2023 GRI Report
Supplement to the Annual Integrated Report 30 June 2023
Impala Platinum Holdings Limited
Tel: +27 (11) 731 9000, Email: investor@implats.co.za
2 Fricker Road, Illovo, 2196, Private Bag X18, Northlands, 2116
www.implats.co.za
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Our 2023 suite
OUR ANNUAL REPORTING SUITE - SUPPLEMENTS TO THE ANNUAL INTEGRATED REPORT (AIR)
Implats is committed to establishing and maintaining trust through high quality and transparent reporting that is useful to a wide variety of stakeholders:
Audited Annual Financial Statements
- Financial statement assurance, including the audit and risk committee report and directors' report
- Consolidated financial statements
- Company financial statements
Mineral Resource and Mineral Reserve
Statement
- Provides updated estimates and reconciliation of Mineral Resources and Mineral Reserves
-
Conforms to the South African Code for Reporting
of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code) (2016) - Conforms to Section 12.13 of the JSE Listings Requirements
- Competent Persons sign-off
- Third-partyassurance
ESG Report
- Detail on material economic, social and environmental performance and governance
- GRI G4 core compliance
- Internal reporting guidelines in line with the UN Global Compacts
- Independent assurance report
Climate Change Report
- Climate change risks and adaptations, decarbonisation plans, and adoption of renewable energy
- Prepared in accordance with the recommendations of the TCFD and the Johannesburg Stock Exchange (JSE) Climate Change Disclosure Guidance
Remuneration Report
- Background statement
- Remuneration philosophy and policy
- Implementation report
Notice to Shareholders
- Notice of annual general meeting
- Notice and proxy
Tax Transparency and Economic
Contribution Report
Prepared in accordance with GRI 207 and provides information on Implats'
• Approach to tax
• Tax governance and risk management • Tax numbers and performance
• Country-by-country tax and economic contribution
Welcome to our 2023
GRI report
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference | ||||
of use | to the GRI Standards. | ||||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG | |
GRI 2: | 2-1 Organisational | Impala Platinum Holdings (Implats) | Pages 16 to 17 | Pages 8 to 9 | |
General | details | ||||
disclosures | 2-2 Entities | Implats is a leading, fully integrated platinum | An overview is | Read our Group overview | |
2021 | included in the | group metals (PGMs) producer. The Group is | provided in the | in our ESG report, | |
organisation's | structured around seven mining operations and | organisational | pages 8 to 9. | ||
sustainability | Impala Refining Services (IRS), | a refining | overview chapter | This includes an | |
reporting | business. | pages 16 to 17 of | |||
organisational overview, | |||||
the AIR | |||||
with information relating to | |||||
our operations | |||||
2-3 Reporting | 1 July 2022 to 30 June 2023. | Pages 2 to 3 | Pages 2 to 3 | ||
period, frequency | We welcome your feedback to ensure we cover | ||||
and contact point | |||||
all aspects. | |||||
Go to www.implats.co.za or email investor@ | |||||
implats.co.za to provide us with your feedback. | |||||
2-4 Restatements | All restatements are indicated and explained in | See page 3 of Climate | |||
of information | our summary performance data and | Change Reportfor | |||
performance data tables (where applicable). | restatement of Scope 3 | ||||
emissions | |||||
2-5 External | The audit committee approves the scope of | See pages 6 to 7 | The scope of the 2023 | ||
assurance | non-financial data auditing; the appointment of | external assurance, | |||
the service provider for assurance; and receives | selected performance | ||||
a detailed account of the audit findings and | information and the | ||||
actions from management. | independent statement | ||||
Reasonable and limited assurance was | of assurance are provided | ||||
on pages 126 to 129 of | |||||
provided by Nexia SAB&T on selected non- | |||||
the ESG report | |||||
financial sustainability information and key | |||||
performance indicators (KPIs). Nexia SAB&T, | |||||
an 84% black-owned and 48% black women- | |||||
owned assurance firm, has provided | |||||
independent assurance on selected | |||||
sustainability KPIs. | |||||
Nexia SAB&T is joined by Khulagro Auditors, a | |||||
100% black-owned audit firm | as a skills transfer | ||||
beneficiary on this year's engagement. | |||||
Khulagro Auditors' scope will gradually increase | |||||
over the next three years. Our goal is for Nexia | |||||
SAB&T and Khulagro Auditors to issue a joint | |||||
assurance statement by 2025. | |||||
2-6 Activities, | We mine, process, refine and | market high- | An overview is | Read our Group overview | |
value chain and | quality metal products safely, efficiently and | provided in the | in our ESG report chapter, | ||
