver social value. The two are completely intertwined,\u201d BHP\u2019s chief external affairs officer, Geoff Healy, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bhp.com\/media-and-insights\/reports-and-presentations\/2019\/10\/social-value-briefing\" >said on Tuesday<\/a>. \u201cThis is just good, sensible business.\u201d<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>World&#8217;s largest miner is moving from keeping a social licence to creating value for its stakeholders.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Healy noted the company is moving<br \/>\nfrom a position of keeping a social licence to creating value to the communities<br \/>\ninvolved and affected by its operations.<\/p>\n<p>The idea is to add a social value<br \/>\nassessment to the five-year business plans at all of BHP\u2019s operations. That<br \/>\nwill be linked to the company-wide scorecard that determines employee bonuses<br \/>\nand so help embed the aspect in the miner\u2019s business model.<\/p>\n<p>The move follows a series of recent<br \/>\nsteps BHP has been taking to become an environmentally friendly company,<br \/>\nincluding&nbsp;<a href=\"https:\/\/www.mining.com\/bhp-injects-6m-emissions-reduction-company\/226\/\"  rel=\"noreferrer noopener\">carbon capture and storage<\/a>&nbsp;and other innovations such<br \/>\nas direct air capture.<\/p>\n<p>The&nbsp;Melbourne, Australia-based<br \/>\ngiant has also been moving away from thermal coal, which currently makes up<br \/>\nabout 5% of its revenue, at a very fast pace.<\/p>\n<p>Healy\u2019s speech comes after a <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/stakeholder-pressure-ethical-investing-make-losing-licence-to-operate-biggest-threat-to-miners\/\" >survey of global mining companies by&nbsp;Ernst &amp; Young<\/a> identified &#8220;maintaining a social licence&#8221;, or how much a company&#8217;s business practices are accepted by employees, interest groups and the overall public, among the top risks facing miners.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/10\/bhp-socialvaluebriefing-1024x578.jpg\" alt=\"\" class=\"wp-image-1003881\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2019\/10\/bhp-socialvaluebriefing-1024x578.jpg 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/10\/bhp-socialvaluebriefing-300x169.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/10\/bhp-socialvaluebriefing-768x433.jpg 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2019\/10\/bhp-socialvaluebriefing.jpg 1260w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>It also follows Rio Tinto\u2019s\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/rio-tinto-strikes-deal-with-chinese-customers-to-cut-steel-making-emissions\/\" >pact\u00a0with China\u2019s biggest steelmaker Baowu<\/a>\u00a0to develop and implement ways to reduce carbon emissions in the steel sector, which is responsible for about 9% of global carbon dioxide (CO2) emissions.<\/p>\n<p>Demonstrating a commitment to<br \/>\nsocial value, Healy noted, could help BHP keep a competitive advantage by accessing<br \/>\nthe &#8220;best talent, the best resources and the best markets.\u201d <\/p>\n<p>&#8220;While our foundations are<br \/>\nstrong, we know that change is accelerating, and \u2013 so must we \u2013 to stay competitive,&#8221;<br \/>\nhe said.<\/p>\n<p>By effectively tackling climate<br \/>\nchange and delivering social value, BHP believes the industry will be more<br \/>\nlikely to attract the young digital-savvy workers it needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>World&#8217;s largest miner is moving from keeping a social licence to creating value for its stakeholders.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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