As I have navigated my career across the globe over the last 40-plus years, I have come to the realization that we as a species cannot self regulate, and therefore it is critical to have in place what I call “checks and balances.” If you were to ask my children, they would roll their eyes and agree that I have discussed this theme, among others, ad nauseum at our everyday dinner table conversations.
In the mining industry, robust governance is essential for sustainable success and long-term viability. Board members must navigate broad strategic goals while addressing day-to-day challenges, guided by key governance themes to foster a thriving, responsible organization.
For CIM, a complex organization that serves members across the vast country of Canada, and which is composed of a National office, Societies and Branches, it is critical that we acknowledge and embrace the principles of good governance before we venture into delivering a strategy.
Diverse leadership teams bring varied perspectives, enhancing decision-making and fostering innovation. Collaboration leverages unique skills and experiences, strengthening strategic planning and operational oversight. A culture of inclusivity and respect enables diverse voices to contribute meaningfully, driving the organization towards its goals.
A rigorous succession plan is essential for maintaining organizational continuity and resilience. Aligning succession planning with position renewal and refreshment ensures that the organization remains dynamic and capable of meeting future challenges. Recognizing the skills matrix required to deliver the organization’s strategy is crucial. This approach ensures that the leadership team possesses the necessary competencies and depth of talent to drive the organization forward.
Regular self-assessment and constructive challenges drive improvement. Leadership teams should strive to add value by interpreting complex information, anticipating changes and maintaining core governance principles even amid disruption. This initiative-taking approach ensures that the organization remains agile and responsive to emerging trends and challenges.
CIM (National, Societies and Branches) should identify and then adhere to fundamental governance principles, including accountability, transparency, stakeholder engagement and risk management. These principles must reflect the organization’s purpose and be embraced by all. Engaging with both external and internal stakeholders fosters trust and collaboration, which is essential for addressing the complex challenges of the mining sector.
Openness builds confidence. Transparent reporting and early disclosure of issues allow for timely improvements, enhancing organizational maturity and stakeholder trust.
Benchmarking against best practices and maintaining quality and standards are vital. Effective systems provide a line of sight from front line operations to the senior leadership levels. These systems ensure that the organization operates efficiently and safely, adhering to industry standards and regulations.
Effective risk management practices are integral to sustaining the organization’s long-term success and resilience.
Any organization, like CIM, must define its purpose and vision clearly, aligning resources and all actions to support these core objectives. This clarity ensures that the organization remains focused on its strategic goals. Without clear strategic direction, even the best-intentioned governance systems can falter.
CIM has worked on a refresh around its bylaws, which form a foundation to our governance framework, and plans to release its new strategic plan this fall, after approval by Council in September 2024.
Read CIM's governance policies here.