other business | responsibly from a competitive asset portfolio. | Business overview | pages 8 to 9 | ||
relationships | We deliver metals that enable a cleaner and | chapter pages 12 to | |||
23. This chapter | |||||
healthier world, in a way that generates | |||||
includes an | |||||
sustainable returns for our shareholders and | |||||
organisational | |||||
strives to make a meaningful and lasting | |||||
overview, our value | |||||
positive contribution to society. | |||||
proposition and our | |||||
business model |
Implats | GRI Report 2023 | 1 |
GRI report 2023 (continued)
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference | |||
of use | to the GRI Standards. | |||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG |
GRI 2: | 2-7 Employees | Our people are our most prized and valuable | Pages 34 to 39 | Our workforce figures are |
General | asset. Without a diverse, inclusive and safe | presented in the | ||
disclosures | working environment in which our people feel | performance data tables | ||
2021 | engaged and valued, we will not achieve our | on pages 130 to 133 of | ||
continued | purpose to create a better future for our | our ESG report | ||
stakeholders. | ||||
We aim to maximise individual potential, | ||||
increase leadership capacity and capability, and | ||||
position Implats as an employer of choice while | ||||
focus is given to the underpinning strategic | ||||
imperatives of sustainable development, talent | ||||
management and transformation. | ||||
Across the Implats Group, we have a workforce | ||||
of 38 256 employees (2022: 38 027 employees) | ||||
and 22 088 contractors (2022: 20 530 | ||||
contractors), with women comprising 13.4% of | ||||
our workforce (2022: 12.5%). | ||||
2-8 Workers who | The majority of our workforce are full-time | Our workforce figures | ||
are not employees | employees or supervised employees of | are presented in the | ||
contractors. | performance data tables | |||
on pages 130 to 133 of |
We do not have any significant variations in | our ESG report |
employment numbers as we do not operate a | |
seasonal business. |
GRI report 2023 (continued)
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference to | |||
of use | the GRI Standards. | |||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG |
GRI 2: | 2-13 Delegation of | The STR committee, supported by the HSE | Pages 70 to 77 | Read how we |
General | responsibility for | committee, addresses ESG-related issues at | monitor sustainability | |
disclosures | managing impacts | board level. | performance on | |
2021 | Group risks and opportunities are presented to | page 34 | ||
continued | ||||
the board every quarter. Where the response to a | ||||
topic is deemed unsatisfactory, we work to | ||||
redesign our approach with key stakeholders to | ||||
improve our performance. | ||||
2-14 Role of the | The two key board committees involved in | A detailed review of | Review of our | |
highest governance | sustainability governance issues - the STR and | the composition and | sustainability | |
body in sustainability | the HSE committees. | activities of these | governance structures | |
reporting | board committees is | and processes on | ||
provided in the AIR on | pages 33 and 34 | |||
pages 72 to 75 | ||||
2-15 Conflicts of | Implats' code of ethics underpins the business | Page 35 | ||
interest | practice to which all employees and suppliers are | |||
expected to adhere. | ||||
Our fraud, corruption and whistleblowing | ||||
policy outlines conflicts of interest and | ||||
disciplinary action (including dismissal or | ||||
prosecution) that will be taken in the event of any | ||||
contravention. | ||||
Further information is provided in the ESG report | ||||
section on upholding business ethics and | ||||
integrity, and the policies can be found on our |
2-9 Governance | An overview is provided in the corporate |
structure and | governance review in our AIR, as well as |
composition | referenced in our ESG report's governance |
chapter. | |
Detailed information on our governance | |
structure, including the nature of the | |
composition of the board of directors and | |
the various board committees is provided on | |
our website. | |
2-10 Nomination | Our nominations, governance and ethics |
and selection of | committee are responsible for board selection. |
the highest | The committee governs succession and drives |
governance body | board effectiveness through evaluations. |
2-11 Chair of the | Our chairperson is an independent non- |
highest | executive director. |
governance body |
Pages 70 to 77 | Page 35 |
Review the board committee structure on pages 70 to 77
Pages 69 to 73
website. | |||
2-16 Communication | Critical concerns are reported to the board by the | Pages 69 to 77 | Pages 33 to 34 |
