Our sustainability topics

Wheaton employs a “double materiality” approach to identify those issues that have an impact on the company, as well as the activities Wheaton is involved in that have an impact on the environment and society.

Climate Change & Energy

Wheaton recognizes the importance of taking action on climate change and believes we have a responsibility to work alongside other stakeholders, including our Mining Partners, to help address this global challenge. Our Climate Change and Environmental Policy (opens in new tab) outlines our commitment to reduce emissions and build resiliency to climate risks.

To that end, we have developed a Scope 2 emissions target, which is to reduce these emissions by 50% by 2030 from a 2018 baseline. This target has been validated by the Science-Based Target Initiative (SBTi)[1]. As an office-based company, Wheaton engages in no direct, reportable Scope 1 emission-generating activities. Our Scope 2 emissions are mainly from the Cayman Islands office that relies on fossil-fuel powered grid electricity and cooling.

As a precious metals streaming company, Wheaton provides capital to mining companies, which are generally considered emissions intensive. While we do not own or operate these mines, we believe we have a responsibility to monitor the emissions generated at Mining Operations and to support our Mining Partners to reduce emissions over time.


Our attributable emissions from Mining Operations are also known as Scope 3 Category 15 (Investment) emissions (financed emissions). When considered alongside our other reportable Scope 3 emissions and Scope 2 emissions from our offices, Scope 3 financed emissions are our most material emissions category by size.

We track our Mining Partners’ commitments to reduce emissions over time and have set a goal for 80% of our total Scope 3 emissions to be covered by emissions reduction targets aligned with 1.5°C by 2040. Several of our Mining Partners, which contribute a large proportion to our emissions profile, have set aggressive Scope 1 and 2 emissions reductions targets aligned with the latest climate science. As of January 2023, 68% of our 2021 Scope 3 financed emissions were covered by emissions reductions targets aligned to 2°C warming or less.

[1] SBTi defines small to medium enterprises ("SMEs") as institutions with less than 500 employees. As a company that meets this definition, Wheaton adopted SBTi’s pre-defined target for SMEs aligned with 1.5°C. Wheaton has no Scope 1 emissions.

Supporting our Mining Partners’ Decarbonization and Climate Solutions Efforts

To further support our Mining Partners through the energy transition, Wheaton has committed financial support for their efforts to move to renewable energy sources and/or reduce emissions at the mines in which Wheaton has an interest. Wheaton's Climate Solutions Committee supports decision-making related to funding of decarbonization and climate solutions at mine partner sites and towards relevant research that will benefit the mining industry.

Enhancing our Climate Disclosures

Wheaton is a formal supporter of the Task Force for Climate-related Disclosures (TCFD) and we published our inaugural Climate Change Report (opens in new tab) in 2023, in line with the TCFD recommendations including detailed information on climate risks and opportunities. We also disclose through CDP, formerly known as the Carbon Disclosure Project.

Vision

Vision

  • Take action on climate by contributing to climate solutions within Wheaton's operations as well as with Mining Partners
Targets/Commitments

Targets/Commitments

  • Reduce Scope 2 by 50% by 2030 from 2018 baseline
  • 80% of Scope 3 financed emissions covered by emissions reduction targets aligned to 1.5°C by 2040
  • Support Mining Partners’ decarbonization and climate solutions efforts
Priorities

Priorities

  • Explore use of market-based instruments to meet 2030 Scope 2 goal
  • Seek further opportunities to fund climate solutions at Mining Partner operations
  • Continue to engage and monitor progress against our Scope 3 engagement target

Performance
Highlights

0.51t CO2e/GEO

Scope 3 financed emissions weighted average intensity for streams

87%

of 2021 Scope 3 financed emissions covered by emissions reductions targets aligned to 2°C warming or less

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Health, Safety & Wellbeing

The health and safety of our employees is paramount. We believe everyone should go home healthy and safe each and every day. As one of our core values, safety plays an important role in how we operate. As an office-based company, employees at both of our offices are trained on emergency preparedness in the event of a workplace incident or natural disaster. In the event of a significant disruption, the Company’s Business Continuity Plan would be enacted to minimize impact to operations, with specific training provided to select employees.

