Sustainability Report 2007

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1 Sustainability Report 2007

2 In 2007, Goldcorp made significant strides in our commitment to sustainable development. We know that disclosure on economic, social and environmental performance is just as important for the success of a company as its financial reporting

3 Strategy & Analysis 2 Organizational Profile 5 Report Parameters 7 Governance, Commitments & Engagement 11 Economic Performance 19 Environmental Performance 23 Labour Practices and Decent Work 35 Occupational Health & Safety 38 Human Rights 41 Society 46 Product Responsibility 51 GRI Content Index 53 Data 57

4 strategy and analysis At Goldcorp, we believe that our success begins with community development, economic prosperity, environmental stewardship and workplace safety. 1.1 Message from the CEO In 2007, Goldcorp made significant strides in our commitment to sustainable development initiatives and we will continue work in this area as it is everevolving. We know that disclosure on economic, social and environmental performance is just as important for the success of a company as its financial reporting. The mining industry has expanded significantly over the past several years and important improvements have been made, particularly on the environmental front. With the rise of new production technologies and in response to heightened environmental awareness, mining companies have restructured their operations recognizing the need for a social license to operate successfully. As part of our on-going commitment to transparency and community partnerships, Goldcorp has committed to the Global Reporting Initiative, a comprehensive sustainability reporting framework which sets out principles and indicators to measure and report economic activities, as well as environmental and social performance. On all fronts, the year was one in which we streamlined, consolidated and integrated assets and continued to improve the way we do business. We have made some important contributions in the areas of safety leadership, environmental initiatives and community development projects. In 2007, we established a safety vision statement; Goldcorp: Safe Enough for Our Families. Instilling a strong safety culture across the entire organization takes time but we are making headway. Employees are embracing a belief in safe productivity and understand that safety must be a priority in all they do. Our people come first and as such, we will continue to find ways to make the vision real to others and remain committed to achieving excellence in safety performance. It is imperative that Goldcorp participate in and reach the highest industry standards when it comes to operating our mines responsibly. Goldcorp has reinforced its commitment to environmental stewardship and standard compliance by becoming a signatory to the International Cyanide Management Code (the Code). Goldcorp signed up to the Code in 2007 and we are proud to report that two of our operations have since been certified. Our Marigold mine, in Nevada, was the first gold mine in the world to be fully certified and most recently, in early 2008, El Sauzal became the first mine in Mexico to be certified. Our goal is to work diligently to obtain certification at each nominated site. We have also introduced the Voluntary Principles on Security and Human Rights at our Marlin mine in Guatemala and are looking to strengthen our commitment by introducing the Voluntary Principles at other applicable operations. At the core of all our business decisions is our commitment to mining responsibly which can create lasting social and economic benefits, foster regional investment and contribute towards infrastructure development. We believe that operating in a transparent manner will further develop our partnerships with stakeholders and give them a deeper understanding of our industry and our key challenges. Goldcorp s way forward will continually be shaped by a balance of social, economic and environmental considerations. We are proud of how far we have come in all areas and look forward to more progress in We remain committed to providing value to our shareholders through sustainable business practices and responsible mining. I would like to thank our employees and the Board of Directors for their continued dedication, hard work and commitment to Goldcorp. Kevin McArthur President & CEO Goldcorp 2

