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Notice on Third-Party links

You are now leaving the Franco-Nevada Corporation website to go to a Third-Party Operator website.

Franco-Nevada has provided links from this website to several other websites. Franco-Nevada has no control over information at sites hyperlinked to this one. These links are being provided for the convenience of the users of this website and Franco-Nevada does not endorse and is not responsible or liable for the content, nature or reliability of any linked website or any link contained in a linked website. Franco-Nevada takes no responsibility for monitoring, updating, supplementing or correcting any information on any linked website and makes no representation or warranties regarding such information. Please be aware that in linking to these outside websites, you are leaving the Franco-Nevada Corporation website and that Franco-Nevada is not responsible for the content of any other site.


Franco-Nevada Corporation ("Franco-Nevada" or the "Corporation") is committed to responsible mining and oil and gas extraction in all aspects of its investments including with respect to environmental, social and governance issues.

Franco-Nevada’s business is investing in the business of others and Franco-Nevada does not directly operate any of its assets. The projects on which the Corporation has royalties and streams are owned and operated by independent mining and oil & gas companies which are typically publicly listed (the "Third-Party Operators").  As Franco-Nevada's management is not responsible for the day-to-day operational or development decisions at a project, it is able to focus on growth and new investments.

While Franco-Nevada does not control or influence the operations of any of the properties over which it has an interest, we are committed to responsible mining, and oil & gas extraction. Franco-Nevada seeks to address environmental, social and governance issues through a combination of the following:

  • Our policies which guide investment decisions
  • Our due diligence process for new investments
  • Our contractual rights in our royalty and stream agreements

The approach taken by Franco-Nevada has generated real value for shareholders and has allowed Franco-Nevada to acquire royalties and streams on projects operated by some of the best Third-Party Operators in the industry. Franco-Nevada is proud of its track record and the accomplishments of its Third-Party Operators which we’ve highlighted below.

Franco-Nevada is also proud to have made meaningful social contributions at the corporate and individual levels which are highlighted below. Franco-Nevada is committed to considering potential partnerships with its Third-Party Operators to support appropriate environmental and social initiatives in the communities associated with its producing assets.

Franco-Nevada has recently agreed to partner with Compania Miñera Antamina S.A., in Peru and is committed to considering additional partnerships with it’s producing assets.

In terms of Franco-Nevada’s own environmental impact, the Corporation’s carbon footprint is very small.  Franco-Nevada operates solely within office environments with a small workforce.  The Corporation has approximately 30 full-time employees of which two-thirds are located at its head office in Toronto.  The head office is situated in a LEED Gold certified building and specific statistics regarding the building are provided below.

Our Policies

Investment Principles (Environmental, Social and Governance)


Franco-Nevada Corporation (“FN” or the “Corporation”) is committed to responsible mining and oil & gas extraction in all aspects of its investments, including with respect to environmental, social (including occupational health and safety) and governance (“ESG”) matters. The Corporation’s business is investing in the business of others, principally through holding royalties and streams. The properties from which the Corporation currently receives royalties and stream deliveries are owned and operated by independent mining and oil & gas companies which are typically publicly listed (the “Third-Party Operators”). The Corporation does not exercise any control or influence over such Third-Party Operators. As well, the Company does not have the power to control or influence the operations of any such properties.

Environmental, occupational health and safety and other risks arising out of these mining and oil & gas operations are not generally direct risks of the Corporation. However, the Corporation acknowledges that it is indirectly exposed to such risks. For example, if a mine that provides royalties or stream deliveries to the Corporation is shut down for environmental reasons, it affects the Corporation. The Corporation recognizes the importance of investing in projects that are owned and operated by Third-Party Operators who share a commitment to responsible resource exploration, development and extraction. This Policy sets out the principles regarding ESG matters which guide our investment decisions and the appropriate attention to our assets.


This Policy applies to the Corporation and its direct and indirect subsidiaries (collectively or, if the context indicates, individually, referred to as “FN”).