Wheaton provides health and safety training, focused on physical and mental health, to all employees. A healthy and active lifestyle is strongly encouraged through our Employee Health & Wellness program. The company provides extensive health and wellness benefits, including support for mental health that allows employees to take up to two mental wellness days.

Health Safety
Vision

Vision

  • Promote a work environment that prioritizes employee health, safety and wellbeing
Targets/Commitments

Targets/Commitments

  • Equip employees with health, safety and well-being training, tools and resources
Priorities

Priorities

  • Report zero (0) health and safety incidents annually
  • Continue health, safety and wellness education, resources and communication, with a focus on mental health and managing work-life balance

Performance
Highlights

0

health & safety incidents reported

1.6hrs

annual health and safety training (average hours per employee)

1hr

of Mental Health training provided to each employee

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Risk Management

Wheaton has an established risk management process to identify, manage, report and implement mitigation strategies for risks that Wheaton faces in the operation of our business. This process includes an Enterprise Risk Management (ERM) framework, under which Wheaton looks to update risks on at minimum a quarterly basis and risks are reviewed quarterly by the Disclosure Committee. Additionally, the Board of Directors, and specifically the Audit Committee, receives quarterly reports to review the company’s progress in managing enterprise risks.

Priorities

Priority

  • Identify, manage, report and mitigate strategies for risks facing Wheaton in the operation of our business.
Targets/Commitments

Targets/Commitments

  • Ensure ongoing identification and review of risks; ongoing assessment of internal control design and effectiveness

Performance
Highlights

Effective

testing to date has concluded that Wheaton’s internal controls over financial reporting are effective

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Business Ethics

Wheaton is committed to conducting business to the highest ethical standards. Our Code of Business Conduct and Ethics (opens in new tab) establishes such standards, fosters a culture of honesty and integrity, and provides guidance for the avoidance of conflicts of interest. The Code includes provisions related to anti-bribery and anti-corruption, and it prohibits employees, officers and directors from participating in political activities on the company’s behalf. It also enforces compliance with disclosure to securities regulators and other applicable governmental laws, rules and regulations. The Board conducts regular audits to test compliance with the Code.

We encourage employees to report any situation that appears to involve a breach of the Code, or any ethical or legal obligations. Wheaton’s Whistleblower Policy (opens in new tab) outlines the process for employees to anonymously and confidentially report any violations of the Code or concerns regarding financial reporting or other issues. Wheaton’s incident reporting hotline is maintained through Navex Global, an independent third party. The Policy also provides protection to those individuals reporting violations or concerns, and establishes a process for investigations.

Priorities

Priority

  • Maintain high standards for honest and ethical conduct in our day-to-day business dealings and decisions, including anti-bribery and anti-corruption practices.
Targets/Commitments

Targets/Commitments

  • Ensure all directors, officers and employees annually confirm adherence to the Code and understanding and acceptance of the Code
  • Screen industry associations’ alignment with Wheaton’s policies and commitments, particularly related to climate change
  • Maintain record of no reported incidents of corruption, allegations of fraud, executive misconduct or insider trading; nor any significant fines or nonmonetary sanctions for non-compliance with laws and/or regulations

Performance
Highlights

0

incidents of fraud, misconduct or insider trading

0

total political donations

0

total production in countries that have the 20 lowest ranking in the Corruption Perception Index

100%

% of employees who confirmed their understanding of the Code of Business Conduct and Ethics

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Human Capital

Human capital is an important asset to Wheaton and we depend on a small number of employees to advance our business success. We integrate and promote health and safety, diversity and inclusion, and continuous improvement into our employee culture. We encourage our employees to pursue advanced education, training or other professional development activities. In addition, Wheaton actively promotes opportunities for professional development for all employees through regular workshops and programs. Wheaton also provides financial support for off-site training and courses.