5 strategy and analysis continued 1.2 Key impacts, risks and opportunities In recent years, the mining industry has come under increasing pressure from governments, shareholders, investors, communities and NGOs to balance the pursuit of economic gain with environmental and social concerns and, by doing so, demonstrate its contribution to sustainable development and its commitment to corporate social responsibility. The nature of mining can present a range of uncertainties and challenges: on the extent of environmental impacts, social benefits, economic outcomes, geologic conditions or even political risk. For Goldcorp, effectively managing these challenges ensures that: the health, safety and wellbeing of employees and the public is not compromised; the financial performance of the Company is protected; the Company s social license to operate is justified in the eyes of local communities, regulators and other stakeholders, based on performance; and the reputation of the Company is strengthened. Challenges and responses A number of sustainability challenges which have particular relevance for Goldcorp are identified below. Cross references are provided to sections of the report where these issues are dealt with in greater detail. Safe Enough For Our Families The Challenge: mining requires a diligent and rigorous approach to safety. Caring for our people is a core value for Goldcorp, and growing our safety performance is a key challenge for the Company. Our Response: Goldcorp s senior leadership is committed to providing the direction, leadership, tools and training to make Goldcorp workplaces Safe Enough for Our Families. The Company remains committed to improving processes and implementing effective management systems to achieve safe, incident-free work environments. See Section LA7 on page 39 for more details on our commitment to safety. Attracting and retaining people The Challenge: at a time of significant expansion and development in the mining sector, Goldcorp needs to attract and retain talented individuals to implement its ambitious growth strategy. Our Response: Goldcorp s unique, entrepreneurial and innovative spirit plays a major role in our success and attracts an exceptional pool of talented and skilled personnel. Our people drive our business and set us apart from our competition, which is why Goldcorp consistently recruits, cultivates and retains the industry s top professionals. Throughout 2007, the Company continued to actively empower personnel through numerous programs to advance careers and business skills, including safety and leadership training, and executive development. See Sections LA3, LA10 and LA11 on page 35, 36 and 37 for more detail on employee retention and development. The climate change debate The Challenge: Goldcorp acknowledges climate change as an international and community concern. Governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial, and local levels, and where legislation already exists, regulation relating to emission levels and energy efficiency is becoming more stringent. Our Response: we support and endorse various initiatives for voluntary actions consistent with international initiatives on climate change. We are committed to reducing energy consumption and greenhouse gas emissions and we promote energy efficiency at all our operations. Goldcorp will continue to address the potential physical risks of climate change by including extreme weather conditions in emergency response plans as required. See Sections EC2,EN5, EN6, EN16 and EN18 on pages 20, 24, 25 and 30 for more detail on our response to climate change. Implementing effective mine closure The Challenge: the future of the mining industry is dependent on the legacy it leaves. Its reputation is affected when mines are abandoned or long-term detrimental environmental issues emerge because they have not been appropriately addressed. The industry today recognizes that to gain access to future resources it needs to demonstrate that it can effectively close mines with the support of the communities in which it operates. Our Response: Goldcorp is committed to developing, operating and closing its mining properties in a sustainable manner throughout the full mine life cycle. For our closed sites, this means making them as environmentally productive as possible post mining. It is not usually possible to restore the site to what it was prior to mining, but it is possible to establish a healthy, thriving ecosystem and productive land use after reclamation is completed. See Section MM10 on page 27 for more detail on our approach to mine closure. Responsible management of cyanide The Challenge: cyanide is currently the most costeffective and efficient chemical for the extraction of gold. However, cyanide has the potential to cause serious harm to human health and the environment unless used responsibly. Our Response: the International Cyanide Management Code is a voluntary industry program that addresses the production of cyanide, its transport from the producer to the mine, its on-site storage and use, decommissioning and financial assurance, worker safety, emergency response, training, stakeholder involvement and implementation verification. Goldcorp became a signatory to the Code in July 2007, and is moving to have its nominated operations certified to the Code within the three year deadline. Our Marigold mine was certified compliant with the Code in late 2006 (the first operating mine in the world to be certified), and our El Sauzal mine was certified in early 2008 (the first mine to be certified in Mexico). See Section 4.12 on page 15 for more details on our commitment to Codes and other external instruments. 3

6 strategy and analysis continued Meaningful engagement with host communities The Challenge: communities are complex and dynamic entities and can react in a variety of ways to Company efforts to engage with them. Members of a community are likely to hold diverse opinions about the mine, its activities and the mining industry in general. Different sections of a community will also have different associations with the mine depending, for example, on whether they are local landowners, near neighbours, employees or local business people. Companies need to take a long-term view when assessing the success of community initiatives. Our Response: Goldcorp is an integral part of the communities in which it operates. We respect cultures, customs and values in dealings with others who are affected by our activities. We strive to ensure community engagement through economic contributions, community involvement, community consultation, school activities, special events and partnering with various organizations for a range of community health and education programs. It is critical that our host communities can benefit socially and economically from our mining activities. See Section SO1 on page 46 for more detail on our community development approach. Recognizing the special needs of indigenous peoples The Challenge: indigenous peoples can be clearly identified as a key community group at a number of our operations. We acknowledge the special needs which exist in some indigenous communities. Our Response: generally, we do not attempt to make an artificial distinction between indigenous and other communities, but we are sensitive to the particular needs of indigenous communities, and recognise that targeted programs may be required to ensure that these groups are able to successfully engage with us Governors Excellence in Mining Reclamation Award The Nevada Division of Minerals announced that Marigold Mining Company the operator of the Dee, Daisy and Marigold mines will be awarded the 2007 Governors Excellence in Mining Reclamation Award for Leadership in Reclamation. This is in recognition of reclamation and closure efforts at the Dee Gold Mine, Daisy Gold Mine and Marigold Mine. The selection panel for this award is made up of Nevada regulatory managers. See Sections HR9 and MM11 on pages 43 and 45 for more details on our targeted response to indigenous issues. 4

7 organizational profile Goldcorp is one of the world s largest gold mining companies with the strongest production growth profile among all major gold companies. It is engaged in gold mining and related activities including exploration, development, operations and reclamation. The company is Canadian based with its corporate office in Vancouver and employs more than 10,000 people worldwide. Goldcorp operates ten gold mines and is developing a solid pipeline of projects throughout the Americas. These projects will allow for growth in production for many years to come. The Company is a low cost producer, does not hedge or sell forward its gold production and maintains a strong and liquid balance sheet. Goldcorp is dedicated to responsible gold mining practices, balanced to promote long-term shareholder wealth and the health and well being of employees and host communities. 2.1 Name of reporting organization The name of the reporting organization is Goldcorp Inc. (Goldcorp). As used in this report, reference to Goldcorp or the Corporation means, collectively, Goldcorp Inc. and its Subsidiaries. w h a r f m a r i g o l d el sauzal san dimas m u s s e l w h i t e red lake los filos m a r l i n cerro blanco p e ñ a s q u i t o éléo n o r e p o r c u p i n e san martin pueblo viejo 2.2 Principal products Goldcorp is engaged in the acquisition, exploration, development and operation of precious metal properties. The principal products and sources of cash flow for Goldcorp are derived from the sale of gold and silver. We also derive cash flow from the sale of copper concentrate, but as this is produced at our non-managed Alumbrera joint venture, it is not considered further in this report. a l u m b r e r a 2.3 Operational structure Goldcorp s mineral properties are as follows: Managed Mines: Red Lake gold mines, Canada (100%); Porcupine gold mine, Canada (100%); Musselwhite gold mine, Canada (100%); Marigold gold mine, United States (66.67%); Wharf gold mine, United States (100%); El Sauzal gold mine, Mexico (100%); San Dimas gold-silver mine, Mexico (100%); Los Filos gold mine, Mexico (100%); Marlin gold-silver mine, Guatemala (100%); and San Martin gold mine, Honduras (100%). Non-managed Mine: Alumbrera gold-copper mine, Argentina (37.5%); Projects: Éléonore gold project, Canada (100%); Peñasquito gold project, Mexico (100%); Cerro Blanco gold project, Guatemala (100%); and Pueblo Viejo gold project, Dominican Republic (40%). At 31 December 2007, Goldcorp also owned: approximately 49% of Silver Wheaton, a mining company with 100% of its revenue from silver production (this interest was subsequently sold on 14 February 2008); approximately 21% of Peak Gold Ltd., a mining company which operates the Amapari gold mine in Brazil and the Peak gold mines in Australia; and approximately 65% equity interest in Terrane Metals Corp., an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. 5