Policy Statements

  1. FN will take into account ESG issues when evaluating new investments, including reviewing the ESG programs, policies and standards adopted by a Third-Party Operator and the implementation of such programs, policies and standards.
  2. FN will exercise diligence in choosing its investments, including the Third-Party Operators. FN’s choices will be based on overall criteria set out in the strategic review mandate reviewed regularly by the Board of Directors of FN. Such criteria will include factors such as the “quality” of the Third-Party Operators. The Third-Party Operators will be expected to comply with the applicable legal and regulatory requirements of the jurisdictions in which they operate and have a legal compliance, environmental, occupational health and safety, and a track record in social issues that is satisfactory to FN. Further indicia of “quality” Third-Party Operators will include the adoption and implementation of proper standards and practices in the management of ESG issues.
  3. FN will endeavour to negotiate its royalties and streams with a view to having the Third-Party Operators act in accordance with responsible industry standards and practices and to ensure that the Third-Party Operators provide sufficient transparency into their operations to facilitate FN’s assessment of the Third-Party Operator’s performance and management of a project including with respect to ESG issues.
  4. FN will take into account relevant ESG issues when exercising its contractual rights and remedies.
  5. FN will pay appropriate attention to public disclosure and reports from the Third-Party Operators for updates on any of its assets in order to be apprised of any developments including with respect to ESG issues. Upon the occurrence of an adverse event at a project, FN will endeavour to raise the issue with and offer its guidance and expertise to the Third-Party Operator, where appropriate.
  6. FN will pay appropriate attention to ESG data reported by the Third-Party Operators on the assets over which it holds interests and will endeavour to report relevant, material information to its stakeholders.
  7. FN is committed to supporting the Third-Party Operators and the mineral and oil & gas industries generally in their efforts to reduce their environmental impact, improve the local communities in which they operate and provide appropriate disclosure of their progress on ESG issues. FN will support industry associations and councils that are committed to principles of seeking continuous improvement in sustainable resource development such as the World Gold Council, the Canadian Institute of Mining, Metallurgy and Petroleum, the Prospectors & Developers Association of Canada and the Nevada Mining Association.
  8. FN will consider co-investing with the Third-Party Operators in appropriate community and social projects in local communities where its assets are located when invited to do so by the Third-Party Operator.
  9. FN is committed to continuous improvement and will, on an ongoing basis, consider enhancements to its ESG programs and policies.


Effective November 7, 2016. This Policy supersedes any written or oral representations that are in any way inconsistent with it.

Corporate Responsibility


Franco-Nevada Corporation (the “Corporation”) is an entity with a very small workforce operating solely within an office environment. This Policy provides the framework for the Corporation’s approach to addressing its environmental and social responsibilities as it relates to the Corporation’s offices located in Toronto, Barbados, Denver and Perth.

The Corporation is also committed to taking into account environmental, social and governance issues when evaluating new investments. The Corporation has set out its approach regarding such issues in its Investment Principles Policy (Environmental, Social and Governance).


This Policy applies to the Corporation, its direct and indirect subsidiaries (collectively or, if the context indicates, individually, referred to as “FN”) and all employees of FN.

Policy Statements

  1. FN will comply with the applicable legal and regulatory, environmental, health and safety, and human rights requirements of the jurisdictions in which it operates. FN is committed to having all of its employees comply with its Code of Business Conduct and Ethics.
  2. Employees of FN will endeavour to make a positive impact on the environment and on social issues including, in the procurement of goods and services in support of FN’s offices.
  3. FN is committed to supporting its employees’ efforts to reduce their environmental impact in the workplace and to contribute to society through non-profit charitable activities.
  4. FN will maintain open lines of communication with the stakeholders in the communities in which it is located, and will take into account their concerns and suggestions.


Updated effective November 7, 2016.  This Policy supersedes any written or oral representations that are in any way inconsistent with it.

Health and Safety Policy


This Policy provides the framework for Franco-Nevada Corporation’s approach to addressing the health and safety risks inherent in its business, with the intention of complying with the applicable legal and regulatory requirements of the jurisdictions in which it operates and supporting loss prevention practices. Franco-Nevada Corporation’s business is investing in the businesses of others, principally through holding royalties and streams. Therefore health and safety are not typically direct risks of Franco-Nevada Corporation’s operations.


This Policy applies to Franco-Nevada Corporation and, its direct and indirect subsidiaries (collectively or, if the context indicates, individually, referred to as “FN”) and all employees of FN.

Policy Statements

  1. FN will comply with the applicable legal and regulatory health and safety requirements of the jurisdictions in which it operates.
  2. FN’s offices will be in facilities that demonstrate a standard of health and safety management on behalf of its occupants that FN considers satisfactory.
  3. All FN employees have responsibility for maintaining a safe and healthy workplace by following health and safety rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions to a member of the Committee of Executive Officers. Training will be provided for procedures to pursue an injury-free workplace and to take appropriate actions during emergency situations in the facilities.
  4. Violence and harassment in the workplace are specifically prohibited. Workplace violence includes the exercise of physical force by a person against an employee that causes or could cause physical injury to the employee, an attempt to exercise physical force against an employee that could cause physical injury to the employee, and a statement or behaviour that it is reasonable for an employee to interpret as a threat to exercise physical force against the employee that could cause physical injury to the employee. Harassment means a course of comments or actions that are known, or ought reasonably to be known, to be unwelcome. Employees of FN who are victims of, or become aware of, violence or harassment in the workplace are required to comply with FN’s Discrimination, Harassment & Equal Opportunity Policy, which incorporates FN’s harassment and workplace violence policy and program.
  5. FN is committed to ensuring a safe work environment for its employees by reducing the risk of incidents in the workplace in which drugs or alcohol are a contributing factor, and deterring the use of alcohol, drugs and other substances where such use could negatively affect work performance and safety. FN expects that all employees will be free of alcohol and drugs which could impair their judgment or affect their ability to perform their job safely while in the workplace. The use, possession, distribution or offering for sale of illicit drugs, drug paraphernalia or unprescribed drugs for which a prescription is legally required will not be tolerated in the workplace.


