Mine? What Mine?

Haul road construction for Eagle Mine has already polluted the Salmon Trout River, but unless you’ve been following the Eagle Mine story closely you wouldn’t know that after reading in the local paper about this minor disaster: a road crew’s accidental “exposure” — or rupture — of a perched groundwater seep. “Dirty Roadside Runoff,” by John Pepin, a Marquette Mining Journal staff writer, never once mentions Eagle Mine or Eagle’s parent company, Lundin Mining. Pepin is scrupulous at least in this regard: he keeps the mining company clean.

(The Mining Journal is available online to subscribers only, but you can read it on a phone or tablet if you download the paper’s free app).

The front page item sidesteps any mention of Eagle, laying the “unlawful discharge of sediment and turbid water to a wetland ravine” — which violates the Natural Resources and Environmental Protection Act — at the feet of the Marquette County Road Commission. The Michigan DEQ sent a violation notice directly to the Road Commission on August 4th; to date, so far as I can tell, Lundin Mining and Eagle Mine were not put on notice either by the DEQ or the EPA. Nor, it seems, will the local press hold the mining company accountable. Instead, the Journal seems to have taken pains to keep the company’s name out of the dirt, and keep the reading public in denial. (Those looking for a more honest and more informative account will find it here, on the Yellow Dog Watershed Preserve’s site).

Yellow Dog Watershed Preserve's site features this photo -- data August 6th -- and other photos of the perched seep's destruction.

Yellow Dog Watershed Preserve’s site features this photo — dated August 6th — and other photos of the perched seep’s destruction.

Let’s be clear. The Road Commission has undertaken this “upgrade” of County Road AAA for the mining company; there is no other reason for the work, and no other reason to advertise the work as an upgrade except to pretend that the Eagle Mine haul route will benefit the public in some way. The truth could have been stated in a single sentence: Lundin will be the primary if not the sole beneficiary of the road work on the AAA.

Pepin’s article never comes close to stating that one simple fact, and never even hints at the controversy over the haul route that led to this disaster. But this is about more than shoddy journalism or what might even be a case of corporate capture at the editorial offices of the Mining Journal.

As Lundin prepares to bring Eagle online, and as the mining boom proceeds all around Lake Superior, clear lines of accountability are critical — and need to be carefully drawn. Big miners continue to “de-diversify” and juniors are trying to scale up: in the turmoil, we’ve seen mine properties around Lake Superior flipped (e.g., Copperwood, or Eagle itself); others, like Twin Metals, thrown into limbo; and who can tell what effects Lundin’s big South American acquisition of Freeport’s Candelaria (in partnership with Franco-Nevada) will have in this northern district?

In a situation like this, where ownership stakes are changing hands and companies are exerting undue influence over public officials, accountability can get blurry and responsibilities neglected. The last thing we need — when the future of Lake Superior itself is at stake — is a compliant and servile press adding to the confusion.

A Fourth Note on the First CEO: The Postwar Provenance

A reader of my posts about the acronym CEO suggests I have a look at the organizational chart for the Manhattan Project to gain a better appreciation for the “American and military” provenance of the term. “I believe during a period of intense collaboration between the military and private sector after WWII,” he writes, “it somehow permeated to corporate use.”

I have wondered about that “somehow,” and wondered, too, if I could be a little more specific about the course this permeation took. Is the acronym CEO — and the idea of the CEO — an outgrowth of the military industrial complex? Does the rise of the CEO to a position of cultural celebrity in the 1970s and 1980s tell us something (we don’t already know) about how the postwar environment shaped American ideas of command, power and leadership, in the private sector and in the public sector?

These are questions worth asking, I think, though I’m not sure the organizational chart for the Manhattan Project is the best place to start. Or at least that chart doesn’t include the term “CEO.” There is an “OCE” — an Office of the Chief of Engineers; the role of “Executive Officer” was assigned to J.B. Lampert. That title was also used in the appointment of Leslie R. Groves (of Now It Can Be Told fame), who in the org chart has the title of Commanding General.

The larger point here still merits consideration: just follow the careers of the engineers and military commanders identified in the Manhattan Project org chart, consider the military industrial development of the 1950s and the American business environment in which COs and XOs and members of the OCE worked closely with the private sector, and in many cases left the military to join the private sector: it’s easy to see how a new vocabulary of command might have emerged during that period, and eventually found its way into ordinary usage.

