Geo Energy Resources Limited won the SBR Listed Companies Metals & Mining category

The company’s initiative to push for change and towards achieving its sustainability goals lands it a win.

The COVID-19 pandemic has shown how a health and environmental issue can become a social problem causing material governance challenges. As the world moves into a post-pandemic future, Environmental, Social, and Governance (ESG) is expected to form an integral part of the new normal ahead.

Geo Energy Resources has undertaken great strides towards achieving its sustainability goals, in line with Global Reporting Initiative (GRI) standards. Taking the ESG initiative and pushing for change, Geo Energy not only won the Singapore Business Review’s Listed Companies Awards for Metals & Mining category, but also the hearts of world class investors and customers.

The company has implemented an Environmental Management System based on ISO 14001: 2015, where they excavate and store the topsoil for future reclamation when conducting mining activities and commits to replanting crops and land restoration. Just in 2019, the company has completed 95 hectares of land reclamation and rehabilitation.

Geo has also developed an Environment and Social Management System in accordance with International Finance Corporation Performance Standards, migrating to ISO 45001 to further strengthen occupational health and safety systems. Regular health check-ups are conducted by site doctors whilst a special health check for hazardous, toxic waste, and food handler workers are performed every six months.

Furthermore, the firm’s Hygiene and Sanitation Management System ensures the highest standards in the food supply for workers to reduce food poisoning, as well as the housekeeping of the kitchen, canteen, and worker’s accommodation.

The company also adopted the best practices in corporate governance, establishing an appropriate culture, values and ethical standards of conduct at all levels.

Geo’s Audit and Risk Committee reviews significant reports to ensure adequate, timely investigation and resolution, with all employees, regardless of positions, facing prompt disciplinary action or termination should they breach these policies. Because of these actions, the company has reported zero cases of corruption and bribery in 2019.

Furthermore, with the increase in stringent requirements for sustainability of many potential investors, Geo has created management systems to consistently foresee and address issues thus, attracting world class customers and investors such as Macquarie Bank and Trafigura.

Macquarie invested a 5% equity stake in Geo for an aggregate amount of $20.3m. Macquarie and Trafigura, as key customers of Geo, contributed significantly to its revenue of US$249.1m in 2019 and US$87.8m in Q1, as well as contributing to the business and trade flow of Singapore.

Aside from these developments, the company also proved to be responsible for their contribution to societal goals as they donated to the Singapore Institute of Technology (SIT) $500,000 Student Relief Fund which provided assistance to over 300 undergraduates affected by the pandemic. The company has also donated IDR1.5b for the supply of personal protective equipment to healthcare workers, and provision of medical aid to the communities.

Watch the interview below to know more about their winning project: