GFI GOLD does not want to do "green washing" by claiming that "green" gold exists.
By working with counterparties who are themselves required to ensure the traceability of the gold and metals they manufacture under specifications set by global regulators such as the London Bullion Market Association (LBMA), GFI can indirectly ensure that the products it markets do not come from abusive or illegal exploitation of human rights and the environment.
As part of its activities, GFI GOLD must comply with the European Regulation (EU 2017/821) setting out supply chain due diligence obligations for gold importers to ensure the traceability of traded gold. GFI GOLD has drawn up an internal procedures manual relating to the traceability of gold. This manual has been in force since 2 March 2023 and has been approved by GFI's Board of Directors. It provides for the implementation of policies and practices to meet our duty of care with respect to the supply chain in order to provide the transparency necessary to build public confidence and meet our legal obligations.
Recognising that risks of serious negative impacts may be associated with the extraction, trade, processing and export of minerals from conflict or high-risk areas, and that we have a responsibility to respect human rights and not to contribute to conflict, we undertake to adopt and incorporate into contracts and/or agreements with suppliers a policy that complies with regulations for the responsible sourcing of gold. We undertake to refrain from any act likely to contribute to the financing of a conflict and to comply with the applicable legal framework.
Supply chain due diligence is a constant, proactive and reactive mechanism by which we undertake to monitor and manage our purchases and sales to ensure that they do not contribute to conflict or the adverse effects thereof.
In 3 ways
- Reducing electricity consumption by installing solar panels and modernising our office lighting;
- Reducing paper consumption and adopting a 'paper less' strategy.
- working with our architects on rational energy use and building insulation;
- transition of the vehicle fleet towards more electric and hybrid vehicles (33% of the fleet);
- reusing some of our suppliers' cardboard packaging to repackage and reship parcels;
- support for sporting values and in particular for young athletes (e.g. Hoekies hockey club).
- support for charities (e.g. "Les œuvres du Soir", "Télévie").
- ongoing staff training (e.g. languages, anti-money laundering laws, IT).
- application of balanced governance between all shareholder representatives with a view to promoting informed and objective strategic decision-making. Conflicts of interest are managed upstream and are notified in writing in the Board minutes.
- minority shareholders are represented on the Board of Directors and play an active part in strategic discussions and decisions.
- the different areas of expertise within the Board of Directors ensure that thinking is complementary.