Still, I want specifics and cases I can point to. To that end, I’ve written to the company historian at General Electric, to ask whether the term CEO was in general use before the era of Jack Welch (who for a variety of reasons — not least for his cultural celebrity — probably deserves the title “The First CEO”). I’m looking for some examples of usage from the days of Ralph J. Cordiner (Chief Executive Officer from 1950-1963), Fred J. Borch (Chief Executive Officer 1963-1972) or Reginald H. Jones, who served from 1972-1981.

ReaganProgressGE seems like an obvious place to start looking. The company that brought us both Jack Welch and Ronald Reagan was, during the war and then in the postwar period, at the very center of military-industrial development; and big American companies like General Electric were never just manufacturing products — or even “progress,” which Reagan used to tout on TV as GE’s “most important product.” They were also designing models of power that persist to this day.

The Breach at Mount Polley Represents a Failure of Governance

The Imperial Metals Corporation’s Board of Directors claims “ultimate responsibility” for the company and its business operations, but we have yet to learn exactly how the Board will exercise responsibility after the Mount Polley disaster. It’s not even clear the Board is capable of responding to the spill with anything but the public displays of emotion and concern we’ve already seen, weak assurances that the disaster has been “stabilized” and vague promises to do better next time. None of that amounts to taking responsibility.

Deregulation, lax regulation and staffing cutbacks on the government side are being blamed for the breach of the tailings pond. There are charges of collusion: “The government isn’t inspecting the mines, and the mining companies know it,” says consultant and advocate Glenda Ferris. But the breach at Mount Polley also represents a failure of internal or corporate governance at Imperial Metals: the board does not appear qualified to deal with the risks the mining company’s operations actually entail.

The Mount Polley breach has shown just how big those risks are, and how extensive are the responsibilities they carry. Imperial’s operations have created an environmental catastrophe (in the words of Phil Owens, Professor at University of Northern British Columbia). The last assessment I saw reported that Imperial Metals has released over 10 million cubic meters of water and 4.5 million cubic meters of toxic waste into surrounding rivers and waterways. The sudden rush of toxic waters was so powerful it took down trees in its wake.

There are important human rights considerations here as well, now that Imperial has compromised access to clean water throughout the region for who knows how long. Reassurances from Imperial Metals president Brian Kynoch that the water “in our tailings” is “very close to drinking water quality” are an insult to the intelligence, and make a mockery of serious human rights claims.

It’s not a question whether the mining company is a “bad actor,” or whether it’s “unfair” to portray them that way, as British Columbia energy minister Bill Bennett complained earlier today. It‘s a question of competence: who’s seated at the boardroom table before anything like this happens, and whether they are able to meet the serious responsibilities that go along with running a mining operation.

No one on the Imperials Metal board has environmental or human rights credentials. The company’s sulfide mining operations — and those of any mining company — require people with both. They should have a boardroom seat as well as a real say in how business gets done and how to mitigate mining’s risks. Until then, talking about “ultimate responsibility” is just guff.

 

Has Management Become Significantly More Incompetent?

I don’t really have a dog in the Lepore-Christensen fight. Lepore’s strongest point, that Christensen’s theory of “disruption” is both a flawed theory of history and itself an artifact of history, seems to have gotten lost in the fray. Lepore overreached in her New Yorker piece, and now Christensen’s adherents and acolytes have come out in full force. There hasn’t been much room for careful discussion of Christensen’s theory as a discourse or artifact of post-industrial social collapse — which is, I suppose, what interests me most about it.

Still, I’m following the controversy, and yesterday, John Hagel offered a welcome, level-headed contribution to the discussion. Here, I simply want to paraphrase the comment I left on his post, because it touches on some themes I’ve written about in connection with the rise of the CEO (notably here, here and here.)

Hagel wants to move the discussion of Lepore-Christensen away from intramural antagonism and the clash of personalities and disciplines to look at “fundamental and systemic trends.” Clearly, he says, “something very profound is happening — and it’s largely escaped notice.” One measure of this bigger shift: “the topple rate at which US public companies in the top quartile of return on assets performance fall out of… leadership position.” That rate, he notes, increased 40 percent between 1965 and 2012.

There are lots of possible explanations for that wild increase. It seems safe to say there must be some great historical forces at work. Otherwise, Hagel writes, “one would have to believe that management is becoming significantly more incompetent over time”; and I guess nobody would seriously believe that. Here, at least, we’re meant to pass over the thought with a knowing smile: of course management has not become significantly more incompetent over time. Right?

