FYI Resources (ASX:FYI) embraces ESG metrics developed by World Economic Forum

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FYI Resources (ASX:FYI) embraces ESG metrics developed by World Economic Forum

 FYI Resources (ASX:FYI) embraces ESG metrics developed by World Economic Forum
Image source: Company Announcement (2 June 2021)

Summary

  • FYI Resources Limited (ASX:FYI) has adopted global standards for ESG reporting.
  • The Company has engaged top tier and prominent technology platforms for ESG reporting, monitoring and improvement.
  • The Company aims to improve its social licence to operate and boost shareholder returns.

In the latest update, FYI Resources Limited (ASX:FYI) has informed that the Company has adopted Environmental, Social and Governance (ESG) metrics developed by the World Economic Forum (WEF) to support in implementing ESG policies. The Company has embraced an ESG framework with 21 core metrics and disclosure requirements created by WEF.

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FYI is committed to implementing responsible ESG criteria to transition to a sustainable corporate framework. Its goal is to grow and efficiently manage its business under a delineated framework while progressively evolving the Company and its ESG performance.

Environmental, Social, and Corporate Governance denote the three central criteria of sustainability and societal implication of a firm. Analysis of these three criteria is believed to assist in better determining the potential financial performance and possible investment merit in a firm.

FYI highlighted that the global sustainable investment is now approaching US$30 trillion, with investors taking a significant interest in how a firm oversees and takes responsibility for its operations as well as its corporate activities.

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Rationale behind adopting an ESG framework

The environment in which FYI conducts its business is constantly evolving via changes in environmental restrictions, climate impact, and multiple safety, regulatory, and social issues. The dynamic global operating environment is challenging the conventional expectations of businesses and impacting the ensuing redirection of investment capital.

To cope with the ever-changing ESG requirements, the Company has made a commitment to its sustainability objectives. Besides, FYI is initiating an ESG platform created by the globally accepted WEF in order to transition the Company towards long term sustainable and responsible operations to underpin stakeholder value.

The areas of focus comprise anti-corruption practices, ecological sensitivity, governance, ethical behaviour, land use, diversity and inclusion, human rights, carbon emissions, water consumption, tax payments, and pay equality.

FYI notified that it would apply both an ESG and economic overlay to the Company to make sure both shareholder and long-term sustainable benefits are gained from the advancement of its high-grade, innovative, ultra-pure HPA (high purity alumina) project.

How is FYI facilitating its ESG activities?

FYI has engaged top tier and prominent technology platforms for ESG reporting, monitoring and improvement.

The HPA producer has engaged a Morningstar firm and leading ESG rating service, Sustainalytics, to provide it with a recognised ESG rating and establish a reporting baseline in which the Company can demonstrate continual improvement. The ESG rating report is due in the week commencing 14 June.

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FYI has also involved Socialsuite to provide the Company with an ESG reporting platform in which it can measure and report upon crucial sustainable metrics and improvements on a quarterly basis. The Company’s first ESG progress dashboard will be released shortly, comprising its quarterly progressive ESG action plans.

The Company seeks to ensure that its HPA project attains a model platform and impact investment for shareholders, in line with its objective of improving its social licence to operate and boost shareholder returns.

FYI shares are trading at AU$0.610 as of 12:57 PM AEST.

Also Read: FYI Resources (ASX:FYI) inks exclusivity agreement with Alcoa, Shares up

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