Highlights
- Comet has commenced disclosing Environmental, Social, and Governance (ESG) metrics
- Disclosures are made using World Economic Forum ESG universal framework
- Engagement of Socialsuite technology platform ESG Go for disclosing and monitoring progress
- Comet has set quarterly ESG actions and release baseline ESG Go report
Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to announce that the Company has adopted an Environmental, Social, and Governance (ESG) framework with 21 core metrics and disclosures created by the World Economic Forum (WEF)1 which we will use to disclose our status and progress towards meeting our ESG goals on a regular basis in our quarterly and annual reports.
Managing Director, Matthew O’Kane commented, “I’m pleased to announce that Comet has adopted a universal ESG framework to measure and report our ESG performance. This will ensure ESG is at the forefront of our decision making moving forward as we execute our exploration programs on our portfolio of projects. With the global push towards implementation of ESG best practices, our adoption of the WEF ESG framework will ensure that the mineral exploration activities we undertake are done in a manner that addresses the needs and concerns of all stakeholders, and the world in which we operate.”
ADOPTING AN ESG FRAMEWORK
The context in which all companies operate globally has been transformed by climate impact, nature loss, and social unrest around inclusion and working conditions. This new global environment is challenging the traditional expectations of corporations and redirecting investment capital. Global sustainable investment now tops $30 trillion, up 68% since 2014 and tenfold since 2004.2 Comet has decided to chart a course to build resilience and enhance our social licence through a greater commitment to long-term, sustainable value creation that embraces the wider demands of people, planet and shared prosperity.
The Board of the Company has resolved to adopt the WEF ESG framework and instructed management to set up an impact measurement plan for each sustainability area which includes, but is not limited to, governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments.
To ensure that Comet can measure, monitor, and report on its ESG disclosure progress, the Company has engaged impact monitoring technology platform Socialsuite to streamline the disclosure and ongoing ESG reporting process. The Company’s goal is to demonstrate commitment and progress on making ESG disclosures, but more broadly, aims to progress a range of ESG benchmarks as set out by the WEF’s ESG White Paper.
The Company will update the market regularly on its ESG disclosure progress and seek to ensure that our investments have a positive impact for shareholders and local communities.
BASELINE ESG DASHBOARD
The Company has deployed Socialsuite’s ESG Go technology platform to set its initial ESG baseline. With a tailored action plan, the Company will focus on delivering and reporting ongoing progress toward disclosing and improving ESG metrics and indicators.
Socialsuite’s ESG Go reporting technology provides an easy way for investors and other stakeholders to assess the commitment and progress of the Company on its journey to create “best in class” ESG credentials and outcomes.
This Company’s ESG Go baseline report can be found above in Figure 1.
ESG BACKGROUND
In its Summer Meeting for 2019, the WEF’s International Business Council (IBC) flagged the existence of multiple ESG reporting frameworks and the lack of consistency and comparability of metrics as main points preventing companies from credibly demonstrating to all stakeholders their progress on sustainability and their contributions to the sustainable development goals.
In collaboration with Deloitte, EY, KPMG and PwC, a set of universal, material ESG metrics and recommended disclosures were identified that could be reflected in the mainstream annual reports of companies on a consistent basis across industry sectors and countries.
The metrics were designed to be capable of verification and assurance, to enhance transparency and alignment among corporations, investors, and all stakeholders. The wider objective was to begin reporting collectively on this basis to encourage greater cooperation and alignment among existing standards as well as to catalyse progress towards a systemic solution, such as a generally accepted international accounting standard in this respect.
The result of this process is 21 core and 34 expanded metrics and disclosures, which the project commends to both IBC members and non-IBC companies for adoption.
ABOUT SOCIALSUITE
Socialsuite’s ESG Go technology (https://socialsuitehq.com/esg/) helps a diverse range of organisations monitor and report their impact on people, planet and prosperity. It is a global leader in impact-management and ESG disclosure software.
Socialsuite’s ESG Go technology helps companies work towards best-in-class ESG credentials over time through:
- track quarterly progress toward key ESG disclosures,
- quarterly prioritisation of ESG disclosure actions,
- assistance to implement ESG improvements,
- team responsibilities and task management through quarterly ESG action plans,
- ongoing ESG reporting to key stakeholders.
Socialsuite has clients across the Asia-Pacific, Americas and Europe. They include financial institutions, companies, government agencies, philanthropic foundations, not-for-profits, and NGOs.
This announcement is authorised for release by Board of Comet Resources.
For further information please contact:
MATTHEW O’KANE
Managing Director
(08) 6489 1600
[email protected]
cometres.com.au
Suite 9, 330 Churchill Avenue Subiaco WA 6008
PO Box 866 Subiaco WA 6904
Original Article: https://wcsecure.weblink.com.au/pdf/CRL/02431836.pdf
