TEAM FOCUS: RISK ADVISORY SERVICES
DELIVERING A NEWTYPE OF SUSTAINABILITY REPORTING
by Fiona Davis, RAS Partner
E ndeavour Mining, a Natural Resources team led by Matt Crane, successfully completed its listing on the London Stock Exchange on 14 June. The listing was supported by a ground- breaking Financial Position and Prospects Procedures Memorandum (FPPP) gold mining company audited by BDO’s engagement carried out by the BDO Capital Markets team led by Chris Searle. Given the increasing scrutiny around environment, social and governance (ESG) issues, and specifically climate change and the impact it may have on businesses across the world, the sponsor for the listing (Barclays) and the Financial Conduct Authority
Members of our RAS team, led by myself, delivered a report on the systems, processes and controls in place at Endeavour for providing climate-related disclosures consistent with the recommendations of the Task Force on Climate- related Financial Disclosures (TCFD). Our report focused on the TCFD’s core pillars: Governance, Strategy, Risk Management, and Metrics & Targets. Based on the TCFD’s June 2017 recommendations, we assessed the ‘as is’ status relevant to each pillar. Our review provided visibility of the processes and controls that Endeavour has already implemented, corroborated through validation of key documents, as well as those actions which are planned in the near future.
Our final report also considered issues specific to mining, looking at how the internationally recognised GRI framework and the Responsible Gold Mining Principles (RGMP) had been incorporated to underpin the overarching ESG reporting mechanisms. A request for insight on sustainability reporting as part of an FPPP was unprecedented and resulted in the completion of a new type of reporting by our RAS team. Given that compliance with TCFD and other ESG-related requirements is an evolving area, we expect to see strong demand for related support services in future.
specifically requested a piece on sustainability reporting as part of the engagement.
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