8 organizational profile continued 2.4 Head office The Corporation s head office is located at Park Place, Suite 3400, 666 Burrard Street, Vancouver, British Columbia, Canada V6C 2X Countries of operation Goldcorp operates ten gold mines across five countries Canada (3 mines), USA (2), Mexico (3), Guatemala (1) and Honduras (1). Interests are also held in a mine in Argentina and a project in the Dominican Republic. July 25, 2007: the Corporation completed the sale to Silver Wheaton of 25% of the life of mine silver production from the Peñasquito project for a cash payment of $485 million, plus certain payments for each ounce of silver delivered to Silver Wheaton. December 21, 2007: Goldcorp completed the acquisition of the 49% joint venture interest in the Porcupine mine and the 32% joint venture interest in the Musselwhite mine held by Kinross Gold Corporation in exchange for Goldcorp s 50% stake in the La Coipa silver-gold mine in Chile and $200 million in cash. 2.6 Nature of ownership Goldcorp Inc. is a corporation governed by the Business Corporations Act (Ontario). Goldcorp is a public company listed on the New York Stock Exchange (symbol: GG) and the Toronto Stock Exchange (symbol: G). In addition, the Company has share purchase warrants which trade on the New York and Toronto Stock Exchanges. 2.7 Markets The Corporation s principal products are gold and silver. There is a world-wide gold and silver market into which the Corporation sells and, as a result, the Corporation is not dependent on a particular purchaser with regard to the sale of the gold and silver. 2.8 Scale of reporting organization Key characteristics of Goldcorp (for 2007 or as at 31 December 2007, dollar amounts are US$) include: Workforce: 10,299 Revenues: $2,206.8 million Net earnings: $460.1 million Annual production: gold 2,292,600 oz silver 17,007,200 oz Total assets: $18,952.2 million Shareholder s equity: $12,978.6 million 2.9 Significant changes The following significant changes occurred to the corporation during 2007: January 31, 2007: Goldcorp completed the sale of the San Martin mine in Mexico to Starcore International Ventures Ltd. for $24.0 million and 4,729,000 common shares in the capital of Starcore. April 3, 2007 and April 27, 2007: respectively, the Corporation completed the sale of the Amapari gold mine located in Brazil and the Peak gold mines located in Australia to Peak Gold. In consideration for the acquisition of the Amapari and Peak Mines, Peak Gold issued to Goldcorp 155 million common shares of Peak Gold with a value of $100 million and paid $200 million in cash, respectively Awards The following awards were won during 2007: 2007 Governors Excellence in Mining Reclamation Award: awarded by the Nevada Division of Minerals to the Marigold Mining Company in recognition of reclamation and closure efforts at the Dee, Daisy and Marigold Gold Mines. The Mexican Mining Chamber Silver Helmet Safety Award: two Goldcorp operations were the recipients of this award for their safety performance in 2006: San Dimas as the best safety record for an Underground Operation with over 500 people, and El Sauzal as the best record for an Open Pit operation with under 500 people. The Mexican Association of Mining, Metallurgical and Geological Engineers First National Geological Award: the award was presented to Reynaldo Rivera, Director of Exploration for Goldcorp-Mexico in recognition of his success and contribution to the Mexican mineral sector. Contribution to the Community Prize: the Guatemalan-American Chamber of Commerce recently awarded a Special and Honorary mention to Montana Exploradora de Guatemala (Marlin mine) for their excellent community development programs in the San Marcos Department (State). Excellent Operation and Maintenance Award: in March 2007, Golden Reward (Wharf mine) received a 2006 Excellent Operation and Maintenance Award based on the findings of the State s annual inspection and the company s compliance with all Surface Water Discharge Permit standards during the year. Murals The Marlin mine held a painting contest with the schools that have teachers paid by the company. The six winning students were invited to come to the Marlin mine with their teachers and other students to paint the winning drawings as murals on the Sustainable Development office. Above is one of the pictures of the event which was judged as successful by both students and teachers. 6

