- Committees & Policies
- Risk Matrix
At Silvercorp, we understand that strong corporate governance requires good leadership to ensure all practices are up to date and meeting all applicable standards, in addition to ensuring our vision and values are integrated into all areas of our business. Our board and executive team are guided by local, national, and international legislation and governance standards, stock exchange rules and regulations, industry best practices, and Company charter, and continuously review such standards and processes to ensure we are maintaining compliance and continuing to generate sustainable value for our stakeholders. We recognize that it is the job of our board and management team to continue to evolve in order to effectively manage the environmental, social and governance risks associated with our operations and are committed to finding new and innovative approaches to such challenges.
The mining industry operates across complex jurisdictions and often in emerging and/or unpredictable political environments, which can be predisposed to regulatory uncertainty. This uncertainty has caused the industry and regulatory bodies to place increased pressure on mining companies to focus on governance issues such as anti-corruption, money laundering, and Foreign Corrupt Practices Act (FCPA). Moreover, increased support for ESG values has caused the public, governments, and stakeholders to call for increased transparency and disclosure detailing the impacts operations have on the environment and communities in which they operate. In order to succeed, mining companies must commit to ethical and responsible mining in all aspects of their business, starting with their business ethics and governance.
For more information on our governance, click here.
Our company values, respect, equality, and responsibility, are reflected in our corporate policies and serve as guidelines for our various committees when approaching ESG reporting and disclosure. We aim to incorporate ESG factors and responsible business practices into all aspects of the company and operate as transparently as possible.
As of March 31, 2021, Silvercorp’s Board consisted of five directors, four of whom are independent under the applicable securities laws. The Company assesses nominees against certain criteria such as experience and knowledge of the Company and its operations, ethics and integrity, competency, and diversity. The Board, with its extensive experience, oversees the Company’s strategic development, key risks, and long-term development. The Board also considers and approves major decisions, supervises business operations, and evaluates the Company’s performance. In exercising their powers and discharging their duties, the directors are required to act honestly and in good faith with a view to the best interests of the Company, and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Each director is appointed for a term of one year at the annual general meeting of shareholders and committee memberships are re-constituted after each annual general meeting.
In Fiscal 2021, Silvercorp established an ESG Management Center in Beijing, headed by Vice President Mr. Lichang Peng. The ESG team works to develop the Company’s sustainability plan and implement and coordinate key tasks. The specific functions include: following ESG-related policies and regulations and evaluating the completeness and effectiveness of the Company’s ESG policies and systems; identifying ESG risks and opportunities and formulating management policies and plans; organizing the preparation of sustainability reports and other ESG disclosure documents. Silvercorp's Board oversees the Company's sustainability-related policies, strategies, and performance. A separate Sustainability Committee is being established for Fiscal 2022 to oversee the Company’s work related to ESG performance and initiatives, to provide guidance on assessing ESG risks and opportunities, and to review the annual sustainability reports, among other responsibilities. The establishment of this committee will not only strengthen our ESG performance but will also assist in implementing our sustainability strategy moving forward.
Each year, Silvercorp conducts a companywide risk or materiality evaluation in order to identify the critical material issues associated with our operations. This evaluation helps us analyze the risks and identify key issues for our stakeholders, reporting, and future targeting. This evaluation also aids in informing our overall sustainability strategy and the creation of our materiality matrix.
Stakeholders' trust and support are pivotal to Silvercorp's sustainable development. We continue to optimize stakeholder engagement mechanisms to drive high-quality and sustainable development that balances economic growth, environmental protection, and social harmony. In Fiscal 2021, we identified, assessed, and prioritized our top sustainability topics based on input collected from stakeholders through questionnaires, and identified a range of ESG risks with material impacts for all stakeholders. The process resulted in a materiality matrix that illustrates how each sustainability issue ranked regarding its “impact on the Company's sustainable development” and “significance to stakeholders.” The results of this materiality assessment have been reviewed and confirmed by the ESG Management Center and the Board.
For more information on our approach to risk management and stakeholder engagement, click here.
