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BHP adds ‘social value’ into its business planningND
Neil Hume, Financial Times, Wednesday 9th October, 2019
Ahead of an investor briefing in London, BHP has announced that its Anglo-Australasian group will add a social value assessment to the business plans of all its assets. BHP’s Chief External Affairs Officer, Geoff Healy said: “In order to deliver financial value, you have to deliver social value… This is just good, sensible business.” The announcement comes after America’s Business Roundtable dropped the “shareholder first” mantra for the first time in over fifty years last month. The Roundtable, which represents 181 of the world’s largest companies agreed to consider communities, the environment and employees alongside profit. The need to maintain a social license is crucial in the mining industry as it navigates changing community expectations. BHP’s CEO Andrew McKenzie’s tenure has been marked by a more aggressive approach on the environment. In July, Mr. McKenzie said the company would set public goals to reduce greenhouse emissions.
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