Wheaton’s success largely depends on our ability to attract, develop and retain the best diverse talent who are highly skilled and share in a commitment to sustained success. Our hiring practices includes due consideration to equality, diversity, and employee welfare. Additionally, we offer employees fair and competitive compensation and benefits, including a long-term incentive program as well as a comprehensive extended health and benefits plan. Wheaton invests in initiatives that help employees build and strengthen the skills they need to learn, develop, and thrive today and into the future. Wheaton’s development programs are curated to meet the unique needs of our employees and focuses on adding skills and capabilities that benefit the business.

Our commitment to our people is illustrated and cemented through our dedicated Diversity and Leadership Committee, whose mandate it is to enhance Wheaton’s commitment to diversity and inclusion, and to foster an environment that attracts and retains the best talent.

Home
Vision

Vision

  • Build and retain a highly skilled and engaged workforce
Targets/Commitments

Targets/Commitments

  • Expand employee engagement and training opportunities
  • Maintain high response rates for employee engagement surveys
Priorities

Priorities

  • Foster an environment that attracts the best talent, values diversity, and encourages innovation
  • Continue professional development training, motivational speakers, lunch and learn series and social events
  • Continue to track engagement through annual employee surveys

Performance
Highlights

$82,000

spent on employee training and development

88%

response rate to annual employee survey

44%

of employees have been with the company for ≥ 10 years

2.5%

Voluntary Turnover

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Community Investment

We are committed to helping build healthy, vibrant communities through purposeful investments wherever we or our Mining Partners operate. Through our Community Investment Program, Wheaton dedicates a portion of our net income to charitable organizations and initiatives that help improve and strengthen communities both locally and internationally. Our investments centre around the pillars of:

Health & Wellness icon

Health & Well-being

Enhance quality and access to health services, improve the delivery of care, reduce the prevalence of diseases and promote overall well-being including mental health, physical health and wellness.

Community icon

Community Development

Enhance our society through support for social and economic programs that address challenges and gaps impacting members of the community. This includes initiatives that improve access to critical services and programs, empower youth and children, and improve living standards for all.

Education icon

Education

Promote fairness and inclusivity by supporting programs that address educational disparities and improve access to educational resources and training opportunities. Includes initiatives that encourage awareness of the importance of the mining and metals industry in our society and institutions that provide relevant training critical to the future of mining.

Environment icon

Climate & Nature

Support environmentally sustainable practices and programs focused on mitigating and adapting to climate change, protecting biodiversity, managing resources responsibly and land conservation efforts.

The Program has two components: the Partner Community Investment Program, which has an international focus and the Local Community Investment Program, which supports organizations in the communities where our offices are located. A dedicated Community Investment Committee, comprised of members of our senior management team, oversees the program.

The Partner Community Investment Program

Provides financial support for our Mining Partners’ environmental and social initiatives within the communities that are either directly or indirectly influenced by the mine. The program is designed to increase the impact of Mining Partners’ initiatives, either by matching their funds for specific projects, or in some instances by providing funding for new projects that are in addition to existing initiatives. Mining Partners manage the projects at the ground level and provide Wheaton with progress updates and milestones achieved. We work closely with the mine operators to identify the needs of the communities and to assess where specific programs could help fill gaps in services, infrastructure or resources. Our team meets with local stakeholders, NGOs involved in project implementation, if applicable, and Mining Partners’ community teams, and visits the projects during regular mine site visits.

The Local Community Investment Program

Supports organizations in the communities where Wheaton’s offices are located: British Columbia and the Cayman Islands. Combined, we support over 60 local non-for-profit organizations annually, helping deliver important services and programs for our communities.