of critical concerns | STR and HSE committees. | ||
2-17 Collective | The board and the sub-committees undergo an | Pages 78 to 86 | |
knowledge of the | evaluation process every two years to assess | ||
highest governance | their effectiveness. | ||
body | To drive greater accountability around ESG, we | ||
have incorporated ESG-specific performance | |||
indicators into the executive-level balanced | |||
scorecards. See also Group remuneration | |||
report. | |||
2-18 Evaluation of | The board and the sub-committees undergo an | Pages 78 to 86 | |
the performance of | evaluation process every two years to assess | ||
the highest | their effectiveness. | ||
governance body | To drive greater accountability around ESG, we | ||
have incorporated ESG-specific performance | |||
indicators into the executive-level balanced |
2-12 Role of the | A detailed review of the composition and |
highest | activities of board committees is provided in |
governance body | the AIR. |
in overseeing the | |
management of | |
impacts |
A detailed review of the composition and activities of these board committees is provided in the AIR pages 70 to 77
A brief review of the two key board committees involved in sustainability governance issues - the social, transformation and remuneration (STR) and the health, safety and environment (HSE) committees - is provided in the review of our sustainability governance structures and processes on pages 33 to 35
scorecards. See also Group remuneration | ||
report. | ||
2-19 Remuneration | Details are provided in the remuneration section | Pages 78 to 86 |
policies | of our AIR regarding on managing performance | |
through remuneration. Further details are | ||
provided in the remuneration report. | ||
2-20 Process to | Read how we manage performance through | Pages 78 to 86 |
determine | remuneration in our AIR and remuneration report. | |
remuneration | Sustainability objectives now form part of the | |
KPIs against which our management's | ||
performance is measured. ESG KPI measures | ||
form part of our annual (short-term) bonus, with a | ||
fatality modifier included to moderate bonus | ||
outcomes. | ||
The CEO's balanced scorecard is linked to his | ||
remuneration and includes ESG KPIs. See also | ||
Group remuneration report. |
2 | Implats | GRI Report 2023 | Implats | GRI Report 2023 | 3 |
GRI report 2023 (continued)
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference | |||
of use | to the GRI Standards. | |||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG |
GRI 2: | 2-21 Annual | An overview is provided in the wage gap analysis | Details are provided in | |
General | total | section in the AIR and in the ESG report. | the AIR review of | |
disclosures | compensation | Impala has made a concerted effort to close the | managing | |
2021 | ratio | performance through | ||
wage gap by showing restraint in executive pay | remuneration on | |||
continued | ||||
while addressing the issue of minimum wages and | pages 78 to 80 | |||
income differentials to improve the lives of our | ||||
employees. | ||||
Further details are provided in the remuneration | ||||
report. | ||||
2-22 Statement | Implats aspires to become an industry leader in | Page 87 | Page 23 | |
on sustainable | sustainable development performance and ESG | Page 34 | ||
development | disclosures, producing metals that sustain | |||
strategy | livelihoods beyond mining to create a better future. | |||
Sustainable development remains the responsibility | ||||
of Exco. The Group executive: sustainable | ||||
development is responsible for developing ESG/ | ||||
sustainability strategy and for reviewing | ||||
performance in terms of the Group's non-financial | ||||
indicators, and is also responsible for the | ||||
environmental performance. There are also Group | ||||
executives for each of the following functions: | ||||
safety and health, people and stakeholder | ||||
engagement. | ||||
Exco lends support to the board's HSE, STR, | ||||
nominations, governance and ethics (NGE) | ||||
committee, and audit and risk committees (ARC). | ||||
2-23 Policy | Implats has a code of ethics, anti-bribery and | Read our section | ||
commitments | anti-corruption policy and related governance | respecting human | ||
policies in place to guide ethical behaviour. | rights in the ESG report | |||
Our human rights policy clearly stipulates the | pages 36 to 38 | |||
prohibition of child labour and the promotion of | ||||
human rights and equality. | ||||
Suppliers are bound to our supplier code of | ||||
conduct and procedures. | ||||
2-24 | Our code of ethics outlines conflicts of interest, | Page 6 | Page 35 | |
Embedding | the prevention of dissemination of Company | |||
policy | information, the acceptance of donations and gifts, | |||
commitments | and the protection of the intellectual property and |
patent rights of the Company.