9 report parameters The Global Reporting Initiative (GRI) has pioneered the development of the world s most widely used sustainability reporting framework and is committed to its continuous improvement and application worldwide. The Framework sets out the principles and indicators that organizations can use to measure and report their economic, environmental, and social performance. The cornerstone of the Framework is the Sustainability Reporting Guidelines. The third version of the Guidelines known as the G3 Guidelines was published in Other components of the Framework include Sector Supplements (unique indicators for industry sectors) and Protocols (detailed reporting guidance). Sustainability reports based on the GRI Framework can be used to benchmark organizational performance with respect to laws, norms, codes, performance standards and voluntary initiatives; demonstrate organizational commitment to sustainable development; and compare organizational performance over time. GRI promotes and develops this standardized approach to reporting to stimulate demand for sustainability information which will benefit reporting organizations and those who use report information alike. As a leading gold mining company, Goldcorp has committed to using the GRI Framework as the basis for its sustainability reporting. This 2007 Sustainability Report is the first we have prepared under the Framework. We are committed to increasing our conformance with the GRI Framework in future reports. Report Profile Sustainability reporting is the practice of measuring, disclosing, and being accountable to internal and external stakeholders for organizational performance towards the goal of sustainable development. This process is enhanced when the reporting process is consistent with other significant Company reports. 3.1 Reporting period Information in this report covers the calendar year 2007, unless otherwise stated. Throughout this report, reference to a year (e.g. 2007) means the 12 months from 1 January to 31 December of that year. The calendar year coincides with the Corporation s financial year, so the reporting period of the Sustainability Report is consistent with our other key corporate reports. 3.2 Most recent previous report Our most recent previous sustainability report covered the calendar year 2006, and was published in mid The 2006 sustainability report was not based on the GRI reporting framework. 3.3 Reporting cycle Goldcorp reports annually on its sustainability performance. 3.4 Contact point Contact information for queries regarding this report may be made to: Goldcorp Inc. Park Place, Suite Burrard Street Vancouver, BC Canada V6C 2X8 Telephone: (604) Facsimile: (604) Report Scope and Boundary In order to ensure a balanced and reasonable presentation of the organization s performance, a determination must be made about what content the report should cover. This determination has been made by considering both the organization s purpose and experience, and the reasonable expectations and interests of the organization s stakeholders. Both are important reference points when deciding what to include in the report. A sustainability report should include in its boundary all entities that generate significant sustainability impacts (actual and potential) and/ or all entities over which the reporting organization exercises control or significant influence with regard to financial and operating policies and practices. This report covers all Goldcorp s managed operations and projects. 3.5 Report content The GRI Reporting Framework provides Reporting Principles and Reporting Guidance to help define report content, ensure the quality of reported information, and set the Report Boundary. We have not attempted to provide responses to all the GRI indicators (core and additional). The scope of the report, and the depth of reporting, is governed by two key criteria; our industry and our audience. Our industry The nature of the mining industry, and in our case, the precious metals component of that industry, means that some elements of the GRI Guidelines are more significant than others. In defining the scope of our report, we have deviated from the GRI Reporting Framework by applying more or less emphasis to key sections of the Framework as follows: More emphasis Community In the GRI, Community is covered under one performance indicator (SO1), and in the Mining and Metals Sector Supplement under three additional indicators (MM7, MM8 and MM9), and to some degree under MM10. Our relationship with our host communities is a vital component of our operations, and additional coverage has been given to this topic. In the GRI, Indigenous Rights is covered under one performance indicator (HR10), and in the Mining and Metals Sector Supplement under one additional indicator (MM11). As a number of our operations occur in areas with significant indigenous populations, this topic is of great significance to us and coverage has been treated accordingly. At most of our operations it is difficult to separate indigenous populations from the broader host community. We have not attempted to make an artificial distinction between indigenous and other communities in this report, except where programs are specifically targeted at indigenous communities. Safety Safety is paramount at Goldcorp. The Company is committed to improving processes and implementing effective management systems in order to achieve a safe and healthy workplace and an incident-free environment. Because of our commitment to safety, we have made one significant departure from the structure of the GRI framework. We have taken the reporting elements dealing with occupational health and safety embedded in the section on Labour Practices and Decent Work, and created a new section called Occupational Health and Safety. This provides additional information and underscores our safety commitment. Less emphasis Economic Performance As a public company, Goldcorp s accounts are audited on a regular basis, and the Company publishes an Annual Financial Report which is made available to all shareholders and is placed on our web-site ( The financial report covers the same period (financial year) as this Sustainability Report, and provides comprehensive coverage of the Company s financial performance. 7