Partnerships in Community Investment

Salobo, Brazil

Salobo, Brazil

Vale

Learn More about Salobo
Constancia, Peru

Constancia, Peru

Hudbay Minerals

Learn More about Constancia
Antamina, Peru

Antamina, Peru

Glencore

Learn More about Antamina
San Dimas, Mexico

San Dimas, Mexico

First Majestic Silver

Learn More about San Dimas
Vision

Vision

  • Give back to the communities in which Wheaton and our Mining Partners live and operate
Targets/Commitments

Targets/Commitments

  • Deploy 1.5% of average net income from prior four years towards community initiatives around Wheaton’s offices and at Mining Partner communities around mines where we have a precious metals stream
Priorities

Priorities

  • Support positive outcomes for our people, partnerships, communities and environment by:
    • Enhancing quality and access to health services, improving the delivery of care, and reducing the prevalence of diseases
    • Enriching lives and making a lasting difference through support for social and economic programs that deliver much-needed services and opportunities to the community
    • Improving access to educational resources and training opportunities for mining communities, and supporting programs of relevance to the mining, metals, and energy industries
    • Improving the environment by focusing on conservation programs that help protect biodiversity, manage water and energy resources, and reduce waste

Wheaton also encourages our employees to contribute their time, resources, and skills to charitable organizations through volunteering and participation in fundraisers, community events, and related activities. This approach maximizes our ability to truly make a difference and allows for employees to pursue causes that are important to them. Our three main employee initiatives are Employee Matching, Days of Caring and Skills-based Volunteering.

Health & Wellness icon

Days of Caring

A charitable activity leave, which encourages Wheaton employees to use their time to make the world a better place in whatever way they choose.

Community icon

Employee Matching

Provides dollar-for-dollar corporate funds to eligible registered charities, designed to empower our employees to pursue the causes they are passionate about and to help them make a greater impact.

Education icon

Skills-based Volunteering

Enables our employees’ to make a difference by lending their professional skills to help charitable organizations accelerate their impact in the community.

Performance
Highlights

$6.9M

contributed to local and partner community investment programs in 2023

110+

initiatives and programs in the czommunities supported by Wheaton where we and our Mining Partners operate around the world in 2022

US$45M

contributed to local charities and mining communities since 2009

Related Information

Human Rights

Wheaton respects and supports the Universal Declaration of Human Rights and strives to ensure that we are not complicit in human rights abuses. We focus on human rights in our direct operations, as well as at the mining operations of our Mining Partners.

Direct Operations: In 2022, we performed a human rights risk assessment specific to our direct operations. As an office-based organization with locations in Canada and the Cayman Islands, Wheaton’s focus on human rights within our direct operations relates to the rights of our employees, and specifically their rights in relation to labour and employment, freedom of association, discrimination, and health and safety.

Wheaton’s Code of Business Conduct and Ethics (opens in new tab) includes provisions outlining our commitment to human rights. The policy is guided by several international statements and principles, including the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on the Fundamental Principles and Rights of Work, and the United Nations Guiding Principles on Business and Human Rights.

Mining Operations: Human Rights risks can vary across mines and development projects. Exposure to human rights risks can be dependent on the physical location of the mine, proximity of neighboring communities and land users, as well as the prevalence of risks in a certain jurisdiction.

As part of our due diligence process and ongoing monitoring of Mining Partners, we work to understand how human rights risks are being managed at the site level. This includes tracking our Mining Partners’ adherence to global and industry standards related to human rights, including the United Nations Guiding Principles, the Voluntary Principles on Security and Human Rights, and the World Gold Council’s Conflict-Free Gold Standard, among several industry-related standards. We also review our Mining Partners’ approach to Indigenous Rights and disclose which Mining Operations have agreements in place with Indigenous communities.

Wheaton’s Partner/Supplier Code of Conduct (opens in new tab) sets out the minimum standards of conduct expected from Suppliers wishing to do business with Wheaton, including our expectations of our Mining Partners with regard to respecting human rights, including complying with all laws relating to human rights and labour.

