{"id":1588,"date":"2023-11-17T02:41:08","date_gmt":"2023-11-17T02:41:08","guid":{"rendered":"https:\/\/economicherald.net\/?p=1588"},"modified":"2023-11-17T02:41:08","modified_gmt":"2023-11-17T02:41:08","slug":"how-having-an-esg-coach-has-radically-changed-impact-minerals-game","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1588","title":{"rendered":"How having an \u2018ESG Coach\u2019 has radically changed Impact Minerals\u2019 game"},"content":{"rendered":"

<\/a><\/p>\n

Dr Mike Jones is very, very good at mining and rocks. You can tell that he is, because the \u201cDoctor\u201d at the start of his name there was earned by doing a PhD in Mining and Exploration Geology at Imperial College, London.<\/strong><\/p>\n

Indeed, it was that study that first brought Jones to Australia in in 1988 to take up a role with Western Mining Corporation, exploring for gold and nickel deposits in the Yilgarn \u2013\u00a0a large number of miles and a dozen of degrees hotter than it was back home in England.<\/p>\n

Jones is now at the helm of Impact Minerals, a relatively small outfit that is in the process of taking some big steps towards significant growth \u2013\u00a0and part of that process lies beyond his area of true expertise.<\/p>\n

Take, for instance, wrapping his head around the concepts of ESG, at levels sufficiently thorough that any information Jones is able to supply will pass muster with investors and regulators alike.<\/p>\n

Like all \u201cnew\u201d concepts, the arrival of ESG as something that companies have little choice but to adopt came with a steep learning curve. It\u2019s not a simple beast by any measure.<\/p>\n

The onus is on companies to ensure that they are not only adopting the right principles, but also for them to be able to demonstrate \u2013 quickly and clearly \u2013 that the goals and requirements are being met.<\/p>\n

And that means an investment of time and effort, which can be a tall order for small companies that can\u2019t afford to have a full-time staff member dedicated to the task.<\/p>\n

A short while back, I had the opportunity to sit down with Dr Mike Jones, managing director at Impact Minerals, who\u2019s been in the \u201clittle miner\u201d business for long enough to know when the time is right to invest his effort into a topic, and when it\u2019s time to call in an expert to help with something that\u2019s outside of his own core competencies.<\/p>\n

\u00a0<\/p>\n

A brief history of Impact<\/h2>\n

Impact is far from being a large company, and each member of the team at Impact is very good at their specific role. However, none of them specifically have \u201cESG Specialist\u201d anywhere on their CV.<\/p>\n

Jones says, with a clear sense of pride, that Impact has always been guided by a \u201cdo the right thing\u201d principle, so the fundamentals of ESG aren\u2019t completely alien to the company at all.<\/p>\n

However, Impact recently underwent a major shift in focus. Having been a junior explorer and scouring the land for somewhere that looked like it fit the company\u2019s needs and desires, it was time for Impact to take the big step from explorer, to project developer.<\/p>\n

It was a move that brought with it a whole new set of challenges, including a vastly increased need to get on top of meeting ESG requirements.<\/p>\n

\u201cWhen you think about it, ESG is just a fancy name for the things that we\u2019ve been doing \u2013 and companies should<\/em> have been doing \u2013 already anyway,\u201d Jones says.<\/p>\n

\u201cThe way ESG is constructed, however, gives us a framework in which to put these things, and what we\u2019ve noticed is \u2013\u00a0because we\u2019ve moved on from exploration to development \u2013\u00a0the nature and style of investors we\u2019re seeking out has changed as well.\u201d<\/p>\n

\u201cWe\u2019re looking for larger groups, or just larger investors such as funds and institutions,\u201d Jones continues. \u201cThat level of investor has a much higher threshold or expectation for the compliance side of ESG before they will give serious consideration to investing in a company like ours.\u201d<\/p>\n

That\u2019s Compelling Reason \u201cA\u201d for why Impact tapped Socialsuite for assistance with its ESG compliance.<\/p>\n