I didn’t seriously entertain the thought of growing managerial incompetence again until I arrived at Hagel’s concluding paragraph. There, he offers a few suggestions on how incumbent players might “more effectively respond to these disruptive approaches (short of resorting to regulation and other public policy measures).” One suggestion is that management find ways to take the long view: incumbent players need “to find ways to expand the horizons of their leadership team beyond the next quarter or next year.” Myopia is always dangerous, and more dangerous now than ever before.

At the same time, short-sighted management has a history, and as I’ve suggested in my posts on the rise of the CEO, the most interesting chapter of that history starts right around the time the topple rate increases, in the 60s and 70s.

Around 1965, as profit rates in manufacturing fall and as the postwar boom yields to post-industrial reality, new ideas of management take hold. One of them is what Jack Welch once called “the dumbest idea in the world”: the doctrine of shareholder value. As this doctrine becomes boardroom religion, we see the rise of the “CEO” as corporate savior (in Rakesh Khurana’s phrase) and cultural celebrity.

Short-termism and, in some cases, risky financial manipulation become the name of the game. Compensation packages reinforce bad habits. Strategists and management consultants take their cues from the C-Suite, and tailor their offerings accordingly.

I’m not saying the rise of the CEO, the doctrine of shareholder value, or the promise of sustainable competitive advantage in the 70s and 80s explain the increase in the topple rate, but clearly they should be taken into account here; and we should give growing managerial incompetence its due. Bad ideas about what counts as business success — and misguided actions by business (and political) leaders — certainly make businesses more vulnerable to the kind of disruption that interests Hagel: the loss of leadership position.

Big scary historical forces may be overtaking us, but if competence in the face of those forces is what we’re after, then failed ideas of corporate purpose and failed models of corporate leadership ought to be called out, questioned, and radically altered or just dropped.

Serious Conversations, 5

It’s difficult to have an uninterrupted conversation. We can retreat to some quiet spot, turn off all our devices, put the do-not-disturb sign on the door, and chances are we will still have to deal with interruptions. Bar all intruders, but we cannot bar ourselves from the place where we are. A noise, the aroma of cooking, thirst or a rumble in the gut, a change in the weather or the position of the sun, the sight of a passerby, a bird or squirrel, a tugboat making its way into the harbor: it’s remarkable how little it takes to distract us or take our attention away from the conversation, stop us in mid-sentence or change the point of view.

If the interruption can be pinned on one of our party or an interloper, we are likely to go on the offensive, and start blaming. When we’re done, or if there’s no one to blame, we almost always go on the defensive: we try to go back to where we were, retrench or retrace our steps, restore equilibrium. The truth is, there’s no going back. If conversation can feel like a place we create together, then an interruption can feel like the loss of a world.

Or now it’s a world with a history. When we ask, where were we? what were we talking about? we are already speaking of ourselves in the past tense. There’s no need for nostalgia or remorse, and we shouldn’t lose time searching for a thread that is no longer there. The warp has changed. So must the woof.

Interruptions give us a chance to react, reset, review and recount, to advance new claims or make new demands of ourselves or of others, or simply to renew the joint commitment we made to having the conversation. So we should not think of interruptions merely as noise to signal, but learn to welcome them and think of them as an intrinsic part of the conversation itself.

Polite conversation may be a matter of knowing when and how to interrupt; serious conversation involves give and take, a socializing of attention. Interruption doesn’t have to mean talking over the other, but listening and then redirecting. We attend seriously to the matter between us by making reciprocal claims on one another’s attention.

To put that another way: conversation assumes a shared intention to shift attention.

A North American Oceanus (1865)

EasternWatershed3

In the northern part of Minnesota is the greatest elevation of what geologists denominate the eastern water-shed of our continent; lying almost exactly in the centre of North America, here the streams that flow to the north, east, and south, find their source. Lake Superior, that adjoins this section on the east, is the chief of those magnificent lakes that empty from one another into the St. Lawrence, and finally wash the coast of Labrador. The Mississippi, taking its rise in the same region and but a few miles away, flows southward with ever increasing volume to the Gulf of Mexico, and then sweeping around Florida and through the Atlantic, rejoins the waters of Lake Superior off Newfoundland; while the Red River of the North, pursuing a contrary course, empties into Hudson’s Bay and thence into the Northern Ocean. These waters, starting from little rills and springs scarcely more than a few steps apart, after wandering thousands of miles asunder come together and commingle in the Northern Atlantic Ocean.