The key identified issues, or topics of interest included in our matrix are as follows:
|1||Environmental Management System||8||Occupational health and safety||15||TMF Management and utilization|
|2||Resource utilization and management||9||Employee rights protection||16||Research and innovation|
|3||Waste discharge and management||10||Respecting human rights||17||Compliance management|
|4||Land reclamation and ecological restoration||11||Community engagement and relations||18||Risk management|
|5||Disaster prevention and emergency management||12||Vocational training and development||19||Corporate governance|
|6||Climate change mitigation strategies||13||Responsible supply chain||20||Product and service quality|
|7||Biodiversity protection||14||Community development||21||Business ethics and transparency|
At Silvercorp, we strive to find innovative ways to achieve excellence in all areas of our Company. In Fiscal 2022, Henan Found and Guangdong Found successfully passed: 1) the Quality Management System Certification, 2) the Occupational Health and Safety Management System Certification, 3) the
Environmental Management System Certification, and 4) the Energy Management System Certification. The certifications certify that Silvercorp’s operation and management meet the requirements of the ISO series of international standards. They reflects Silvercorp vision, mission and values as a company, and Silvercorp’s continuous efforts to achieve excellence. Silvercorp is honored to be the recipient of the following awards:
|Fiscal 2022||Henan Found||Passed ISO 14001 Environmental Management System Certificatio|
|Fiscal 2022||Guangdong Found||Passed ISO 14001 Environmental Management System Certification|
|Fiscal 2022||Henan Found||Passed ISO 45001 Occupational Health and Safety Management System Certification|
|Fiscal 2022||Guangdong Found||Passed ISO 45001 Occupational Health and Safety Management System Certification|
|Fiscal 2022||Henan Found||Passed Energy Management System Certification|
|Fiscal 2022||Guangdong Found||Passed Energy Management System Certification|
|Fiscal 2022||Henan Found||Passed Quality Management System Certification|
|Fiscal 2022||Guangdong Found||Passed Quality Management System Certification|
|Fiscal 2022||Green Procurement Action Plan||Requires the prioritized procurement of conventional supplies that meet mining products safety standards (KA/MA), ISO9001, ISO14001 and other management system certifications|
|Fiscal 2022||Trade Unions||Silvercorp and its subsidiaries have set up a trade unions, with trade union rate of 100%|
|Fiscal 2022||Henan Found Shagou Branch Trade Union||Model Home of Workers of Luoyang City|
|Fiscal 2022||Guangdong Found Trade Union||Model Home of Workers of Guangdong City|
|March 2021||Henan Found||2020 Luoyang Outstanding Unit for Production Safety|
|January 2021||Silvercorp||"2020 Responsible Brand Award" at China Charity Festival|
|January 2021||Henan Found||Awarded A Credit Grade Enterprise Certificate by Henan Government|
|2021||R&D||20 new patents (including 18 utility patents and 2 invention patents)
Altogether 73 patents (including 69 utility patents and 4 invention patents)
|December 2020||Henan Found||China Red Cross Medal for Giving|
|December 2020||Henan Found||2020 Top 100 Enterprises in Luoyang|
|December 2020||Henan Found||2020 Top 20 Private Enterprises in Luoyang|
|December 2020||Guangdong Found||Yunfu City Enterprise for Clean Production|
|December 2020||Guangdong Found||Outstanding Unit for Epidemic Response recognized by the Yunfu Municipal People's Government|
|November 2020||Henan Found||2020 Environmentally and Socially Responsible Enterprise|
|November 2020||Guangdong Found||Pilot Unit for Digital Construction of Green Mines|
|November 2020||Guangdong Found||2020 Model Enterprise for Green Development|
|September 2020||Henan Found||Luoyang 2020 “99 Public Welfare Day” Caring Enterprise for fundraising for courageous acts|
|August 2020||Henan Found||Model Unit for High-quality Development in China Mining Industry|
|July 2020||Guangdong Found||Outstanding Workers' Home of Yunfu City|
|June 2020||Henan Found||Winner of National “Ankang Cup” Contest|
|June 2020||Guangdong Found||Executive Council Member of China Green Development Alliance|