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Politics, Contributions, and Compliance
Politics, Contributions, and Compliance, Insights from Leaders in the Raw Materials Industry
KC Schreane
July 24, 2024
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Political Contributions and Compliance: Integrating Political Donations into Sustainability Practices
If you are in the U.S., do business in the U.S., or enjoy the world of politics, you’re likely talking about the 2024 Presidential Election – especially fundraising. If you think about it, political contribution discussions have always been part of compliance and sustainability policy. As we approach election season full throttle, here are some tips to ensure compliance contributions.
Political contributions can be considered part of sustainability and compliance, particularly within the broader context of corporate governance and ethical business practices. Here's how they relate:
Governance: Political contributions fall under the governance aspect of sustainability. Companies are expected to conduct political engagement in a transparent and ethical manner. Disclosures about political contributions can be an important part of demonstrating good governance and accountability.
Social: The social aspect can be impacted if political contributions are used to support policies or candidates that affect human rights, community development, or other social issues. Stakeholders are increasingly attentive to how corporate political contributions align with the company’s stated values and commitments to social responsibility.
Compliance
Legal Requirements: Political contributions are often regulated by laws and regulations, which vary by country and jurisdiction. Companies must comply with these legal requirements to avoid fines, sanctions, or reputational damage.
Corporate Policies: Many companies have internal policies governing political contributions to ensure they are made ethically and transparently. These policies help prevent potential conflicts of interest and ensure alignment with the company’s broader sustainability goals.
Reporting and Transparency
Disclosure: Transparent reporting of political contributions is a best practice in sustainability reporting. This includes detailing the amounts, recipients, and purposes of contributions.
Stakeholder Trust: Transparency in political contributions helps build trust with stakeholders, including investors, customers, and the communities in which the company operates.
In summary, political contributions intersect with sustainability and compliance through the lenses of governance, social responsibility, legal adherence, and transparency..
Insights from Leaders in the Raw Materials Industry
When someone shares their story with me, I take it very seriously. Whether I'm wearing a sales & marketing, journalism, or strategy hat, my goal is to understand what motivates the businessperson I'm speaking with and what makes their business unique. This involves delving into their business acumen, their products and services, and the hard-earned wisdom they've gained through experience.
At Fastmarkets’ recent 16th Lithium Supply and Battery Raw Materials Conference 2024, I had the opportunity to interview industry leaders, policymakers, and miners. These conversations went beyond their insights on materials, sustainability, and supply chains, revealing the perspectives that shape their approach to business.
For the full interviews, I highly recommend visiting fastmarkets.com in the coming days. Below are some key takeaways and quotes from each of my interviews:
Ashley Zumbwalt-Forbes, US Deputy Director for Batteries and Critical Materials (MESC), U.S. Department of Energy:
"Understanding the unit economics of any venture can help guide you to making sound business decisions."
Vivas Kumar, CEO, Mitra Chem:
"The three most sought-after leadership traits are competence, context, and character."
Tony Sage, CEO & Chairman, Critical Metals:
"Know who's who at the zoo." After attending several different schools in various cities as a child, he learned the art of observing before acting.
Bari Bean, Deputy CEO, Natural Resources, County of Imperial:
We've heard a high tide raises all boats, but Bari adds, “Make sure everyone is in the boat'” to ensure inclusion.
Phoebe Whatoff, Country Director, Minviro:
When dealing with challenges, “Take a step back and have empathy. Deliver transparently, and honestly.”
Justin Love, CEO, Ion Minerals:
Looking for the best way to tackle difficult work issues? Justin recommends “Radical Honesty.”
Joe Lowry, President, Global Lithium:
Joe admits this can come at a cost, but when you excel as a strategic advisor to your customer, that customer sees you as much more than a representative for your company. “You are the company to that customer.”
Phoebe O’Hara, Fastmarkets:
To truly make a mark in inclusion, be a student of “intersectionality.”
Amanda Harsas, Finance Director, Atlantic Lithium:
Use the '80/20' rule for good decision-making. “If you have 80% of the data, feel confident to make a decision quickly, instead of waiting for the additional 20%."
Raju Daswani, CEO, Fastmarkets:
What are key characteristics for leaders to thrive in today’s markets? “Resilience and adaptability. And always keep learning.”
Teague Egan, Founder & CEO, EnergyX:
"Dedicating time to developing ideal characteristics is crucial." (He dedicated 2019 to patience, 2020 to sacrifice, and 2021 to perseverance.)
Rebecca Paisley, Ph.D., Senior Geochemist, WSP:
Things you enjoyed as a child might just inform where your passion lies. “I always thought mountains were magical.” Now, she’s a geochemist.
Lisa Rebora, Head of Lithium, Equinor:
Lisa rates “simplicity” as sometimes being the best approach to the most complex business situations.
Emilie Bodoin, Founder & CEO, Pure Lithium:
A leader’s ability to clear their head is one of the best ways to ensure they can think strategically and be present in the situation . Emilie went from riding horses to reformer Pilates to clear her head for important decisions. “I found Pilates so helpful I offered it as a large group session with my team.”
These leaders' insights provide a glimpse into the values and principles that guide their decision-making and leadership styles. For more in-depth discussions, be sure to check out the full interviews on Fastmarkets' website.
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