Prosperity related achievements are specifically related to 4 of the UN’s SDGs: Goal 1 – No Poverty, Goal 8 – Decent Work and Economic Growth, Goal 9 – Industry, Innovation and Infrastructure, and Goal 10 – Reduced Inequalities. Pan Asia Metals is focusing on Goal 1.
The WEF’s SCM for Prosperity has 6 core categories, namely:
- Absolute number and rate of employment: Rate of employee turnover and of new employee hires during the reporting period, by age group, gender, other indicators of diversity and region.
- Economic Contribution: Direct economic value generated and distributed including employee wages and benefits and community investment.
- Financial investment contribution disclosure: Includes capital expenditures to describe the company’s investment strategy and share buybacks + Dividend payments to describe the company’s strategy for returns of capital to shareholders.
- Total R&D expenses: Total costs related to research and development.
- Community investment as part of economic contribution.
- Total tax paid: Providing indication of contribution to governmental revenues.
Employment and job creation are key drivers of economic growth, dignity and prosperity. The Prosperity metrics aim to provide a basic indication of a company’s capacity to attract diverse talent; employee turnover may indicate employee satisfaction or workplace unfairness. These metrics are related to the “People” pillar but included within “Prosperity” because they capture the degree to which a company is supporting employment within a region. Economic contribution provides a basic indication of how a company has created wealth for stakeholders, its capacity to expand its operations and create additional employment, and its efforts to innovate new products and services fit for the future.
Pan Asia Metals will be focusing on measures such as employee turnover, employee wages and benefits and community investment, which contribute to reduced poverty in and around the communities in which we are located, meeting our SDG Goal 1 of No Poverty.