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Shared future backed by new social compact is pursuit of business leaders the world over

2nd December 2016

By: Martin Creamer

Creamer Media Editor

  

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Earlier this year, Chamber of Mines of South Africa VP Neal Froneman chose the Joburg Indaba to appeal to each and every mining industry leader to engage with one another on an equal, open and transparent footing whether they be from business, labour or government.

He made this utterance against the backdrop of guiding lights like the African Mining Vision and the Zambesi protocol, which he held up as documents that are helping the industry on its way to introducing a new social compact to ensure mining’s sustainability as the source of value for all South Africans.

Ultimately, all South Africans have an interest in creating an environment that will allow mining to deliver on its potential to build a stronger nation – yes, not just a stronger country, but a stronger nation in which the diverse range of people in the country are knitted closer together.

The future of all stakeholders of the mining sector – which includes everyone, given the huge potential of the industry to project benefits right across the economy – is inextricably linked.

All that is required is for us to boldly secure a stronger shared future by supporting one another determinedly and transparently.

Interestingly, South African mining is by no means alone in its relentless search for a new social compact that provides the formal framework that ensures that all citizens share in the benefits that arise from a national patrimony like mineral wealth.

The latest edition of Fortune magazine is partnering its associate Time magazine in convening an unprecedented summit at the Vatican this month to strengthen the partnership between big business and the rest of the world.

They have chosen the Holy See in Rome for the 2016 Fortune + Time Global Forum, which will be attended by more than ten CEOs, thought leaders and experts in labour, health, education, economics and the environment.

They will engage intensively with one another, as well as with Pope Francis, with the intention of forging a new social compact between business and the community that it serves.

This comes interestingly after the end of a bitter election in the US in which, as Fortune says, both Presidential candidates and tens of millions of American voters have asserted that big business has lost its way.

The forum will seek to set the tone for the remedying of that at the two-day conclave, where many will talk to one another in the hope of finding a new way of doing things.

In some respects, Froneman has been ahead of the curve in repeatedly pointing out that the days of good corporate leadership equating to only delivering superior results to shareholders are over.

Good, new corporate leadership must cross a far broader spectrum, taking in superior value creation for shareholders, employees and communities alike, while simultaneously adding sparkle to the image of business.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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