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The board is responsible for supervising the management of our business and affairs, which includes overseeing management and our strategy.The board encourages open dialogue and works within a climate of respect, trust and candour. The board fulfills its duties by:maintaining a governance framework that establishes broad areas of responsibility and has appropriate checks and balances for effective decision-making and approvalsmaking decisions that set the tone, character and strategic direction for Camecoapproving the vision and value statements and enterprise-level policies developed by managementregularly monitoring management, including its leadership, recommendations, decisions and execution of strategies to ensure that they carry out their responsibilities and deliver value.Board's MandateBeyond overall stewardship and oversight of the business affairs of the company, members of Cameco's board of directors are accountable for specific duties and responsibilities.Read moreBoard CommitteesThe board carries out its responsibilities directly and through five standing committees, each mandated to provide detailed oversight of key areas.Read moreChair's RolePosition description for the board chair of Cameco Corporation.Read moreCEO's RolePosition description for the chief executive officer of Cameco Corporation.Read moreNYSE ComplianceCameco's statement of compliance with the requirements of the New York Stock Exchange.Read more

We are dedicated to our core value of integrity and apply high standards of ethical behaviour and transparency to our business activities.The following are highlights of selected governance topics. Please see our 2025 Sustainability Report for more information or Our Performance for all indicator results.Governance for sustainability mattersWe are dedicated to conducting our business responsibly and overseeing and managing our risks in a diligent manner. We integrate safety, environment (including climate), and supportive community measures into our corporate objectives which impact executive and employee compensation as we believe they are all critical to Cameco’s long-term success.Role of our boardOur board and its committees are responsible for overseeing the integration of sustainability principles throughout the company. The board’s goal is to help ensure that we operate as a sustainable business, optimizing financial returns while effectively managing risk.Management's roleOur executives work with leaders and experts across the company to better understand and manage sustainability topics and climate-related risks and opportunities. The chart below illustrates how sustainability topics and climate-related information flows between groups with sustainability and climate-related responsibilities across Cameco. Learn more about governance for sustainability mattersBusiness Ethics and Integrity 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.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 ethicsTax Transparency Cameco’s commitment to ethical behaviour and integrity includes transparency into our corporate taxation. We pay significant amounts of taxes across multiple jurisdictions, including for income taxes. As a result, our consolidated tax rate is a blend of rates applicable in Canada and in the jurisdictions of our foreign subsidiaries and affiliates. In addition, we collect and remit uranium royalties, property taxes, sales and use tax, indirect taxes, and employment taxes from our more than 3,000 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. We have annually reported payments to governments, as required by Canada’s Extractive Sector Transparency Measures Act (ESTMA). Extending beyond tax transparency, our 2025 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.Learn more about tax transparencyResponsible Supply Chain We are committed to fair competition in all dealings with suppliers, supporting local procurement, and making our purchases honestly and objectively. We use ISNetworld to screen contractors who provide services at our sites. All contractors must meet our basic requirements including demonstrating technical capabilities and having adequate safety practices and appropriate insurance in place. As a supplier to the Canadian nuclear industry, our fuel services facilities follow Canadian Standards Association’s (CSA) N299 standard, which sets out quality assurance program requirements for the supply of items and services for nuclear power plants.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.Human rights in the supply chainWe 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, forced labour, and child labour within our operations and our supply chain, which is reinforced by our Supplier Code of Conduct and Ethics.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 $704 million in services from northern-owned companies over the past three years. In 2025, we spent $292 million on services for our northern Saskatchewan mine sites with northern-owned businesses. In northern Saskatchewan, we have commitments through collaboration agreements with a select number of construction and service companies that are PNCs. All PNCs must also follow our standards.Learn more about our responsible supply chainLearn more2025 Sustainability Report - GovernanceOur Performance for all indicator results.Governance at CamecoCode of Conduct and EthicsGovernanceLeadershipManagement Proxy Circular