GRI report 2023 (continued)
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference | |||
of use | to the GRI Standards. | |||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG |
GRI 2: | 2-27 | Implats adheres to sound standards of corporate | Pages 69 to 77 | Pages 32 to 36 |
General | Compliance | governance and all applicable laws. The Group | ||
disclosures | with laws and | has a formal risk management framework, and | ||
2021 | regulations | management actively and continuously monitors | ||
continued | and reports on compliance. | |||
The board is guided by the principles of the King IV | ||||
Code on Corporate GovernanceTM* (King IV), the | ||||
Companies Act, 2008, the JSE Listings | ||||
Requirements and all other applicable laws, | ||||
standards and codes. The King IV compliance | ||||
register is available on our website. | ||||
2-28 | We remain a member of various industry associations | Page 44 | ||
Membership | that support government in policy development. | Pages 26 and 27 | ||
associations | These include, but are not limited to, the International | |||
Platinum Association (IPA) and the Minerals Council | ||||
South Africa, as well as of the Energy Intensive Users | ||||
Group of Southern Africa, the Zimbabwe Chamber of | ||||
Mines, the Mine Rescue Association (Zimbabwe) and | ||||
the Business Council for Sustainable Development | ||||
(Zimbabwe), the Women in Mining leadership forum | ||||
(WIMLF) and the Women in Mining task team | ||||
(WIMTT). Implats is also a signatory of the United | ||||
Nations Global Compact (UNGC). | ||||
2-29 Approach | Our stakeholders are vital participants in our mutual | Pages 48 to 57 | Pages 40 to 45 | |
to stakeholder | value-creation process. Stakeholders are defined as | |||
engagement | those individuals or groups which have interests that | |||
are or could be impacted by our activities and | ||||
decisions. | ||||
We have an effective stakeholder engagement | ||||
function, aimed at building and sustaining value- | ||||
enhancing relations with all our key stakeholders. | ||||
See the ESG report section on stakeholder | ||||
engagement and AIR section on stakeholder | ||||
interests. | ||||
2-30 Collective | Our employees have a right to freedom of association | Pages 58 to 59 | ||
bargaining | and can join a trade union and engage in collective | |||
agreements | bargaining. Through collaborative efforts, we have | |||
maintained stable and constructive labour relations | ||||
and partnerships with unions at all our operations. |
2-25 Processes to remediate negative impacts
2-26 Mechanisms for seeking advice and raising concerns
Oversight of the risk management system and | Pages 70 to 77 | Page 35 |
processes are the responsibility of the ARC, while | ||
each committee takes responsibility for the risks | ||
relevant to it. | ||
Implats has a code of ethics, anti-bribery and | Page 35 | |
anti-corruption policy and related governance | Page 41 | |
policies in place to guide ethical behaviour. | ||
This year, the Group made substantial progress in | ||
establishing a Group stakeholder complaints and | ||
grievance management mechanism, targeted at | ||
employees and communities. | ||
A toll-free helpline is in place to facilitate the | ||
confidential reporting (whistleblowing) of alleged | ||
incidents that are reported to the chief audit | ||
executive and the board chairman. All the relevant | ||
policies can be found on the website, | ||
Employees currently covered by collective bargaining |
agreements (excluding management): 83% of |
permanent employees in South Africa, 72% of |
employees in Canada, and 23% of employees |
in Zimbabwe. |
* Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved.
4 | Implats | GRI Report 2023 | Implats | GRI Report 2023 | 5 |
GRI report 2023 (continued)
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference | ||||
of use | to the GRI Standards. | ||||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG | |
GRI 3: | 3-1 Process to | We take an integrated approach to identify matters | Pages 2 to 4 | Pages 13 to 15 | |
Material | determine | that could influence the erosion of, or our ability to | |||
topics 2021 | material topics | create or preserve value in the short, medium and | |||
long term. | |||||
We followed the JSE Sustainability Disclosure | |||||
Guidance by defining | materiality in terms of | ||||
financial and impact | materiality, defined as double | ||||
materiality. This involves identifying and prioritising | |||||
matters that could impact our ability to create value | |||||
(inward-focused financial materiality) for Implats, as | |||||
well as matters that may impact our stakeholders | |||||
(outward-focused impact materiality), society and | |||||
the environment. | |||||
The outcome of this process shaped our suite of | |||||
annual reports, especially our AIR and ESG report. | |||||
3-2 List of | Collectively, our material matters are grouped into | Page 4 | Page 14 | ||
material topics | 10 themes that are considered most material for | ||||
our value creation. The matters helped guide the | |||||
information included in our reporting suite. | |||||
While each material theme is relevant in each | |||||
report, they are applied and positioned differently | |||||
per the report's target audience. | |||||
3-3 | Implats has a suite of policies, which govern | Pages 4 to 147 | Pages 23 to 123 | ||
Management of | behaviour across ethics, safety, health and | ||||
material topics | environment (SHE), human resources, labour | ||||
relations, human rights and more. | |||||
Commitments, goals and targets are approached | |||||
uniquely within each topic. For health and safety, | |||||
we have a zero-harm approach. Where appropriate | |||||
we participate in collective action to solve systemic | |||||
issues beyond our factory fence line. Initiatives | |||||
tackling specific topics can be found throughout | |||||
the ESG report and the AIR. | |||||
The STR committee, supported by the HSE | |||||
committee, address | ESG-related issues at board |
level. The risks and opportunities are presented to the board every quarter. Where the response to a topic is deemed unsatisfactory, we work to redesign our approach with key stakeholders to improve our performance.