Updated effective November 7, 2016. This Policy supersedes any written or oral representations that are in any way inconsistent with it.

Our Process

Due Diligence Process in New Acquisitions

Since our initial public offering in December 2007, we have continued to build our asset portfolio through additional acquisitions, adding numerous royalty, stream and other interests.

When evaluating new opportunities, we employ extensive methods to identify, assess and, where possible, mitigate our risks prior to entering into royalty and stream agreements.  Franco-Nevada’s management team uses a multi-disciplinary approach when evaluating potential transactions.  Our team consists of professionals with significant experience and expertise in the fields of geology, mining, metallurgy, engineering, oil & gas, finance and law.  Environmental, social and governance issues relate to a number of these disciplines and Franco-Nevada’s experience in evaluating and structuring royalty and stream transactions has given Franco-Nevada significant exposure to and experience in addressing such issues.

In addition to relying on management’s expertise, Franco-Nevada benefits from the experience and expertise of its Board of Directors.  Board members are very active in the review of potential investments including participating in due diligence and providing technical, operational, political, financial, environmental, corporate social responsibility and other expertise.

When conducting due diligence, Franco-Nevada routinely engages third-party experts to assist in its evaluation of new investments.  Third-party experts that may be engaged include external legal counsel (including in the jurisdictions in which a project is located), technical consultants, environmental consultants, corporate social responsibility consultants and governance consultants, for the purpose of assessing political, environmental, social, legal, technical and regulatory issues in applicable jurisdictions and the Third-Party Operator’s management of the same. These third party experts report their findings to management and/or the Board of Directors.

The due diligence normally conducted by Franco-Nevada generally includes, but is not limited to, the following:

  • review of the historical record of the Third-Party Operator and the specific project from both public sources as well as information provided by the Third-Party Operator
  • review of the general conditions of the jurisdiction in which the project is located, including local government and local community relations
  • analysis of the plans and prospects for the Third-Party Operator and project going forward
  • analysis of the environmental, social and governance programs and policies put in place by Third-Party Operators and the effectiveness of same
  • country risk analysis where the project is located
  • site visits to the project with third-party consultants, as appropriate
  • extensive engagement with the Third-Party Operator’s management team

When conducting due diligence, environmental, social and governance issues are considered as these are critical to the long-term success of a project and the industry generally, which, in turn, is key to Franco-Nevada’s success.  Franco-Nevada will typically assess the following as part of its due diligence:

  • whether any external certifications have been obtained by the Third-Party Operator or project
  • whether the Third-Party Operator is a member of the World Gold Council and/or has committed to the principles of the International Council on Mining & Metals or other relevant standards
  • water management and reduction plans
  • other environmental programs and initiatives put in place by Third-Party Operator including carbon reduction and biodiversity protection
  • operating plans and closure plans
  • community initiatives and engagement with indigenous peoples
  • safety records
  • workplace standards, protections and policies

In addition, when engaging in exploration efforts as part of advancing a property or to conduct due diligence in advance of undertaking an investment, Franco-Nevada undertakes to be guided by the Principles and Guidance for a Framework of Responsible Exploration as set forth by the e3Plus program of the Prospectors and Developers Association of Canada (the “PDAC”).

Franco-Nevada also uses a proprietary ranking system to evaluate potential investments. Assets are ranked on a number of quantitative and qualitative factors (including environmental, social and governance factors) to ultimately come up with a ranking against Franco-Nevada’s existing assets as well as other mining projects. Franco-Nevada aims to hold highly ranked assets in its portfolio.

Following the completion of due diligence, if management proposes to proceed with a transaction in excess of a threshold amount, it must first seek Board approval.  Below this threshold amount, management has discretion to proceed with an investment but must report the transaction to the Board in order to refresh its executive authority before being able to proceed with another investment.

