At BHP, our purpose is to bring people and resources together to build a better world.
Many of the resources we produce are fundamental to the way we live now and will live in the future. We cannot build a better world without providing reliable access to these natural resources.
But how we do this is more important than ever.
We are committed to creating long-term value for our shareholders and consider social value and financial value in the decisions we make.
Social value is our positive contribution to society – to our people, partners, economy, environment and local communities.
We understand we are a part of a society that expects us to perform to high standards and to influence positive change. We recognise our success depends on our ability to earn the trust and confidence of all our stakeholders.
While we may not always be able to meet the expectations of every stakeholder, social value must be a core consideration in every business decision we make.
Embedding social value in our planning and decision-making
To enable us to consider social value in our business decision-making at every level of BHP, we are working to embed social value requirements into whole-of-business planning.
The diagram below illustrates the cycle of inputs and actions to enable BHP to contribute to social value.
The process begins at asset-level because that is where value generation begins for us. When each operated asset undertakes its annual business planning, it is required to consider stakeholder perspectives on local and global issues to assess how business activities relate to these issues, and whether there are opportunities to co-create value with our stakeholders. From this information, each operated asset, in partnership with our global functions, must select the highest priority issues to inform initiatives that together form a social value plan.
This approach integrates consideration of community and broader sustainability initiatives into core business planning activities.
Social value in action
Recent examples of our contribution to social value include:
- our work on global water stewardship
- our response to COVID-19 in regions where we operate, through programs like Vamos Juntos in Chile
- our investment in national skills building through initiatives like our FutureFit Academy
- awarding the tender for the world’s first LNG-fuelled bulk carriers to support reduction of Scope 3 emissions
- our Supply Innovation program, which started in Chile and has been expanded into Australia