Implats has a comprehensive ESG framework in place to guide the development and integration of sustainability principles into its functional strategies, in alignment with the corporate strategy. Development of the framework included an intensive benchmarking exercise, within and outside of the mining industry, followed by workshops with corporate and operations leaders, and executives. The framework guides how Implats makes decisions in managing its interfaces with communities, employees, the environment, customers and stakeholders. Last year we also updated our environmental strategy to renew our commitments and set 2030 targets to align with industry best practice. Based on our ESG framework, this strategy serves to guide our capital allocation on projects.
GRI report 2023 (continued)
Statement | Implats has reported the information cited in this GRI content index for the year ended 30 June 2023 with reference | |||
of use | to the GRI Standards. | |||
GRI STANDARD | DISCLOSURE | COMPANY RESPONSE | AIR | ESG |
GRI 201: | 201-1 Direct | Our value-added statement for the Group and for the | Pages 98 to 147 | Page 12 |
Economic | economic value | individual operations are provided in the AIR. | ||
performance | generated and | A detailed breakdown of the economic value added | ||
2016 | distributed | |||
throughout 2023 is provided on in our tax transparency and | ||||
economic contribution report. | ||||
201-2 Financial | A detailed assessment of the risks and opportunities of | Page 103 | ||
implications and | climate change, including (where feasible) an assessment of | (see Climate | ||
other risks and | the financial implications, is provided in our most recent | |||
opportunities | CDP submission. | |||
due to climate | Climate-related issues are addressed quarterly in various | |||
change | ||||
board committees. The executive: sustainable development | ||||
supports the Exco by developing the ESG/sustainability | ||||
framework and strategy and reviewing performance in terms | ||||
of the Group's non-financial indicators, while also being | ||||
responsible for the environmental performance. The Group | ||||
head: energy and Group head: environment facilitate the | ||||
development of our energy management and | ||||
decarbonisation plans respectively. | ||||
Our Climate Change Report provides a detailed | ||||
assessment of the risks and opportunities associated with | ||||
climate change. | ||||
201-3 Defined | This is disclosed as part of the annual financial statements | |||
benefit plan | (AFS), available on our website. | |||
obligations and | ||||
other | ||||
retirement | ||||
plans | ||||
201-4 Financial | No significant financial assistance from government towards | |||
assistance | our socio-economic partnership projects was received in | |||
received from | the year reviewed. | |||
government | ||||
GRI 202: | 202-1 Ratios of | Implats is committed to providing competitive and fair | Page 80 | |
Market | standard | wages and pays according to industry and market | ||
presence | entry-level | benchmarks. A wage gap analysis overview is provided in | ||
2016 | wage by | our ESG report. | ||
gender | Implats' minimum wage is significantly higher than the | |||
compared to | ||||
national level in South Africa. There are no local minimum | ||||
local minimum | ||||
wages that are stipulated. The compensation overview is | ||||
wage | ||||
provided in the remuneration report. | ||||
202-2 | Our procedures focus on drawing skills from surrounding | Page 136 | ||
Proportion of | communities within our areas of operation. Our efforts are | |||
senior | reviewed in the section on talent attraction, retention and | |||
management | development. | |||
hired from the | Within the context of the South African operations, | |||
local | ||||
challenges include the low educational levels, particularly of | ||||
community | ||||
youth. Our local hire distribution (represented by historically | ||||
disadvantaged South Africans (HDSA)) is reported in the | ||||
people performance data in the ESG report as well as in the | ||||
sustainability section of our website. Local hire is defined as | ||||
within country of operation and has been designated | ||||
according to the proximity to the operation. | ||||
Employee distribution is based on place of origin and is | ||||
provided based on province and country. Statistics on the | ||||
proportion of senior management hired from the local | ||||
community are available for specific regions on request. |
6 | Implats | GRI Report 2023 | Implats | GRI Report 2023 | 7 |
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Impala Platinum Holdings Limited published this content on 04 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2023 11:57:17 UTC.