I keep coming back to this short passage about the eastern watershed in Robert B. Roosevelt‘s Superior Fishing — the perspective it sets out, the way it locates the “source” of the eastern waters at the continent’s “centre,” the divergent flows and courses it maps, and the idea of Northern Atlantic confluence and commingling at which it repeatedly arrives.

Roosevelt starts out pretending to be scientific, dealing with “what geologists denominate,” but soon we have left geology behind. Or, at least, there is something beyond scientific naming, or something unnamed at work here as well, a story that exceeds the scientific bounds of geology, geography and cartography.

The passage describes a North American Oceanus — an ocean stream that encircles the eastern portion of the continent. The eastern stream originates in the elevated northeastern corner of Minnesota, near Grand Portage and in the rills and springs of the Boundary Waters; it divides, separates and flows north, east, and south, until its waters meet again off the Atlantic coast of Newfoundland and Labrador.

Roosevelt returns to his last point — about the confluence of the eastern waters — three times in the course of this single short paragraph, tracing three divergent courses from Lake Superior to the north Atlantic and the coast of Eastern Canada. If Superior is situated at the source and origin of the watershed, Labrador and Newfoundland reliably mark its destination and point of confluence. There, in the north Atlantic, the waters rejoin and are returned to themselves.

It’s hard to say what to make of this recursive pattern, or how much to make of it. Is it anything more than a tic? The territory bounded by the waters is vast, and comprises (in 1865) the defeated Confederacy, the Union, and Eastern Canada — still, at that time, a British colony. As a Tammany Hall politician, Roosevelt would have been privy if not party to the political shenanigans that would eventually result in the Annexation Bill of 1866. The Bill was never intended to be anything more than a sop thrown to the Fenians and their Irish-American supporters. But it claimed much of the territory described by the eastern watershed — Labrador, Newfoundland, and northern Ontario — as a new territory of the United States: Canada East.  What geologists denominate the eastern watershed of our continent also encompassed, at the time, a political geography.

 

A Third Note on The First CEO

In a comment on one of my posts about the rise of the acronym “CEO,” a reader named Hugo reports some early Australian illustrations. I thought I’d lift Hugo’s notes from the comments and share them here, because the examples he’s found all pre-date the 1970 illustration of the acronym from the Harvard Business Review, which up until now I had taken to be the earliest. One dates back to 1914.

Time, again, to notify the dictionaries.

I found some earlier 1968 and 1950 examples in Australian newspapers, where chief executive officers were found at hospitals. I also found a 1917 [sic, but the source is from 1914] from a story about a town hall.

The Canberra Times, 27 July 1968, page 22:
[Begin]
Applications are invited for the above positions at the Hillston District Hospital.

Applications and enquiries to the undersigned or Matron Fairchild, Box 1, PO, Hillson, NSW, 2675.
R. I. Cross,
C.E.O.
[End]

The Sydney Morning Herald, 29 March 1950, page 30:
[Begin]
PARRAMATTA DISTRICT HOSPITAL.
Wanted. Experienced Sister to take
charge of the Out Patient Department
at this hospital.

N. B. FILBY,
Secretary and C.E.O.
[End]

Independent, 7 November 1914, page 3:
[Begin]
BEHIND THE SCENES
BY A TOWN HALL FLY

Of course I am the chief executive officer but I only execute by instructions.

“What a pity,” said the M.M., the C.E.O.

“Not at all, my dear young lady.” the C.E.O.’s voice was tear laden too.
[End]

Also uses G.H.U. a few times for Great High Understrapper.

I don’t think these earlier Australian instances should invalidate what I’ve said previously about the widespread use of the acronym CEO in the 1970s and 1980s. Those observations concern the use of “CEO” as an important marker of corporate power, social status and cultural celebrity in America, from roughly 1970-2010.

Still, it’s interesting to consider these early examples. The first two are abbreviations used in newspaper advertisements (maybe just to save money) for positions at hospitals, where the CEOs are clearly in charge of correspondence if not of hiring. Nothing too glamorous. [Update: And one reader, in a comment on this post, suggests that CEO in this context may mean "Catholic Education Officer," adding that at this time in Australia, "nurses and religious orders go together."]