The due diligence process will vary in each case as Franco-Nevada deems necessary or appropriate in the circumstances, all applied on a risk-adjusted basis. For instance, the purchase of newly created royalties or streams, requiring the negotiation of a binding agreement with the Third-Party Operator of a project, will typically permit more comprehensive due diligence than the acquisition of existing royalties where Franco-Nevada is acquiring royalty interests, often within a royalty portfolio on an as-is, where-is basis, from a third party rather than the Third-Party Operator. In such latter cases, Franco-Nevada must rely on the limited information provided by the third party as well as any publicly available information with respect to the Third-Party Operator and the project. The due diligence process will also vary based on the jurisdiction, type of mineral, and whether the project is an exploration, advanced or producing project, among other things.

Ongoing Management Through Contractual Rights

When negotiating new investments, we endeavour to negotiate our royalties and streams to provide us with information from the Third-Party Operators as well as to mitigate risk.

Out royalty and stream agreements typically include, the following types of provisions:

  • Reporting Obligations.  Royalty and streaming agreements typically contain a series of reporting obligations including the delivery of monthly and annual reports, updated mine plans, forecasts and other documentation, which serve to keep Franco-Nevada informed of operations. Third-Party Operators are also typically required to notify the Corporation of any material adverse changes to a project or its operations. Upon a material adverse change occurring, Franco-Nevada maintains regular communications and offers its guidance and expertise to the Third-Party Operators where appropriate.
  • Audit and Inspection Rights.  Franco-Nevada may be entitled to audit the books and records of the Third-Party Operators on a periodic basis and may access and inspect the properties comprising the project. These rights provide Franco-Nevada further insight into the operations and management by the Third-Party Operators of such operations and confirm compliance with the terms of the agreement.
  • Operating Covenants.  Royalty and streaming agreements typically contain certain operating covenants designed to ensure that Third-Party Operators are conducting mining operations in accordance with applicable law and responsible practices.
  • Transfer Restrictions.  Franco-Nevada’s royalty and streaming agreements may have restrictions that either (a) require consent for the Third-Party Operator to transfer the project, or (b) otherwise establish the circumstances in which such transfer is permissible. Such constraints are intended to ensure Franco-Nevada continues to be partnered with a quality operator over the life of the agreement.
  • Remedies. Streaming agreements afford Franco-Nevada the ability to terminate and recover specific remedies upon a material breach of the contractual provisions, providing the Corporation with the flexibility to exit unsuitable arrangements.

There can be no assurance that the Corporation will be able to identify or mitigate all risks relating to holding royalty and stream interests in respect of properties, mines and projects.

Our Third-Party Operators

Franco-Nevada holds royalties and streams over projects that are operated by some of the largest and most recognized Third-Party Operators in the world.

Below, we have highlighted selected accomplishments of the Third-Party Operators and have provided links to the various sustainability reports or websites that they produce on a regular basis1. Franco-Nevada is proud of the accomplishments and the ongoing commitment to responsible production that these Third-Party Operators have demonstrated.

When conducting due diligence, environmental, social and governance issues are considered as these are critical to the long-term success of a project and the industry generally which, in turn, is key to Franco-Nevada’s success.

Asset: Cobre Panama
Country: Panama
2017 Revenue (%): 0.0%

Web Link: Website
Sustainability Report: Link

Environmental Highlights

  • First Quantum has created a network of programs to mitigate and remediate environmental impact around the Cobre Panama project.
  • The Biodiversity Action Plan for the Cobre Panama mine calls for the reforestation of more than 10,000 hectares in and around the project site
  • Implementation of a rigorous environmental management system based on the ISO 14001 standards.

Social Highlights

  • At its peak, project will rank among Panama’s largest employers. Once construction is completed, Cobre Panama will continue to be significant contributor to job creation and economic growth
  • Resettlement plan has developed local school, timber homes with raised wooden floors and a reliable source of potable water

Governance Highlights

  • First Quantum has up-to-date policies regarding Social, Environmental and Human Rights and a Sustainability strategy
  • In addition to complying with the national laws of its host countries, First Quantum has confirmed alignment with the Universal Declaration of Human Rights, the Voluntary Principles on Security and Human Rights, the Equator Principles, the International Labour Organization's Declaration of Fundamental Principles and Rights at Work and the Extractive Industries Transparency Initiative (EITI)

Asset: Candelaria
Country: Chile
2017 Revenue (%): 15.6%

Web Link: Website
Sustainability Report: Link

Environmental Highlights

  • Candelaria 2030 Project's environmental impact assessment approved by the Chilean authorities which allows for the expansion of current operations and construction of a new tailings facility. Demonstrates local and federal commitment to the operation
  • Candelaria mining complex operates on a zero-discharge basis, with discharge only from the Desalination Plant at the coast.
  • Regulatory review by the Chilean National Geology and Mining Service of the updated Candelaria Mine Closure Plan (MCP) continued in 2017.
  • Minera Candelaria was most recently re-certified in March 2015 under the international ISO 14001 Standard and the certification for Minera Ojos del Salado was achieved in September 2016.
  • Candelaria demonstrates proactive management by conducting energy audits, undertaking energy efficiency and GHG-reduction awareness workshops, messaging for operations staff and contractors, and identifying initiatives for future improvements.