Priorities

Priority

  • Respect human rights in our direct operations and perform due diligence over our Mining Partners’ human rights practices related to labour, health and safety, communities and Indigenous Peoples.
Targets/Commitments

Targets/Commitments

  • At Mining Operations
    • Screen for the presence of human rights risks as part of the due diligence process for new opportunities and ongoing operations
    • Engage with Mining Partners on human rights risks and issues

Performance
Highlights

0

human rights allegations directed at Wheaton

90%

of our 2022 production came from Mining Partners which have committed to implementing the United Nations Guiding Principles

Related Information

Information Systems & Cyber Security

We continue to strengthen Wheaton’s information systems and cyber security program to ensure resilience to security risks and cyber threats across our organization. We retain consultants to design and develop these IT systems and programs (who are overseen by internal management and the Audit Committee), as well as to provide ongoing information systems support and management, maintenance and cyber security services, including systems event monitoring, endpoint security, threat hunting, and incident response support.

Annually, Wheaton undergoes a data penetration test, vulnerability assessment, and off-site disaster recovery test, to assess the company’s data security and information technology infrastructure and recovery abilities. External information security assurance and audit activities are performed by qualified, independent professional service firms which validate the effectiveness of the information systems and cyber security program and controls. Wheaton has developed a formal cyber security incident response plan.

Priorities

Priority

  • Maintain business continuity and protect the company against any material financial losses relating to information technology failure, cyber-attacks, security or privacy breaches.
Targets/Commitments

Targets/Commitments

  • Ensure the safe and effective operation of our information systems
  • Full compliance with our Enterprise Cyber Security Awareness Training Program

Performance
Highlights

0

material cyber-related breaches within the last three years

100%

compliance with the Enterprise Cyber Security Awareness Training Program

Related Information

Diversity, Equity, and Inclusion

Wheaton is committed to fostering an environment that celebrates and promotes diversity in the workplace. We recognize the benefits from creating and maintaining a diverse and inclusive culture within our workforce, including exposure to different perspectives, skills, talents and experiences.

Wheaton’s Diversity Policy (opens in new tab) outlines our commitment to fostering an environment where individual differences are respected and diversity is promoted and valued. Our Diversity and Leadership Committee supports employees' understanding of diversity and inclusion through training and workshops. We have also established an online platform to offer diversity foundations training on topics including respect and inclusion in the workplace, unconscious bias, Indigenous culture, and 2SLGBTQI+ Diversity and Inclusion.

Vision

Vision

  • Foster an inclusive and diverse work environment
Targets/Commitments

Targets/Commitments

  • Increase gender diversity and the percentage of visible minorities working at Wheaton, including in leadership positions, and advance diversity and inclusion across the company by 2028
Priorities

Priorities

  • Ensure diverse candidates are included in every job search
  • Continue diversity training
  • Improve access to professional development and training, and increase awareness of diversity and related issues

Performance
Highlights

44%

of employees are women

29%

of employees identify as a member of a visible minority

28%

of Wheaton’s management team (Executive & VPs) are women

Related Information

ESG & Investment Decisions

Wheaton aims to positively influence the mining industry and is committed to supporting our Mining Partners to improve their ESG performance.

While we do not get involved in or control the operating decisions of our Mining Partners, we are indirectly exposed to ESG and other risks arising from these mining projects. For this reason, Wheaton reviews ESG risks and issues prior to entering into a streaming agreement, and continuously monitors ESG issues once a streaming agreement is in place. Wheaton’s due diligence, whether for new or existing streaming agreements, emphasizes understanding the material ESG risks and issues of each operation, and how ESG is being managed and monitored by the operator.

Our Investment Principles (opens in new tab) outline Wheaton's approach to evaluating potential streaming transactions as well as monitoring existing streaming agreements. These principles help us to identify Mining Partners that appropriately manage their ESG and other risks in order to minimize Wheaton’s indirect exposure to those risks. Our Partner/Supplier Code of Conduct (opens in new tab) sets out the minimum standards of conduct we expect from our suppliers and includes expectations related to compliance with applicable law, business ethics and integrity, health and safety, human rights and labour, environment, and host communities. Should any issue be identified during the due diligence process, Wheaton will assess whether any additional terms and/or commitments by the Mining Partner are required to ensure corrective actions are taken.

