We integrate governance with corporate management and control in a profound way, keeping our focus on key issues such as environment, ecology, water resources, labour, human rights, security, community, business ethics, anti-corruption, responsible supply chain and corporate governance throughout the entire process of mining development activities, to achieve a virtuous cycle with environmental, social and corporate benefits.
The Company has established a top-down ESG management structure led by the Board as well as an ESG management committee at the management level, with the President of the Company as its director. The members of the Committee include the president, vice presidents and other senior management who are highly professional and diverse and who are in charge of ESG topics such as safety, environmental protection, business ethics, community relations, supply chain, product quality, and labour relations. They effectively promote and implement the ESG strategic work formulated by the Board and its subordinate committees and improve ESG performance.
To further strengthen the effectiveness of ESG work, during the reporting period, the Company set up an ESG office in its headquarters, forming a network of overall ESG management with the ESG specialists of its subsidiaries. The professional departments of the headquarters and those of the subsidiaries have formed their own professional network of ESG management. Relying on the working group networks, we effectively delegate the ESG strategic goals and promptly deliver policy requirements to all levels, and have formed a dynamic and effective mechanism for risk prevention and communication that leads to great ESG practice.
The Company places an emphasis on the principles that Remuneration is Commensurate with the Company's International Standing in the Industry; Performance and Shareholder Returns; Personal Responsibilities, Contributions and Performance; the Company's Market Value and Market Performance; and the Sustainable Development and ESG Indicators. This served as the basis for the remuneration and assessment plans for the directors, supervisors, and executives for the new term. Constituting not less than 20% in the assessment for the annual incentive salary, the ESG indicators cover the environment, safety, society, governance, ESG major events, ESG ratings and other key indicators setting and corresponding weights, and will be subject to floating assessment coefficients in the collective and individual evaluations.
At JVs which are not under the actual operational control of Zijin Mining, we will cooperate with our JV partners to improve ESG governance and ESG risk management in order to achieving our long- and short-term targets.We participate in board shareholder committees that take key strategic decisions and we use this participation to influence the independent management teams to adopt appropriate operational and governance standards in accordance with Zijin Mining.
We enhanced and optimised our comprehensive Risk Management policies and mechanisms in accordance with the COSO Enterprise Risk Management (ERM) framework, defined our Risk Management objectives, integrated emerging stakeholders’ ESG concerns into the system, and further set out our key approaches, guidelines, processes and responsibilities for ESG Risk Management.
We respect the demands of our stakeholders,and based on the principles of integrity, interact ion , equality, and transparency, we continue to improve the stakeholder participation mechanism and the ways of communication, to understand their demands, so as to clarify the Company's ESG strategy and important ESG issues, enabling our stakeholders to effectively participate in the Company's ESG governance.
We followed international standards and guidelines related to stakeholder communication, such as the Global Reporting Initiative (GRI) Standards 2021 and the AA1000 Stakeholder Engagement Standard (AA1000SES), to record, measure and review our communications with stakeholders on a regular basis. We improve the communication mechanism in a timely manner based on the feedback from our stakeholders, thereby continuously improving the effectiveness and timeliness of our communication with our stakeholders.