Business Ethics and Anti-Corruption Why are business ethics and anti- corruption important? The mining industry operates in a complex and demanding legal and regulatory environment under cyclical market conditions. Mining operations can be located in politically unstable countries. This instability can create economic and regulatory uncertainty, which may provide opportunities for corruption. Globally, the industry is experiencing increased public and government pressure to combat bribery and corruption by improving good governance and transparency of payments made to governments. As a Canadian company listed on the TSX and NASDAQ stock exchanges, Pan American Silver must comply with securities regulations and exchange rules as well as requirements designed to protect investors and the integrity of financial markets. We also must adhere to applicable legislation in the jurisdictions where we operate. Conducting our activities ethically and applying industry best practices at home and abroad are a core component for building and trust with our communities of interest and maintaining our social licence.
Material Topic
Business ethics and anti-corruption
Sub-Topic
Tax transparency
Definition
Ensuring good corporate governance through ethical business practices and anti-corruption measures.
Feedback From COIs
The public and governments want increased transparency on issues related to corporate governance.
POTENTIAL RISKS AND IMPACTS Unanticipated changes to laws or regulations Corruption inside our business or by third parties
Analysts and investors are interested in our approach to supplier screening and selection.
How We’re Responding
We have a set of policies and guidelines that, combined, provide the fundamental tenets of ethical business practices. We approved a Supplier Code of Conduct and are enhancing our supplier due diligence processes.
104 // 2019 SUSTAINABILITY REPORT
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