PCL is installing an independent regulatory oversight board to ensure that the company adheres to all legal and statutory regulations as well as mining best practices across all aspects of its business at all times.
The Independent regulatory oversight board has to sign off on all aspects of the mining company’s business including the company’s internal corporate governance procedures which adhere to all aspects of international best practices. All contracts have to be signed off by an independent law firm confirming that they are fully compliant with all relevant legislation before completion. All entities that the company deals with have to be fully approved by the independent regulatory oversight board before the company is authorised to contract with the said entity.
The company has based its Corporate Governance standards on the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). This internationally agreed benchmark consists of more than fifty distinct disclosure items across five broad categories.