FCX's governance structures are the foundation for delivering consistent, long-term stakeholder value, and they reflect our commitment to ESG matters and their importance to every aspect of our company.
Our governance structures support our focus on transparency, which we recognize is essential to building — and maintaining — enduring trust with stakeholders. We are committed to reporting on our ESG performance regularly, including through third-party assurance frameworks. We also seek to update and strengthen our governance structures so that we can continue to meet evolving stakeholder expectations.
Accountability on ESG extends to the highest levels of the company, including to our Chairman and CEO, with active oversight from our Board. Across our workforce, expectations are consistently expressed through purposeful leadership, clear policies and rigorous training.
Governance
OUR APPROACH
Sustainability is embedded in FCX's values and business strategy. Governance and oversight of sustainability ultimately resides with the Board, with day-to-day oversight by the executive leadership and site-level management teams. Good governance requires focused and consistent leadership to ensure FCX's values and sustainability strategy are integrated into everyday operations and business decisions. We have the structure and processes in place to facilitate effective decision making and advance our stakeholders’ long-term interests. Given the breadth and complexity of sustainability issues, our governance structure seeks to leverage our internal regulatory and technical expertise to identify sustainability-related risks and opportunities through the effective management and oversight of an interdisciplinary team.
To learn more, please see our 2022 ANNUAL REPORT ON SUSTAINABILITY
Business Conduct & Policies
OUR APPROACH
FCX is guided by its Principles of Business Conduct (PBC), the cornerstone of our commitment to ethical business practices. It defines the expected behavior of all our employees and the Board and sets forth the global principles that our workforce must follow in all activities — from complying with laws, to avoiding conflicts of interest, to treating colleagues and stakeholders with dignity and respect. The PBC highlights our core values — Safety, Respect, Integrity, Excellence and Commitment — and provides guidance for the application of these values to our business.
Our PBC and corporate governance guidelines, along with the charters of our principal Board committees, provide the framework for the governance of our company and reflect our commitment to monitor the effectiveness of policy and decision-making at both the Board and management levels.
POLICIES AND PRACTICES
Our PBC, together with our global policies and practices, details our expected behaviors and commitments to our stakeholders. Our core policies ― including Anti-Corruption, Business Partner Code of Conduct, Environmental, Human Rights, Inclusion and Diversity, Responsible Sourcing, Safety and Health, Social Performance and Tailings Management ― are available in local languages. To learn more about our policies & programs, please see our Corporate Governance webpage.
To learn more, please see our 2022 ANNUAL REPORT ON SUSTAINABILITY
Human Rights
OUR APPROACH
FCX is dedicated to the recognition, respect and promotion of human rights wherever we do business. Respect is a core value that guides how we do business at FCX. We are committed to respecting the rights of all people, including our employees, business partners, community members and others who potentially may be impacted by our business activities. We take this obligation seriously in all aspects of our business, and we expect the same of our business partners.
We also recognize that human rights are overarching and that they connect to every aspect of our business. As such, we aim to promote human rights through proactive engagement with host governments and communities and by educating stakeholders, including training our employees and contractors.
FCX respects internationally recognized human rights, including the rights under the International Bill of Human Rights, and is committed to implementing the United Nations Guiding Principles on Business and Human Rights. We work toward continuous improvement in establishing greater institutional awareness and deeper understanding of what human rights are and how they impact every role within the company. We also are committed to comply with the UK Modern Slavery Act, aimed at minimizing the risk of slavery and human trafficking throughout our business and supply chain. Our most recent UK Modern Slavery Act Statement can be found here.
On a broader scale, we participate in multi-industry dialogues on respect for human rights ― including Business for Social Responsibility’s human rights working group; Sustainability 50’s executive-level peer-to-peer collaboration and information exchange on multiple topics, including human rights and responsible supply chains; ICMM working groups; and the Voluntary Principles on Security and Human Rights. These external initiatives, together with local and international level stakeholder engagement, influence our human rights approach.
At the Board level, the Corporate Responsibility Committee provides oversight of our human rights program. At the management level, the Sustainability Leadership Team provides oversight, and the program is directed and managed by our corporate- and site-level sustainability teams. Our Principals of Business Conduct and other core policies ― including Anti-Corruption, Social Performance, Environmental, Safety and Health, and Inclusion and Diversity ― support the application of the Human Rights Policy. To learn more about our policies & programs, please see our Corporate Governance webpage. These policies and supporting management systems, along with relevant external standards and initiatives, form the overall framework that guides our sustainability programs and our management of human rights risks.
To learn more, please see our 2022 ANNUAL REPORT ON SUSTAINABILITY
Responsible Value Chains
OUR APPROACH
FCX is committed to sourcing, producing, and distributing metals and minerals responsibly across our entire value chain. Our commitment will take on greater importance in the years ahead, as we expect global demand for copper to increase, due in part to copper’s key role in contributing to the technologies that will enable the energy transition.
The European Union and several of its member states have developed due diligence requirements in supply chains covering human rights risks and environmental issues. These may apply to companies with operations located within the European Union and globally for products that are imported into the region. In preparation for these requirements, as well as increasing expectations from customers along the value chain, FCX continues to work diligently to advance its supply chain management models by incorporating ESG risks into its systems and tools for decision making and supplier management.
Supply chains globally continue to be impacted by production shortages and political instability, reinforcing the need for resilient, agile and transparent supply chain models. Despite these challenges, we are proud of our ability to manage our supply chain effectively and responsibly and we aim to ensure continuity of supplies necessary for our operations in a responsible way moving forward.
Our responsible value chain program focuses on three key programs: (1) identifying and mitigating risks in our supply chains through our own responsible sourcing efforts for goods, services and minerals, (2) product stewardship to manage the in-use risks of our products and by-products, and (3) working to better understand the full life cycle impacts of our products along the value chain.
To learn more, please see our 2022 ANNUAL REPORT ON SUSTAINABILITY
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