When managed effectively, natural resource wealth can transform the lives of people in host countries as the associated financial flows can support sustainable and inclusive development. With good governance of natural resources, countries have the potential to attract greater, more responsible and longer term business investment.
We believe that transparency around revenue flows from the extraction of natural resources is an important element in the fight against corruption, and we are committed to upholding the highest standards of governance and transparent reporting.
As part of our commitment:
We have adopted Principles of Responsibility, Openness, Fairness and Accessibility which guide our approach to revenue transparency
We publicly report our payments of taxes and royalties to government on a country-by-country and project-by-project basis
Our interactions with governments are based on building ethical relationships that are open and constructive
Our anti-corruption compliance program prohibits bribery and corruption in all our business dealings
We are committed to full compliance with competition laws, and their enforcement against third parties who act in an anti-competitive manner towards our Company.
Our social investment
We have a responsibility to ensure that our host communities realise economic benefits from our presence beyond the life of our operations. Our businesses invest in projects which support economic development in our local communities by training and supporting businesses and non-government or community-based organisations.
We also support programs that build the capacity of governments and local organisations to improve transparency and accountability, enhancing their ability to operate effectively. For example:
We support the Creo Antofagasta Plan, which brings the municipal and regional government together with the private sector and support from the OECD in an initiative to enhance quality of life in the city of Antofagasta.
Through a partnership with Ideas Inc. we are supporting the EMPOWER First Nations and Métis Entrepreneurship Program in Canada, which aims to develop the capacity of 50 businesses over five years.
Our World Class Supplier Program in Chile supports research and development in local businesses to address operational and environmental challenges in our operations, and builds the capacity of our suppliers to operate internationally.
The BHP Foundation – Natural Resource Governance program
The BHP Foundation works with leading civil society organisations and international institutions to promote responsible governance of natural resource wealth. Through its Natural Resource Governance program, the Foundation is investing in projects that aim to reduce the potential for corruption and bribery across the entire resource value chain – from initial exploration, development and extraction, to the sale and delivery of commodities to customers. These projects will work to provide citizens with access to information that shows the flow of funds related to natural resources in their country.