Social Highlights

  • Over $3 million invested in community programs at Candelaria in 2016 which is a decrease from the $13 million in 2015 when Lundin funded and performed disaster relief for a catastrophic flood that hit the Copiapó region in March 2015.
  • Candelaria has an agreement with the Tierra Amarilla Municipality to invest $16.5 million between 2016 and 2018 in community programs. Some examples of programs in place are the construction of an arts and culture centre located in an abandoned school that has heritage value, a new soccer field in the Los Loros community, and providing two ambulances and a mobile clinic to help improve local access to emergency healthcare.

Governance Highlights

  • Signed the UN Global Compact in early 2016
  • Lundin Mining’s Candelaria District operations in Tierra Amarilla received the “National Mining Society 2017” award in the large mining category
  • Aligned with the Government of Canada’s Enhanced Corporate Responsibility (CSR) Strategy as well as the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, IFC Performance Standards on Social and Environmental Sustainability, Global Reporting Initiative (GRI) and Prospectors and Developers Association of Canada (PDAC)

Asset: Antapaccay
Country: Peru
2017 Revenue (%): 13.4%

Web Link: Website
Sustainability Report: Link
Member: ICMM

Environmental Highlights

  • 19% of energy needs met through renewable sources
  • 2.2 million tonnes reduction in Scope 1 and 2 CO2 emissions
  • Strategic water management framework rolled out and an approach for identifying potential high water related risk sites established
  • Submit annual reports to the CDP climate change and water programs

Social Highlights

  • Strives to meet responsibility to respect human rights, as detailed in the UN Guiding Principles for Business and Human Rights.
  • Member of the Plenary of the Voluntary Principles on Security and Human Rights Initiative
  • 35% of Antapaccay’s employees are from the local area with newly introduced training programs for local people aimed to increase this factor
  • $84 million spent in 2016 in development initiatives to benefit local host communities

Governance Highlights

  • Sustainability report complies with the core level of the Global Reporting Initiative.
  • Glencore is a signatory to the United Nations Global Compact
  • Glencore’s sustainability report complies with the core level of the Global Reporting Initiative (GRI) G4 sustainability reporting guidelines and has been externally reviewed and assured by a third party

Asset: Antamina
Country: Peru
2017 Revenue (%): 9.3%

Web Link: Antamina Website
Sustainability Report: Link
Member: ICMM

Environmental Highlights

  • Joint venture operation (BHP, Glencore, Teck and Mitsubishi) has extensive website and report dedicated to the single asset
  • Environmental Management system based on ISO 14001 certification
  • Since 2004, Antamina supports the United Nations Global Compact and endorses the Extractive Industries Transparency Initiative (EITI) since 2007
  • During 2016, 99.17% of the water used in the production process was recycled from the tailings pond, being one of the highest rates in the industry worldwide

Social Highlights

  • Franco-Nevada is pleased to partner with CMA, the Antamina joint venture company, to support Ensena Peru, which aims to improve education at existing schools in the region.
  • In addition to supporting an area of 115,000 people, Antamina co-financed major projects such as: Irrigation, forestry projects, new government buildings, development for competitive farming and the implementation of youth entrepreneurship
  • Efficiently coordinate resources for communities living in strategic area of influence promoting sustainable development
  • All workers hired for a Fixed Term or an Indeterminate Period have essentially the same benefits–there are no part time workers

Governance Highlights

  • The joint venture has its own management team and board of directors solely focused on the single operation
  • Code of Conduct is signed by all employees who join the company as an affirmation of their commitment to comply with Antamina’s rules

2017 Revenue (%):

Web Link: Website
Sustainability Report: Link
Member: WGC, ICMM

Environmental Highlights

  • Goldstrike is the first operation in the western world to successfully produce gold using calcium thiosulfate leaching rather than cyanide. The tailings of the thiosulphate circuit are benign – in fact, thiosulphate is commonly used as fertilizer.
  • Three Barrick-operated sites which included Hemlo and Goldstrike were audited and found to be in compliance with the Cyanide Code in 2016
  • Barrick achieved a Leadership score of A- in its 2016 CDP Water response
  • Approximately 36% of electrical power was sourced from renewables in 2016

Social Highlights

  • Goldstrike opened an on-site medical clinic, possibly the first among any of Nevada’s mining operations. In addition to saving time by being able to have wellness exams and flu shots on site, the clinic brings peace of mind to workers knowing medical attention is available if needed
  • Inaugural Barrick-Cisco networking academy launched in Elko, Nevada, in early 2017. This partnership will bring digital and information technology skills courses, free of charge to employees, their families, and other local Nevadans. This may help open new opportunities in the communities in which Barrick operates

