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.
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.
Corporate Governance/Board Diversity
A board with a mix of diverse skills, backgrounds, experience, gender, and age, that also reflects the evolving demographics and geographic areas where we carry out business, is important for sound decision-making and good governance.
The board has a formal diversity policy, which includes a set of measurable objectives for achieving diversity on the board, including the identification and nomination of directors who are women or who have Indigenous heritage. Our diversity policy also requires the board to have directors with extensive experience in geographical areas where we have or anticipate having significant business interests, and to represent a range of ages.
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.
We are committed to respecting and observing the protection of human rights and share the values reflected in international proclamations about human rights, such as the Universal Declaration of Human Rights. We respect human rights wherever we operate and prohibit human trafficking, slavery, and child labour within our operations and our supply chain. We strive to provide a safe and healthy working environment that is free from harassment and discrimination. We have formalized our commitment to human rights in our Code of Conduct and Ethics and our People Policy. We also have a Supplier Code of Conduct and Ethics that sets standards for those who provide goods and/or services to Cameco and states our expectation that they comply with all human rights, labour and employment laws in the countries where they operate.
Responsible Supply Chain
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.
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.
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.