Cameco is committed to creating and maintaining a welcoming, inclusive, barrier-free work environment which allows all employees to perform their jobs at an optimal level.Achieving this desired environment depends upon mutual respect, creative problem solving and co-operation.We have been recognized as one of Canada's Best Diversity Employers since 2010.Workplace inclusion Members of a diverse workforce bring new ideas, perspectives, experiences and expertise to the company. This allows Cameco to continue to innovate, manage change, and grow as a respected industry leader and employer of choice. A diverse workforce helps Cameco to succeed.As a federally regulated company, Cameco complies with the federal Employment Equity Act by removing barriers that may make it difficult for some people to fully participate in the workforce, including those from the following four equity groups as defined in The Act:women in under-represented rolespeople with disabilitiesAboriginal Peoplesmembers of visible minority groupsWe support a diverse workforce by:implementing fair hiring practicesrecruiting and retaining qualified candidates from all four equity groupsmaintaining a corporate culture that fosters excellence, innovation, employee satisfaction and engagement by respecting individual differences and encouraging a diversity of viewsCameco hires on merit, based on an applicant's qualifications and experience. Qualified equity group members are encouraged to apply for Cameco positions, and to declare their designated equity status so that we can monitor our progress towards a more representative workforce. See Employment Equity-Additional Information for more details.Residents of Saskatchewan's NorthA Resident of Saskatchewan's North (RSN) is defined as:A person who has resided in Saskatchewan's North for a period of 10 years or one half of his or her age, whichever is lesser. Such a person:shall not lose status by relocating outside of Saskatchewan's North for educational purposes;shall not lose status by relocating outside of Saskatchewan's North for five years or less; andshall regain status if he or she has lived outside of Saskatchewan's North for more than five years but re-establishes primary residency in Saskatchewan's North at the time of hire.A person who transfers from one mine operation in Saskatchewan's North to another, or is re-employed within one year after leaving mine employment in Saskatchewan's North, and who met the criteria of a Resident of Saskatchewan's North contained in the applicable Human Resource Development Agreement at the time of recruitment to that operation.Cameco is committed to creating and maintaining a welcoming, inclusive, barrier-free work environment which allows all employees to perform their jobs at an optimal level.Achieving this desired environment depends upon mutual respect, creative problem solving and co-operation.We have been recognized as one of Canada's Best Diversity Employers since 2010.Northern Administrative Communities  View communities mapAir RongeEnglish RiverPelican NarrowsBear CreekFond du LacPinehouseBeauvalGarson LakeSandy BayBlack LakeGrandmothers BaySled LakeBrabant LakeGreen LakeSouthendBuffalo NarrowsIle a la CrosseSt. Georges HillCamsell PortageHall LakeStanley MissionCanoe NarrowsJans BayStony RapidsClearwater RiverKinoosaoSturgeon LandingCole BayLa LocheSucker RiverCreightonLa Plonge IndianTimber BayCumberland HouseReserveTurnor LakeDenare BeachLa RongeUranium CityDeschambeault LakeMichel VillageWeyakwinDescharme LakeMissinipeWollaston LakeDillonMontreal Lake Dore LakePatuanak 

SafetyWe manage the safety of our workers through programs, systems, and standards, with our Safety, Health, Environment and Quality (SHEQ) Policy providing overarching guidance. There are many aspects of the management system that contribute to a safe work environment, a few examples include:Risk assessments help identify issues and determine the appropriate controls; the corrective action process verifies that incidents and near misses are reported, tracked, investigated and shared with colleagues; and emergency preparedness and planning prepare us to respond to serious incidents.We have developed 12 corporate safety standards to help protect our workers from our most common hazards. Some standards guide our general safety practices, such as our job hazard analysis and our job task observation, and other standards deal with specific hazardous situations (similar to other companies’ life saving rules): such as fall protection, confined space entry, rigging and hoisting, and control of hazardous energy (also referred to as lockout/tagout).Routine audits are conducted to monitor compliance with regulations and our own requirements. These and other aspects of the management system are routinely examined to verify that they continue to be effective at keeping our workers safe.Radiation ProtectionRadiation risks are effectively managed at CFM through a formal radiation protection program and dedicated personnel who ensure that doses to workers are as low as reasonably achievable. The program ensures that radiation protection is considered in the physical design of all facilities and operating procedures. It also provides for systematic monitoring of radiation in work areas and tracking the exposures of individual workers using a combination of monitoring devices and health testing. Radiation exposures at CFM are far below regulatory limits.Environmental ProtectionAt Cameco, protection of the environment is one of our highest corporate priorities during all stages of our activities, from exploration through development, operations, decommissioning, and reclamation.We monitor our performance by tracking corporate and site-specific key performance indicators, conducting environmental monitoring programs, and regularly auditing our adherence to the requirements of these programs We use the information from all of our programs to help us to identify opportunities to improve.Environmental management systemWe have a ISO 14001-certified environmental management system used across our operating sites, which is supported by a corporate Environmental Management Program that outlines the operating requirements sites must meet. Our environmental management system encourages and promotes continuous adaptation of our practices based on new information and technologies.Environmental risk assessmentsWe complete environmental risk assessments to systematically identify, quantify, and to characterize the potential risks to the environment, workers, and the public. We use our environmental risk assessments to inform our decisions and actions. Additionally, we complete an