Governance Highlights

  • Implemented an Operations Leadership Program at Goldstrike to help senior site leaders allowing more focused and people oriented leadership at operations rather than corporate head office

Gold Quarry
2017 Revenue (%):

Web Link: Website
Sustainability Report: Link
Member: WGC, ICMM

Environmental Highlights

  • Both operations on which Franco-Nevada has royalties, Gold Quarry and Ahafo, are considered zero process discharge facilities by recycling all process water
  • Both operations are certified under the International Cyanide Management Code
  • All operations environmental management systems are certified to ISO 14001 standards
  • Partnering with Nevada state and U.S. federal officials to establish a historic sagebrush ecosystem conservation agreement

Social Highlights

  • The Newmont Ahafo Development Foundation (NADeF) supports development projects in the 10 communities near the Ahafo mine. In 2016, Newmont contributed approximately $935,000 to NADeF, bringing the total contribution since 2007 to $24.4 million
  • Achieved a perfect score of 100 on the United States’ Corporate Equality Index (CEI), and a designation of Best Place to Work for LGBT Equality
  • In 2016, the Association of Ghana Industries (AGI) as well as the Ghana Chamber of Mines, named Ahafo the Mining Company of the Year in part because of its support for local content

Governance Highlights

  • Newmont Ahafo has a Board of Trustees that includes community members to ensure community ownership and participation. Investments generally focus on capacity building, community health and education, infrastructure development and livelihood and skills building
  • Named the mining sector leader by the Dow Jones Sustainability Index for the second consecutive year in 2016
  • Ranked as the top mining company in the S&P 500 for ESG performance–and in the top 10 overall–according to Bloomberg’s ESG disclosure score
  • Numerous signatories and members including: International Council on Mining and Metals (ICMM) Sustainable Development Framework; Voluntary Principles on Security and Human Rights (VPSHR); Extractive Industries Transparency Initiative (EITI); Partnering Against Corruption Initiative (PACI); World Gold Council (WGC); United Nations Global Compact (UNGC); United Nations Guiding Principles on Business and Human Rights (the “Guiding Principles”); International Network for Acid Prevention (INAP); Cross-Sector Biodiversity Initiative (CSBI); CDP; International Cyanide Management Code (ICMC); International Organization for Standardization – ISO 14001 and 31000; Global Reporting Initiative (GRI)

Asset: MWS
Country: South Africa
2017 Revenue (%): 5.3%

Web Link: Website
Sustainability Report: Link
Member: ICMM

Environmental Highlights

  • AngloGold Ashanti is a founding signatory of the International Cyanide Management Code (ICMC) and is actively working towards certification at MWS
  • AngloGold Ashanti is a signatory of the United Nations Global Compact (UNGC) and is also aligned with the Sustainable Development Framework of the International Council of Mining and Metals (ICMM)
  • MWS reprocesses historical tailings in the Vaal River area which reduces potential long-term environmental liabilities, closure and rehabilitation expenses

Social Highlights

  • Contributed $20.2 million to community investment projects in 2016 versus $15.2 in 2015
  • Proactively manage non-occupational disease in South Africa in terms of both communicable and non-communicable diseases. These programs, notably the ongoing advances made in addressing Occupational Tuberculosis, has resulted in a 70% reduction in case incidence since 2004, with incidence rates among employees now approaching national averages in South Africa.
  • In South Africa, AngloGold has focused on skills development as a driver of economic inclusion and prosperity which saw the launch of the Youth Technical Skills Development Programme in April 2015. This is a joint venture between the Mining Qualifications Authority (MQA), local authorities and AngloGold Ashanti. The objective of the initiative is to equip unemployed youth in the Eastern Cape with skills such as welding, brick-laying, carpentry and plumbing.

Governance Highlights

  • Sustainable Development Report 2016 prepared in accordance with GRI G4 core reporting guidelines which provides the benchmark for sustainability reporting globally.

