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                                                      Social License:
                                  It’s All About Value
                                     BY W AY N E D U N N

        Corporate Social Responsibility, Social License, Social Investment,
        Millennium Development Goals, Poverty Alleviation, Community
        Development … Suddenly, a whole new set of language has
        emerged and with it comes increased complexity for businesses
        operating in developing markets. This is especially true for
        extractive industries like oil, gas and mining. Projects can be




                                                                                                                                                      Photo: Courtesy of Wayne Dunn
        stopped dead by local people and communities, destroying share-
        holder value and often executive careers.


     T    oday, projects must demonstrate that
          they are creating local value in
     order to acquire and retain a social
                                                     a strategic approach, this often fails
                                                     and leaves everyone worse off, local
                                                     interests included.
                                                                                                     responsibility and far beyond your
                                                                                                     financial and management capacity.
                                                                                                     You are right. That’s why it makes sense
     license to operate. This sort of social             My experience, (40-plus extractive          to use a partnership and collaboration
     investment is a relatively new area for busi-   sector social license projects in 26 coun-      strategy to tackle this challenge. Your
     ness. Models for analyzing investments          tries on six continents), has led me to         need to create social value shares com-
     and maximizing value (both share-               believe that a comprehensive value-             mon ground with the international
     holder and social) are still emerging.          focused and partnership-building                development agencies of the world
     Examples such as Peru’s Tambo Grande            approach is the most effective strat-           and with many non-governmental
     and the Esquel project in Argentina             egy. It’s all about value. Let me use a hypo-   organizations (NGOs). This creates
     clearly demonstrate that even with              thetical example.                               opportunities to develop partnerships
     good intentions and considerable                    Suppose you are a mining com-               and to utilize leverage and synergy to
     investment in local development, a              pany with a promising new discovery in          increase the value that you can deliver
     social license is not guaranteed. Huge          a remote location and a limited budget          into local communities – and to your
     amounts of shareholder value can be lost        for social issues. Yet you must secure a        shareholders via a more secure social
     and local communities can lose oppor-           social license. Start by asking yourself        license. There is a direct relationship
     tunities for improved infrastructure,           questions about value and key stakehold-        between the social value you help cre-
     education, health services and eco-             ers. Who are the key local stakeholders?        ate, the strength of your social license
     nomic development.                              If you can develop your project into an         and the value you create for share-
         The challenge is to find a responsi-        operating mine, what value can that pro-        holders. I
     ble path forward, one that meets the            duce for local stakeholders? Can you act
     needs and aspirations of local stakehold-       as a catalyst for bringing them additional      Wayne Dunn is the founding partner of
     ers, fits within the national govern-           value? Mostly, the value you can deliver,       Wayne Dunn & Associates Ltd., a Canadian
     ment’s development framework, pre-              or help to catalyze, will be in areas           consultancy that works worldwide with
     serves environmental integrity and              such as local social and economic devel-        private sector clients, helping them to trans-
     produces shareholder value. Often,              opment, education, health care, gender          form sustainability investments into social
     the first reaction is an almost auto-           equity, HIV/AIDS programming, etc.              and shareholder value. He can be reached at
     matic, knee-jerk approach – simply                  Wait you say … this is poverty              wayne@waynedunn.com.
     throwing money at social issues. Without        alleviation: a huge task, government’s


24   ExportWise
                  |   Fall 2004

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Social License: It's All About Value

  • 1. Commentary Social License: It’s All About Value BY W AY N E D U N N Corporate Social Responsibility, Social License, Social Investment, Millennium Development Goals, Poverty Alleviation, Community Development … Suddenly, a whole new set of language has emerged and with it comes increased complexity for businesses operating in developing markets. This is especially true for extractive industries like oil, gas and mining. Projects can be Photo: Courtesy of Wayne Dunn stopped dead by local people and communities, destroying share- holder value and often executive careers. T oday, projects must demonstrate that they are creating local value in order to acquire and retain a social a strategic approach, this often fails and leaves everyone worse off, local interests included. responsibility and far beyond your financial and management capacity. You are right. That’s why it makes sense license to operate. This sort of social My experience, (40-plus extractive to use a partnership and collaboration investment is a relatively new area for busi- sector social license projects in 26 coun- strategy to tackle this challenge. Your ness. Models for analyzing investments tries on six continents), has led me to need to create social value shares com- and maximizing value (both share- believe that a comprehensive value- mon ground with the international holder and social) are still emerging. focused and partnership-building development agencies of the world Examples such as Peru’s Tambo Grande approach is the most effective strat- and with many non-governmental and the Esquel project in Argentina egy. It’s all about value. Let me use a hypo- organizations (NGOs). This creates clearly demonstrate that even with thetical example. opportunities to develop partnerships good intentions and considerable Suppose you are a mining com- and to utilize leverage and synergy to investment in local development, a pany with a promising new discovery in increase the value that you can deliver social license is not guaranteed. Huge a remote location and a limited budget into local communities – and to your amounts of shareholder value can be lost for social issues. Yet you must secure a shareholders via a more secure social and local communities can lose oppor- social license. Start by asking yourself license. There is a direct relationship tunities for improved infrastructure, questions about value and key stakehold- between the social value you help cre- education, health services and eco- ers. Who are the key local stakeholders? ate, the strength of your social license nomic development. If you can develop your project into an and the value you create for share- The challenge is to find a responsi- operating mine, what value can that pro- holders. I ble path forward, one that meets the duce for local stakeholders? Can you act needs and aspirations of local stakehold- as a catalyst for bringing them additional Wayne Dunn is the founding partner of ers, fits within the national govern- value? Mostly, the value you can deliver, Wayne Dunn & Associates Ltd., a Canadian ment’s development framework, pre- or help to catalyze, will be in areas consultancy that works worldwide with serves environmental integrity and such as local social and economic devel- private sector clients, helping them to trans- produces shareholder value. Often, opment, education, health care, gender form sustainability investments into social the first reaction is an almost auto- equity, HIV/AIDS programming, etc. and shareholder value. He can be reached at matic, knee-jerk approach – simply Wait you say … this is poverty wayne@waynedunn.com. throwing money at social issues. Without alleviation: a huge task, government’s 24 ExportWise | Fall 2004