Our board of directors is responsible for overseeing management, and our strategy and business affairs and the integration of ESG principles throughout the company. The board’s goal is to ensure we operate as a sustainable business, optimizing financial returns while effectively managing risk.
Board, executive and management
Our commitment to sustainability starts at the top. Our board of directors is responsible for overseeing management, strategy and the integration of sustainability and ESG principles throughout the company.
|Board of Directors||Oversight|
|Interdisciplinary ESG Working Group
(Investor Relations, Governance, Legal, SHEQ, Risk, Sustainability, Communications)
The board is actively involved in our annual strategic planning process and works with management to set our strategic direction. The board oversees our annual corporate objectives and approves incentive compensation for our senior executives – all of which are based on performance against our four measures of success.
Management provides strategic and operational leadership under the guidance of the board and takes a proactive approach to managing risk across the company. Over the last several years, the board and management have developed and refined an enterprise risk management program which has included enhancing the risk identification and mitigation strategies across the company and assessing and categorizing them as either functional, tactical or strategic risks.
Cameco has a robust management system that provides the overall framework to guide the management of the company. It sets out the corporate vision, values and key policies that govern how we conduct business and how we are organized. We have a code of conduct and ethics that governs how Cameco does business relative to our behaviour and actions. It covers all aspects of our business, including how we conduct ourselves internally with each other and with our shareholders, customers, partners, contractors, suppliers, competitors and the public.
Business ethics, integrity and anti-corruption
Our reputation for maintaining the highest standards of ethical behaviour has helped Cameco to grow into the global business it is today. Cameco’s Code of Conduct and Ethics guides us in ethical conduct as we fulfil our roles at Cameco and our Supplier Code of Conduct and Ethics that sets out our expectations for suppliers to ensure a sustainable and ethic supply chain. Cameco’s Global Anti-Corruption Program also guides employees to ensure that the integrity of Cameco’s relationships is maintained.
Risk and risk management
We have a mature enterprise risk management (ERM) framework that consists of processes and controls to ensure risks are being appropriately managed and mitigated. The board is responsible for oversight of the mitigation plans pertaining to the material risks within the committee’s mandate (see Risk, starting on page 32 of our 2020 management proxy circular).
A discussion of the risks, including ESG risks that generally apply to all of our operations and advanced uranium projects and that could have a material impact on business in the near term, are included in our annual disclosure (see Managing the risks, starting on page 56 of our 2019 Annual MD&A). We also recommend you review our most recent Annual Information Form which includes a discussion of other material risks that could have an impact on our business.
The board oversees the company’s strategic risk, including ESG and climate-related financial risks, and allocates oversight of other top-tier risks to specific board committees.
See Governance for comprehensive information on Cameco’s governance practices.