Asset: Sabodala
Country: Senegal
2017 Revenue (%): 4.5%

Web Link: Website
Sustainability Report: Link

Environmental Highlights

  • 10,000 trees planted as part of land rehabilitation
  • 46% water recycling rate in 2016
  • Water dams (used to harvest rainwater for operations), have led fish species starting to appear naturally in the lakes, followed by indigenous and migratory bird species. Large fauna can now be spotted around these waters as well. Cattle now have easy access to water in all seasons, and villagers have started to fish

Social Highlights

  • In Sabodala, Teranga annually invests more than $1.2 million in the communities through the Social Fund
  • 93% Senegalese employees out of 1,209 site employees in 2016
  • Through local procurement program, Teranga currently sources 80% of its materials locally within Senegal

Governance Highlights

  • Up until 2016, Teranga was the only company to present its CSR report in Senegal
  • Has proactively sought partnerships with governments, NGOs and other organizations that have a similar interest in supporting the long-term socio-economic development of the Kedougou Region
  • In March 2017, Teranga was awarded the Environmental & Social Responsibility Award by the Prospectors and Developers Association of Canada “for outstanding community relations in the communities and surrounding regions of the Sabodala Gold Mine in Senegal, West Africa”.
  • 2016 UN Sustainable Development Goals Award from Global Compact Network Canada for efforts to advance the UN SDGs.

The above Third-Party Operators comprise of:

62.0% of revenue

Asset: Weyburn
Country: Canada
2017 Revenue (%): 4.8%

Web Link: Website
Sustainability Report: Link

Note: Cenovus’ interest in the Weyburn was sold to Whitecap Resources Inc. in late 2017. Franco-Nevada has chosen to include Weyburn in this section as it represents the largest contributor to our Oil & Gas revenue and Cenovus was the operator of the asset for the vast majority of 2017.

Environmental Highlights

  • Weyburn supports the advancement of carbon capture and storage through an enhanced oil recovery project at Weyburn, where 30 million tonnes of CO2 has been injected underground since 2000 till the end of 2016, the equivalent of taking more than 6.0 million cars off the road for an entire year
  • In 2016, Weyburn injected over one million tonnes of new CO2, which is the equivalent of 30 percent of Cenovus’ company-wide direct GHG emissions for 2016

Social Highlights

  • In 2016, Cenovus donated over $9.1 million to local communities. Since 2009, Cenovus has invested over $90 million in the communities around its operations through financial, in kind and employee match contributions
  • Several of Cenovus’ other projects are located near several Aboriginal communities. Cenovus works closely with these communities by consulting through the entire life cycle of the project, procuring products and services from the local businesses, providing community investment funding and supporting employment and training programs

Governance Highlights

  • In 2016, named to the Dow Jones Sustainability North American Index for the seventh year in a row. Also named to the FTSE4Good Index Series, MSCI Global Sustainability Index Series and Sustainalytics Jantzi Social Index.

Asset: STACK
Country: USA
2017 Revenue (%): 0.5%

Web Link: Website
Sustainability Report: Link

Environmental Highlights

  • Devon Energy consistently ranks high among energy producers on Newsweek’s annual “green rankings” list, which considers only companies in the S&P 500. In 2016, Devon ranked eighth among 41 companies listed in the energy sector.

Social Highlights

  • The Urban Land Institute, an international advocate for responsible land use, awarded Devon Energy Center its 2015 Global Award for Excellence in recognition of the development’s transformative impact on downtown Oklahoma City. Devon was chosen from 22 international finalists.
  • For eight straight years (2008-2015), Fortune magazine recognized Devon as being one of USA’s 100 best workplaces.

1This information is based on the public disclosure of the Third‐Party Operator and has not been independently verified by Franco‐Nevada.

Our Impact

Social and Corporate Commitment and Contributions

Franco-Nevada is a proactive member and current chair of the World Gold Council (“WGC”) Board and, in 2012, led the establishment of the WGC’s new Conflict-Free Gold Standard to combat the potential misuse of mined gold to fund unlawful armed conflict. WGC members are also committed to the principles of the International Council on Mining & Metals (“ICMM”). These principles seek continual improvement in sustainable development performance. The majority of Franco-Nevada’s gold mineral revenues are from projects operated by members of the WGC or ICMM.

Franco-Nevada at times makes corporate social investments in cooperation with the Third-Party Operators of its assets. In 2018, Franco-Nevada agreed to partner with Compania Miñera Antamina S.A., the joint venture company that operates the Antamina project in Peru, in supporting Enseña Peru. Enseña Peru is a network partner of Teach For All, which is a network of 46 independent, locally led and governed partner organizations aimed at providing educational opportunities to children. Enseña Peru aims to improve education at existing schools in the region which Compania Miñera Antamina S.A. has historically supported. With additional funding, Enseña Peru hopes to expand its mission to more schools which in turn will benefit more students. In 2012, the Corporation committed to fund Cdn $500,000 over five years to support the new School of Mines at Laurentian University in Sudbury, Ontario. From 2013 to 2017 the Corporation made annual contributions of Cdn $100,000 under this commitment. Franco-Nevada is also the primary sponsor of the PDAC annual awards that recognize industry successes in exploration, development, safety, environmental stewardship and aboriginal cooperation. In accordance with Franco-Nevada’s Investment Principles Policy (Environmental, Social and Governance), the Corporation has undertaken to consider partnerships with its Third-Party Operators to support projects in the communities associated with its producing assets.