The illustration from 1914 offers a satirical, behind-the-scenes account of a municipal office thrown into bureaucratic confusion by a report of 24 cows eating all the flowers and shrubs in the park. Underlings and citizens address the Chief Executive Officer by such honorifics as “Your Chief Executiveness” and “Most Magnificent” and, then, “CEO.” It is an empty title; he seems unable to execute anything at all: “Of course I am the chief executive officer,” he insists, “but I only execute by instructions.” When he finally understands the gravity of the situation, he acts: “I will tell somebody to tell somebody else to tell the inspector as soon as he comes in the morning at nine. I’m sure 24 cows won’t eat all the shrubs in that time.” He is very much the Chief, very much an Officer, but not much when it comes to Execution.

Serious Conversations, 4

The sculptor Richard Serra tells the following story about a Charles Mingus session at San Francisco’s Jazz Workshop, sometime around 1956.

The performance was in the afternoon and there was a fan on. It was really loud and Mingus was going through his set and they were recording, and the bartender turned off the fan. Mingus had an apoplectic fit. He jumped over the bar and practically throttled the guy. ‘That fan was one of my instruments,’ he said. And it made me think, as someone who wanted to be an artist, that you had to pay attention all the time to everything that was going on, because everything was of potential use, if you could see the potential.

Place matters, whether you are playing music, making a sculpture or — as I like to remind people — simply having a conversation. From Mingus, Serra learned “to pay attention to everything that was going on,” and that ambient attention or awareness of place has figured prominently in Serra’s own art, which frequently involves creating site-specific, large-scale sculptures that both fit with and alter their surroundings. Place furnishes the sculptor with context, material and ideas: everything is of “potential use, if you..see the potential”. Place can be both potent and useful, a power and a utility. For Serra, it’s all a matter of paying attention.

Serrasculpture

Richard Serra creates large-scale, site-specific sculptures that draw on and amplify the power of place.

How, then, might we tap the power of place and put it to use when it comes to serious conversations? How do we pay attention to the place we are and how does that attention get repaid?

This is a vast topic, so for now I want to set out a few markers, just to get the discussion started.

First and most obviously, place situates the participants. We can talk about place in this basic sense as the setting of a conversation — not merely a location, site or spot; the setting is more like a scene in which we are the actors. I am not entirely sure about the theatrical metaphor (which is inescapable when we talk about place as a scene or setting): I don’t mean to imply that conversations are performances for the benefit of anyone other than the interlocutors, that they require an audience, or that the place has the temporary and artificial qualities of a stage or set, put up or constructed for the sake of staging a conversation. That all sounds too contrived, and it implies a grand designer or author behind the scenes. Of course every conversation involves some element of make believe and there is a performative aspect to all conversation, but we ought to imagine an unscripted play, spontaneous or at least unplanned, in which the actors themselves are sole authors and creators — an improvisation.

Place sets conditions and defines limits: this is where we are, not over there, not elsewhere, maybe not even where we most want to be, but here. Limits imply presence, a here and now, and it’s up to us to recognize and attend to that. Our attention registers the basic obligation we have to one another, which is simply to be in this place (and in this conversation). The word ‘obligation’ here shouldn’t be misleading or mistaken for mandate or coercion: when a conversation is serious, we are not under any compulsion. We claim each other’s attention. It makes sense, then, to talk about place as a space of commitment, a setting to which we can both lay claim and which permits us to make some simple claims: stay and talk awhile; listen to me; help me understand what you are saying.  As I’ve said before, you can’t just walk away or start playing hula hoops and I can’t take part if I am whistling Dixie or daydreaming of someplace far away. This place is not just incidentally a backdrop for our conversation and our conversation is not a backdrop for some other action that will define or disrupt the place; our mutual presence here commits us jointly to the conversation. Attending to place helps us respect and keep that commitment.

Place creates new possibilities in the conversation, as participants discover and avail themselves of their situation in all sorts of ways. This is close to what Richard Serra is getting at when he talks about paying attention to everything that’s going on — a noisy fan, the voices of children playing nearby, the smell and feel of the lush green grass, the roar of traffic or the flow of a nearby stream, a tweeting bird or a passing cyclist, the wail of sirens or the approach of the police, the patter of the rain, the creak of the wood as we settle on a rough-hewn bench. The important point here is that in conversation we experience a place from the inside and in company with others. To keep company is to be a participant, not merely an observer of the place, looking in or looking on from the outside. Our conversation is what’s going on there — or at least one of the most important things going on.

