Sustainable Development Governance
At BHP Billiton, we believe there is a link between high-quality governance and business performance and that to maintain our position as one of the world’s leading companies we must commit to the highest ethical and governance standards in all our dealings. To do so is consistent with our Charter values and is fundamental to our licence to operate. Our goal is to foster a culture that values and rewards exemplary ethical standards, personal and corporate integrity, and respect for others.
We recognise that, in recent times, there has been an accelerating shift in societal values and expectations, and a corresponding demand for greater corporate accountability. Stakeholders expect transparency in all activities and look to corporations to demonstrate how governance commitments translate into action. This challenge is aptly described by Simon Longstaff, Executive Director, St James Ethics Centre, Australia, and a member of the BHP Billiton Ethics Panel. ‘Corporations are increasingly challenged to demonstrate how they can create societal confidence in their conduct. Regulatory compliance alone is ethically and financially problematic and corporations need to make it clear to society that the sole test for their business conduct approach is not a legalistic one, rather, that they are prepared to take responsibility for their actions without the need for highly regulated direction from government.’
Our approach to sustainable development governance comprises:
- A dedicated organisational structure and responsibilities
- A clear hierarchy of systems and documents
- A number of key management processes, central to integrating sustainability into our decision-making.
These are part of the suite of corporate governance processes that manage the broader affairs of the Company. The Board Governance Statement outlines the key governance principles and practices of the BHP Billiton Group. Sections of our Annual Report also contain details in this regard.