At Cameco, we believe that sound governance is the foundation for strong corporate performance. We are dedicated to our core value of integrity and apply high standards of ethical behaviour and transparency to our business activities. We have a suite of policies, programs and practices to manage and protect our systems, information and assets.

Cameco's corporate office in Saskatoon, Saskatchewan, Canada

We view effective corporate governance as an essential element in the ongoing success and sustainability of our company. We are committed to governance practices that align with our values and our strategy, and that are consistent with regulatory expectations and evolving best practices.

Our board of directors plays an important role in providing oversight of the management team and providing direction for our strategy and business affairs. The board guides Cameco to operate as a sustainable business, to optimize financial returns while effectively managing risk, and to conduct our business in a way that is transparent, independent and ethical.

The following are highlights of selected governance topics. Please see our 2023 Sustainability Report for more information or Our Performance for all indicator results.

Governance for sustainability matters

We are dedicated to conducting our business responsibly and overseeing and managing our risks in a diligent manner. We integrate key sustainability factors (safety performance, a clean environment, and supportive communities) into our executive and employee compensation strategy as success in these areas is critical to Cameco’s long-term success.

Governance structure for sustainability and climate

Learn more about governance for sustainability matters


Business Ethics and Integrity

laptop with ethics and u report on screen

At Cameco, one of our four core values is integrity. Through our personal and professional integrity, we lead by example, earn trust, honour our commitments, and conduct our business ethically. Our reputation for maintaining the highest standards of ethical behaviour has helped Cameco to grow into the global business it is today.

Our Code of Conduct and Ethics guides how we uphold our value of integrity. The Code applies to all employees, officers and members of Cameco’s board and subsidiary boards and sets out our principles and guidelines for ethical behaviour. Our corporate ethics program is underpinned by:

  • Conduct and ethics committee - Our conduct and ethics committee shares the responsibility for oversight and reporting of ethics matters and practices to executive officers and the board.
  • SOX compliance - Controls around key ethics-related risks are assessed annually by our internal Sarbanes-Oxley (SOX) compliance function and audited by our external auditors.
  • Conduct and ethics training - All new employees take a mandatory Code of Conduct and Ethics training course. Targeted employees are required to take mandatory refresher courses annually.
  • Ethics hotline - Through a third-party service provider, we also offer an anonymous ethics hotline that is open to all employees, contractors, and suppliers from across our operations. Information about the hotline is broadly communicated.

Learn more about our conduct and ethics


Tax Transparency

Grant Isaac, Cameco's Executive VP and CFO

Cameco’s commitment to ethical behaviour and integrity includes transparency into our corporate taxation. As a resource company, we pay significant amounts of tax across multiple jurisdictions, including income taxes, uranium royalties, property taxes, sales and use tax, and indirect taxes. In addition, we collect and remit employment taxes from our more than 2,600 employees. 

At Cameco, we believe that tax is a fundamental component of overall financial performance. We are guided by our Code of Conduct and Ethics and comply with all tax laws that apply to our operations. Our tax department works collaboratively with other business units to preserve long-term value, and we monitor and adjust to legislative changes in each jurisdiction where we do business. As a Canadian multinational company with a global customer base, Cameco needs to charge for various goods and services provided to and from its various subsidiaries and affiliated companies. We do this in compliance with relevant laws in the affected jurisdictions. As such, our consolidated tax rate is a blend of rates applicable in Canada and in the jurisdictions of our foreign subsidiaries and affiliates.

We have annually reported payments to governments, as required by Canada’s Extractive Sector Transparency Measures Act (ESTMA), since 2016. Extending beyond tax transparency, our 2023 ESTMA report details royalties, fees, and other payments made to Indigenous, municipal, provincial, and federal governments in Canada, the US, and Australia by Cameco and our subsidiaries for commercial development related to the exploration and extraction of minerals. 

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Responsible Supply Chain

Percentage of services procured from local companies in 2023

We are committed to fair competition in all dealings with suppliers, supporting local procurement, and making our purchases honestly and objectively. We also want to make sure that our suppliers and contractors respect and uphold our ethical, safety and environmental practices.

We believe that a sustainable and ethical supply chain starts with choosing suppliers that will uphold our standards. Our Supplier Code of Conduct and Ethics outlines our expectations for those who provide goods and/or services to Cameco, including their representatives and employees. The Supplier Code requires our suppliers to adhere to all human rights, labour, and employment laws in the countries where they operate.


2023 procurement from Saskatchewan

Commitment to local procurement

We are committed to using local suppliers wherever we operate. It is a commitment codified in our Procurement of Goods and Services Policy and exemplified by our spending in northern Saskatchewan, where we have procured more than $357 million in services from local companies over the past three years. In 2022, 80% of all service spend at northern Saskatchewan mine sites was with northern local businesses.

Our role in fighting against forced labour and child labour in supply chains

Cameco continues to take steps to further its commitment to respecting and observing the protection of human rights, including preventing and reducing the risk that forced labour or child labour is used in our operations or supply chains. On January 1, 2024, Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act came into effect, which requires certain companies and government entities to report on the preventative measures they have taken to address the risk of forced and child labour in their supply chain. Our first Modern Slavery Report is available and outlines the steps we have taken to address the risk of forced labour and child labour across our supply chain.

Learn more about supply chain