Place is intrinsic to the unfolding of conversation, the warp to its woof; and to an appreciable extent, place and conversation may be indistinguishable — especially once things get going. Or it might be easier just to say conversation is the place we create between us. It’s not a question of your place or mine. It’s ours.

Dips

scarabgrub1Yesterday I had vertigo for the better part of the day. What set my world in motion is still not clear: too little sleep, too much booze the night before, dehydration, antihistamines, chocolate, a migraine, the inner ear. The first few bars of Thelonious Monk’s ‘Four in One’ looped in my head, a spinning, dizzying syntax.

I had planned to bring a tall ladder to the garden and prune the lilacs — which have already bloomed and gone. Negotiating the staircase proved hard enough. So, instead, I kneeled and, when I could not kneel, sat in the dirt and listlessly pulled a few weeds.

A copper-headed scarab grub made his way, with difficulty, out of a rotted tree stump and into the daylight. He writhed and pushed and lurched his fat body forward, but his legs twitched, as if in a palsy, unable to gain traction. As I left him, he had started to burrow back into the moist darkness of the decayed stump.

In the evening, when I was again able to focus my eyes, I went back to my book, and read about Archimedes, who ran naked and dripping wet through the streets of Syracuse shouting Eureka! He had, he explained, discovered the force that kept him afloat in the bathtub.

 

Where Are the Women in Mining?

Glencore remains the only FTSE 100 company that does not have a woman on its board of directors. At the shareholder’s meeting at the start of this week, Chairman Tony Hayward promised that the company would remedy the situation by year’s end; but some big institutional investors have grown impatient, and UK business secretary Vince Cable said “it is simply not credible that one company cannot find any suitable women.”

The problem is industry-wide. A 2013 report by Amanda van Dyke (of Palisade Capital and Chair of the organization Women in Mining) and Stephney Dallmann (of PwC) found that mining companies “have the lowest number of women on boards of any listed industry group in the world.”

Maybe that doesn’t come as a great surprise to those familiar with mining, but within the industry there are companies who seem to be doing more than bluffing or hoping the issue will go away. Most of those are high profile global players. Women’s numbers decline steadily as we move down the ranks to the so-called juniors; and the likelihood that women will have a board seat or participate in a board committee also varies by territory. (South Africa leads the pack: over 21% of the committee seats of listed South African mining companies are occupied by women.)

Canada boasts the highest number of listed mining companies, and the “large mining companies in Canada are much further down the road [than smaller firms] in terms of their understanding of the importance of the role women play on boards.” The top-tier Canadian companies with high market capitalization (and the increased visibility that comes with size) have nearly 14% of board directorships held by women, but among the bottom 400 of the world’s top 500 miners, Canada has “the lowest participation on board committees by women, at 5.9%.”

The authors acknowledge that many of these companies are at early stages of development and they have only a few board seats to fill; but if they expect to grow and mature (as they do), there is no time like the present to lead or at least follow the lead of the big league players. When the same men keep winning the game of musical chairs — and when they sit next to each other (as they do) not just on one board, but on several, and their affiliations stretch back over decades — the result is likely to be not just over-familiarity but insularity, both of which are likely to impair and impede judgment. Meetings become a day at the club; the boardroom becomes an echo chamber.

As van Dyke and Dallmann note in a 2014 follow up report, it’s misleading to say, as many mining company executives do when pressed, that the small number of women directors correlates in a meaningful way with the lack of women with mining-related degrees. Only 32% of men on boards of mining companies have an engineering degree. So “there is no shortage of women in the talent pool;” according to van Dyke and Dallmann, “there is simply a perception of a lack of available female talent.”

This blinkered view of reality has real-world consequences, for shareholders and stakeholders in the communities where the miners operate. Mining companies with women on their boards see performance improvements on a number of fronts, from financial to social and environmental performance. “Sustainability” — as measured by water use, Bloomberg ESG score, UN Global Compact participation, Community Spend, and CSR or Sustainability Committee — improves across the board. For example, average total water use by mining companies “decreases steadily with an increase of women” in director roles — though it’s not entirely clear to me why that should be so — and “the amount [mining] companies spend on community projects and initiatives increases with the number of women on the board.” The authors are careful not to urge any hasty conclusions, but after surveying the data they are compelled to suggest that “the security of a company’s social licence to operate may be improved by having women on the board.”

I would go one step further: it’s difficult to countenance a mining company asking for social license to operate even as it deliberately insulates itself from social reality.