iterative process, where required, to verify that our proposed measures to protect the environment and the public are effective. We review or update the assessments every five years, incorporating results from our environmental monitoring programs and other scientific advances.Corrective action processWe have a corrective action process in place to systematically investigate and address the causes of non-conformance to regulatory requirements or internal standards. The process includes classifying the non-conformance, assigning the appropriate level of investigation (dependent on incident significance), and tracking the recommended corrective actions to prevent and mitigate similar occurrences.AuditsTo support our culture of continuous improvement, our processes and operations undergo regular audits, including:Our environmental management system is audited by a third-party every three years as a requirement to maintain our ISO 14001 certification.Our SHEQ team conducts an internal audit of our SHEQ programs on a three-year cycle. The total audit scope is split in half and executed on a rotating basis. This means that all our sites undergo at least two audits to cover all aspects of our SHEQ programs within every three-year period. The audit follows the ISO 19001 process and encompasses our environmental and safety programs.We also maintain and implement an internal audit program at our corporate office. Results and recommendations from this systematic and documented process are presented to senior management, who are responsible for implementing them and correcting any deficiencies. The internal audit group reports to the audit and finance committee of the board.Environmental Incidents and Other Events​​Environmental incidents and other events are reported to regulatory agencies as required by federal and provincial regulations. This includes releases to the environment reportable to Ontario Ministry of Environment's Spills Action Centre.If you have questions about any of the items posted here, please contact us.Latest Incident or EventPosting DateJuly 3, 2026Incident DateJuly 1, 2026 IncidentFalse Fire AlarmDetailsCameco Fuel Manufacturing’s Port Hope facility experienced a temporary power failure that led to a fire alarm activation on the night of July 1. The alarm was triggered due to a reduction in air pressure within the sprinkler system. The Emergency Operations Centre (EOC) was activated, and Port Hope Fire and Emergency services attended the site. The cause of the alarm was investigated, and it was confirmed there was no fire. Power has since been restored.  Corrective ActionA fire watch was initiated. A fire systems contractor was contacted and reset the system and confirmed normal operations.The Canadian Nuclear Safety Commission has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1 Past ReportingPosting DateJuly 3, 2026Incident DateJuly 1, 2026 IncidentFalse Fire AlarmDetailsCameco Fuel Manufacturing’s Port Hope facility experienced a temporary power failure that led to a fire alarm activation on the night of July 1. The alarm was triggered due to a reduction in air pressure within the sprinkler system. The Emergency Operations Centre (EOC) was activated, and Port Hope Fire and Emergency services attended the site. The cause of the alarm was investigated, and it was confirmed there was no fire. Power has since been restored.  Corrective ActionA fire watch was initiated. A fire systems contractor was contacted and reset the system and confirmed normal operations.The Canadian Nuclear Safety Commission has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 10, 2026Incident DateApril 10, 2026IncidentNon-Occupational Emergency Transport to External Medical FacilityDetailsAn employee was transported by ambulance from CFM Port Hope to an external hospital due to a non-occupational medical issue. There was no health or safety risk posed to the public or the environment.Corrective ActionThe employee was assessed and provided care by the occupational nurse. The individual was transported to hospital by ambulance for further medical attention.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 17, 2026Incident DateMarch 16, 2026IncidentFalse Fire AlarmDetailsCameco Fuel Manufacturing’s Port Hope facility experienced a temporary power failure that led to a fire alarm activation. The alarm was triggered due to a reduction in air pressure within the sprinkler system. The Emergency Operations Centre (EOC) was activated, and Port Hope Fire and Emergency Services attended the site. The cause of the alarm was investigated, and it was confirmed there was no fire. Power has since been restored.Corrective ActionAn hourly fire watch was implemented until the system was restored. A fire systems contractor was contacted and attended the site to reset the system and to confirm normal operations.The Canadian Nuclear Safety Commission has been notified. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 30, 2026Incident DateJanuary 30, 2026IncidentReportable SpillDetailsDuring routine maintenance checks of the supplier owned liquid hydrogen storage tank, a small leak was discovered which appeared to be coming from the piping system underneath the tank.There was no health or safety risk posed to the public or the environment.Corrective ActionThe tank owner was contacted for support, and a technician was deployed who arrived at site. A repair was completed on the valve packing which stopped the leak.Cameco notified the Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 7, 2025 Incident DateApril 3, 2025  IncidentReportable Spill DetailsGroundwater was observed to be seeping from the access cover of a pumping well in the CFM Port Hope Parking lot and a small portion entered into the municipal catch basin, which ultimately discharges to Gages Creek. The total volume of untreated groundwater discharge is unknown but the flow rate was estimated at less than 1L/minute.There was no health or safety risk posed to the public, workers, or the environment by the release of groundwater. Corrective ActionCFM staff mobilized a collection system to pump excess water into a temporary holding tank and will monitor well levels and pump down as required. Two water samples were collected for sampling – one at the surcharging maintenance hole and one from the municipal catch basin. The Spills Action Centre, the Municipality of Port Hope, the CNSC Project Officer and the CNSC Duty Officer have been notified.  Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateFebruary 21, 2025Incident DateFebruary 20, 2025IncidentFalse Fire AlarmDetailsAt approximately 12:05 p.m. the fire panel indicated an alarm for the Fuel Storage Building dry chemical system at CFM Port Hope. Site personnel performed a visual check on the exterior of the building and no smoke or flame were detected. The Port Hope Fire Emergency Services responded to the site and investigated the cause of the alarm. It was confirmed that there was no indication of fire and there was no release of the dry chemical suppression system. The incident is suspected to be a false alarm. There was no health or safety risk posed to the public or the environment.Corrective ActionEmergency Operations Centre (EOC) was activated. Site personnel safely evacuated and were accounted for. Port Hope Fire Emergency Services responded to the incident. The system has been put on an impairment (bypass). Cameco has notified the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateSeptember 26, 2024Incident DateSeptember 26, 2024 IncidentFalse Fire Alarm (suspected)DetailsA fire alarm was activated in the fuel storage area at Cameco Fuel Manufacturing, automatically triggering a response from the Municipality of Port Hope Fire Services and Port Hope Police. Fire Services personnel inspected the area and confirmed that there was no indication of a fire, and this incident is suspected to be a false alarm.The cause of the alarm is under investigation.Corrective ActionThe Emergency Operations Centre was activated, workers were evacuated to the muster area and roll call taken. Personnel returned to work after all clear was given.The Canadian Nuclear Safety Commission has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 22, 2024Incident DateJuly 11, 2024 IncidentFalse Fire Alarm DetailsA fire alarm was activated due to an automated signal received from the fire suppression system on one of the two pelleting areas of the dust control units. This signal automatically triggers a fire department response. Municipality of Port Hope Fire Services responded, walked the area and confirmed that there was no fire and that this was a false alarm.  Corrective ActionThe Emergency Operations Centre was activated, personnel were evacuated to the muster area and roll call taken. Personnel returned to work after the all clear was given.  The issue was related to a faulty notifier module in the CO2 fire suppression system which was replaced the following day. The Canadian Nuclear Safety Commission has been notified. Cameco Environmental Effect Ratingno measurable impact to the environmentLevel 2 Level2Posting DateMay 14, 2024Incident DateMay 13, 2024IncidentReportable SpillDetailsOn May 13, 2024, at 7:30 a.m., an overflow was observed from a groundwater treatment system maintenance hole cover in the CFM Port Hope parking lot. The groundwater flowed to the municipal storm sewer system, which discharges to Gages Creek. It is estimated that 100L of untreated groundwater was discharged.There was no health or safety risk posed to the public, workers, or the environment by the discharge of untreated groundwaterCorrective ActionThe pump was shut down, stopping the flow of groundwater. The cause of the leak was found and repaired; the system was then returned to normal operation by 10:30 a.m. Two water samples were collected for evaluation of volatile organic compound (VOC) concentrations – one at the maintenance hole and one from ponded water at the municipal catch basin inlet. Results are pending.The Canadian Nuclear Safety Commission, the Spills Action Centre and the Municipality of Port Hope have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Cameco Environmental Effect RatingLevel 1 - no measurable impact to the environmentLevel 2 - negligible impactLevel 3 - short-term, seasonal impactLevel 4 - mortality of some species, but not affecting ecosystem functionLevel 5 - impairment of ecosystem functionN/A - not applicableWaste ManagementSolid wastes contaminated by uranium are reprocessed, recycled and re-used to the extent possible. Waste materials that cannot be reprocessed, recycled or re-used are safely stored on site until appropriate disposal options are available.Wastes generated at the facility are segregated at the point of generation into contaminated and non-contaminated. Non-contaminated waste is either recycled or transferred to a suitable facility. Contaminated waste is stored in appropriate containers pending assessment of recycling or disposal options.DecommissioningDetailed plans and financial guarantees are in place to ensure that sufficient funds are in place to restore CFM facilities to public use once the operation reaches the end of its productive life.Environmental AssessmentAll new significant changes to existing operations may be subject to environmental assessments to identify potential effects on the environment.Regulatory OversightCFM is licensed and regulated by the Canadian Nuclear Safety Commission (CNSC). The operation is also subject to other federal and provincial regulations for the protection of people and the environment, including by Environment Canada and Ontario’s Ministry of the Environment. Federal and provincial regulators conduct regular site inspections and audits to verify that people and the environment are protected. Sustainability at CamecoWhen measuring the sustainability and ethical impact of a company, environmental, social and governance (ESG) are key factors considered by the public and investors. Sustainability and ESG matters have been an important focus at Cameco for many years and we have a strong performance record.Learn more