Franco-Nevada’s directors and management support philanthropic and charitable efforts using their own personal resources. Our philosophy is that the Corporation is a steward of shareholders’ capital and charity is a decision best made with one’s personal resources rather than the shareholders. All members of the executive team are also involved in non-profit activities.

As a philanthropist, Pierre Lassonde, Chair of Franco-Nevada’s Board of Directors, has made generous donations to many educational institutions and is a benefactor of the Lassonde Entrepreneur Institute at the University of Utah, which pairs faculty members with business, engineering and science students and helps them write business plans. In 2011, he donated Cdn $25 million to expand the School of Engineering at York University, where the Computer Science & Engineering Building was renamed the Lassonde Building in honor of his generosity over the years. He established the Lassonde Chair in Mining Engineering at the University of Toronto in 1996, followed by the Lassonde Mineral Engineering Program and the Lassonde Institute for Engineering Geosciences in 2000. Mr. Lassonde served as Chairman of the World Gold Council from 2005 to 2009. A passionate supporter of Canadian art, Mr. Lassonde served as Chairman of the Musée National des Beaux Arts du Québec and has donated Cdn $14 million to the museum. The museum honored Mr. Lassonde in 2016 by opening the Pierre Lassonde Pavilion, an iconic new addition.

In 2016, Franco-Nevada’s Chief Executive Officer, David Harquail, through his family’s Midas Touch Foundation, an organization that supports charities, hospitals, education and the arts, made a Cdn $10 million donation to support Laurentian University’s Harquail School of Earth Sciences and its Mineral Exploration Research Centre (MERC). Mr. Harquail’s donation, together with concurrent Cdn $49 million federal government funding, is a step towards making Laurentian University the leading centre for mineral exploration research in the world. In 2018, his family’s foundation donated Cdn $5 million to establish the Harquail Centre of Neuromodulation at Sunnybrook Health Sciences in Toronto. In addition, Mr. Harquail serves on the Toronto and York Region United Way Cabinet.

Environmental Profile

Franco-Nevada’s workforce operates solely within office environments and predominantly in Commerce Court located at 199 Bay Street in Toronto, Ontario. Commerce Court is certified LEED EB Gold reflecting the successful implementation of its long-term sustainability strategy and an ongoing commitment to the environment and other sustainability focused initiatives. The LEED Canada EB rating system applies a rigorous internationally-recognized standard measuring and evaluating the effectiveness of a property’s sustainable practices and policies in a range of green categories. LEED EB addresses whole building cleaning, general maintenance issues, recycling programs, exterior maintenance and systems upgrades or modernization. In December 2017, Commerce Court West (the office tower in which Franco-Nevada is located) achieved BOMA BEST Platinum level certification. This is the highest level of certification in the BOMA BEST green buildings certification program. BOMA BEST is Canada’s largest environmental assessment and certification program for existing buildings. BOMA BEST Sustainable Buildings certification recognizes excellence in energy and environmental management and performance in commercial real estate. Additional information regarding Commerce Court’s leadership and innovation in sustainability can be found on the building’s website found here: http://www.commerce-court.com/sustainability.

Franco-Nevada occupies approximately one half of one floor comprising an area of 11,370 square feet in Commerce Court, a building complex with retail (including food service) and office tenants having a total of 109 floors and 2,021,229 square feet. Franco-Nevada is an entity with a very small workforce, with an extremely limited impact on the environment. While we cannot provide the precise figures as to our carbon footprint, water consumption and usage of other utilities, below we have provided the most recent available information regarding the building complex consumption.

Water Consumption

  • Commerce Court’s 12-month water consumption (2016 Normalized Water Use Intensity): 0.59 cubic meters by square meters per year (m3/m2/yr)

Greenhouse Gas Emissions

  • Commerce Court’s 12-month greenhouse gas emissions (total annually generated in 2016): 9,834 Metric Tonnes of Carbon Dioxide Equivalent (tCO2e)

Electricity Use

  • Commerce Court’s 12-month electricity use (2016 Normalized Energy Use Intensity): 27.96 equivalent kilowatt hours per square foot per year (ekWh/ft2/Yr)

Waste Diverted

  • Commerce Court’s 12-month waste diverted rate was 80.7%. Total annually generated in 2016: 2,175.7 Metric Tonnes


Franco-Nevada supports efforts to increase transparency and accountability in the mining and oil and gas industries. Please refer to Franco-Nevada’s enrollment with Extractive Sector Transparency Measures Act (“ESTMA”) on the page: www.franco-nevada.com/investors/ESTMA