In discussions with our Mining Partners, Wheaton shares industry best practices and looks for ways to partner on ESG-related programs. Specifically, the Partner Community Investment Program seeks to support community engagement programs at Mining Partner sites. These projects are determined in partnership with their community engagement teams and are based on local community needs. Wheaton is also committed to supporting our Mining Partners with their decarbonization and climate solutions efforts.

Operating Mining Partner Commitments

As of December 31, 2023

* Implementing the TSM and Canadian Dam Standards, which are equivalent to the GISTM according to the Mining Association of Canada
Operation Mining Partner Committed to implementing the Global Industry Standard on Tailings Management ("GISTM") Aligned to one or more industry standards such as ICMM Principles, RGMPs, Towards Sustainable Mining ("TSM") or Copper Mark Committed to implementing the United Nations Guiding Principles on Business and Human Rights Targeting no net loss of biodiversity
Salobo Vale
Peñasquito Newmont
Antamina Glencore
Constancia Hudbay
*
Stillwater Sibanye- Stillwater
Sudbury Vale
San Dimas First Majestic
Voisey's Bay Vale
Neves-Corvo Lundin
Zinkgruvan Lundin
Aljustrel Almina
Cozamin Capstone
Marmato Aris
Los Filos Equinox
Total 2023 production from Operating Mining Partners 89% 89% 72% 72%
Vision

Vision

  • Support ESG management among Wheaton’s Mining Partners
Targets/Commitments

Targets/Commitments

  • Increase level of engagement with Mining Partners on ESG issues and decarbonization efforts
Priorities

Priorities

  • Positively influence the mining industry and support our Mining Partners to improve their ESG performance while minimizing Wheaton’s indirect exposure to any risks
  • Continue to screen 100% of new streams for ESG risks
  • Continue to engage operations on ESG, expand relationships at the corporate level

Performance
Highlights

100%

of new streaming agreements in 2023 screened for ESG issues and risks

82%

of operating partners engaged by Wheaton on ESG considerations in 2023

97%

of production from Mining Operations committed to one or more industry standards such as ICMM Principles, RGMPs, TSM or Copper Mark

Related Information

Corporate Governance

Wheaton maintains the highest standards of corporate governance. To ensure our decision-making incorporates the company’s values and ethics, Wheaton operates under a robust set of rules, practices and processes.

The Board of Directors has three standing committees: the Audit Committee, Human Resources Committee and Governance and Sustainability Committee. The Board’s primary responsibility is to foster the short- and long-term success of the company and set the standards of conduct for Wheaton.

Vision

Vision

  • Implement strong corporate governance practices
Targets/Commitments

Targets/Commitments

  • Manage and monitor human rights risks in our direct business and across our mining partners to reduce the risk that human rights are impacted
  • Further align ESG performance with financial incentives
Priorities

Priorities

  • Conducted human rights training for key personnel
  • Established formal risk-based framework for human rights screening and ongoing due diligence

Performance
Highlights

40%

Female Board Members

15%

Weighting toward ESG for variable compensation

Related Information

Notes:

1. Statements made in this section contain forward-looking information and readers are cautioned that actual outcomes may vary. Please see “Cautionary Note Regarding Forward-Looking Statements” for material risks, assumptions and important disclosure associated with this information.

2. On June 20, 2024, the Canadian Government passed amendments to the Competition Act with immediate effect requiring companies to substantiate environmental claims. The Competition Bureau of Canada is currently developing guidance to facilitate compliance with these new provisions. Readers are cautioned that this report/section reflects the legal requirements and disclosure obligations applicable to Wheaton that were in effect for the year ended December 21, 2023, and as a result, the information contained in this website/webpage may or may not be aligned with legal requirements or government guidance adopted after such date. Wheaton is committed to reporting accurate and transparent information and may update this report/section based on additional legal requirements or government guidance at any time.