Compelling Reason \u201cB\u201d is far simpler, but no less meaningful, Jones says.<\/p>\n

\u201cMost of the ESG information is stuff that you \u2018do in your head\u2019,\u201d he says \u2013\u00a0meaning that it\u2019s actions that the company has taken so that it is in compliance, but it\u2019s not really written down anywhere.<\/p>\n

\u201cThe reason why we went with Socialsuite is because of the framework it provides,\u201d Jones continues. \u201cAs we work with Socialsuite to collate the information, we\u2019re able to physically \u2018tick the boxes\u2019 on the items we know we\u2019ve already covered off, with the documentation to prove it.\u201d<\/p>\n

It can be a complicated process, especially getting it all set up and running smoothly \u2013 and again, time, human resources and know-how can look like a sufficient barrier to entry to turn companies off embracing ESG.<\/p>\n

So when Socialsuite offered the services of an \u201cESG Coach\u201d, it was a no-brainer for Impact to say yes.<\/p>\n

\u00a0<\/p>\n

Enter the ESG Coach<\/h2>\n

Denen de Silva is the ESG Coach who has been working with Impact over recent months, and when I spoke with him, he was everything you\u2019d expect an ESG coach to be \u2013 in equal measures eloquent, loquacious and enthusiastic about what he does, and the importance of it in the grand scheme of things.<\/p>\n

\u201cMy critical role,\u201d Denen says, \u201cas the coach isn\u2019t necessarily to act as a gatekeeper to Socialsuite\u2019s platform, as I\u2019m more of a guide, I\u2019d say.\u201d<\/p>\n

\u201cI\u2019m here to ensure that everything our clients report on is done so authentically, because accessibility and transparency is crucial when it comes to ESG reporting, and in that sense we are our clients\u2019 best defence against \u201cgreenwashing\u201d.<\/p>\n

\u201cFor example, It\u2019s very easy for a company to report on things that they want<\/em> to do, and then they get a public relations company involved in getting that message out and all of a sudden it\u2019s turned into \u201cwe are<\/em> doing these things\u201d, when they\u2019re not actually doing it at all.\u201d<\/p>\n

\u201cIt\u2019s very important to me that I help our clients be able to report very honestly and with integrity on the elements of ESG that they are required to focus on, and achieve compliance,\u201d de Silva says.<\/p>\n

Beyond that, at a more fundamental level, a lot of de Silva\u2019s work with each of his clients is done to ensure that the reporting is a lot more than box-ticking and window-dressing \u2013 and that there is solid, relevant information that the company can show both regulators and potential investors when required.<\/p>\n

It\u2019s his deep knowledge and understanding of the ESG landscape that allows de Silva to be an effective tool for companies like Impact, guiding them on which aspects of ESG are the most pressing or important right now, so the company can prioritise effectively to get the best outcomes.<\/p>\n

Socialsuite\u2019s Chief Impact Officer, Dr Tim Siegenbeek van Heukelom, agrees that using an ESG Coach has been hugely beneficial, not just for Impact but right across the spectrum of his company\u2019s clientele.<\/p>\n

\u201cAs Mike Jones pointed out about Impact, we see a lot of companies that are doing the right thing,\u201d Siegenbeek van Heukelom says. \u201cBut where Socialsuite is able to provide really valuable support and assistance is actually taking a structured approach, so that they\u2019re able to bring together all of the good things that they\u2019re doing, and then helping them demonstrate that externally.\u201d<\/p>\n

Doing that in a cost-effective and time efficient manner, for companies at the smaller end of the size scale \u2013\u00a0from junior explorer through to larger organisations \u2013 is where a lot of companies efforts end up being wasted.<\/p>\n

There\u2019s little point having done all the work, but at the end of the day not being able to show potential investors that the company is taking its ESG values and responsibilities very, very seriously indeed.<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Socialsuite, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

\u00a0<\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post How having an \u2018ESG Coach\u2019 has radically changed Impact Minerals\u2019 game<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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