10 report parameters continued While frequent reference is made to the Annual Financial Report in this Sustainability Report, no attempt has been made to include a comprehensive coverage of economic indicators. For those who wish to read a detailed review of the Company s economic and financial performance please refer to the information contained in the Annual Financial Report. Product Responsibility Our main end products are gold and silver. Gold is an inert mineral, and both gold and silver are extensively recycled (it is estimated that 85% of all the gold ever mined can be accounted for). In addition, we do not sell our products direct to the public, but to refineries or smelters for secondary treatment. For these reasons, the Product Responsibility indicators are less relevant to our business and have not been addressed in the same depth as some other indicators in this report. Our audience We have identified our stakeholders in Section 4.14 on page 16. Of these groups, capital market participants and non-governmental organisations are most likely to read widely through the entire report in order to satisfy their respective constituencies. The other stakeholder groups (shareholders, host communities, employees and contractors, customers, suppliers, media and regulators) are likely to be more selective in accessing certain sections of the report. The structure of the report is designed to make access easy for all stakeholders. Many of our operations also prepare a site-based annual sustainability report. These reports complement the Corporate Sustainability Report, and are focused on key local stakeholder groups (principally employees, host communities and local regulators). These site sustainability reports can be found on the Goldcorp website ( Reforestation at Marlin Marlin has implemented a Forestry Management Plan, approved by the Guatemalan INAB (Instituto Nacional del Bosque), to offset tree cutting within the mine area footprint. Since 2004, reforestation has been carried out both within the mine property and in the surrounding municipalities of San Miguel Ixtahuacán and Sipacapa. As part of this program, private landowners are paid incentives for planting and caring for trees. In addition to cash incentives, participating landowners receive technical assistance from the company for ground preparation, fertilizers and pest control. 3.6 Boundary of the report This report contains information on Goldcorp s managed operations as at 31 December Goldcorp has ten operating mines in five countries. Canada: Musselwhite, Porcupine & Red Lake USA: Marigold & Wharf Mexico: El Sauzal, San Dimas & Los Filos Guatemala: Marlin Honduras: San Martin Goldcorp is the manager of a number of projects under development (including: Peñasquito (Mexico), Éléonore (Canada) and Cerro Blanco (Guatemala)), and a number of sites undergoing closure. Specific reference is made to these properties in appropriate parts of this report. 3.7 Specific limitations 8

11 report parameters continued There are no specific limitations on the scope of this report. 3.8 Reporting of Joint Ventures Joint ventures which are managed by Goldcorp are reported in full (100%) in this report, and joint ventures which are not managed by Goldcorp are not included in this report. Goldcorp has three joint venture operations: Marigold (USA): the Marigold operation is a joint venture between Goldcorp (66.7%) and Barrick (33.3%). As this operation is managed by Goldcorp it is reported in full in this report. Alumbrera (Argentina): the Alumbrera operation is a joint venture between Xstrata (50%), Goldcorp (37.5%), and Northern Orion Resources (12.5%). This operation is managed by Xstrata and is not included in this report. Alumbrera prepares its own annual sustainability report. Pueblo Viejo (Dominican Republic): the Pueblo Viejo project is a joint venture between Barrick (60%) and Goldcorp (40%). As this project is managed by Barrick it is not included in this report. 3.9 Data measurement We have reported upon data in this Sustainability Report that has been sourced using a variety of data measurement techniques and management processes. Data presentation Data is presented as both absolute data and as ratios. Wherever possible, absolute data is presented with the immediately past reporting period as a comparison. As this is our first GRI-based sustainability report, there are a number of areas where we do not have comparable past data. In an organisation like Goldcorp, which is undergoing a period of rapid change, comparing absolute data is of limited value due to the constant change in makeup of the reporting entity. Ratios provide a better basis for comparison year-onyear. Where ratios are used, the most common denominator is tonnes of ore treated. This is the absolute data divided by the tonnes of ore processed (milled plus leached) during the period in question (e.g. litres per tonne treated). However, even ratios have their limitations, and must be treated with caution when the rate of change in the reporting entity is rapid. Goldcorp has grown from two mines producing 628,000 ounces of gold in 2004, to 12 mines producing 2,292,600 ounces of gold in 2007 (includes Alumbrera and La Coipa). More importantly, the mix of mining operations has changed significantly. In 2004, 87.9% of production came from underground mining and conventional milling, and 12.1% from open pit mining and heap leach. In 2007, 46.7% of production came from underground mining and conventional milling, 24.7% from open pit mining and conventional milling, 17.5% from a combination of underground and open pit mining and conventional milling, and 11.1% from open pit mining and heap leach. Data aggregation As this is the Corporate sustainability report, most data are aggregated to be whole of company data. Any variation from this is clearly identified in the appropriate section of the report. Care should be taken when comparing economic data reproduced from sources outside this report, and economic data prepared specifically for this report. In the first case, the data is often reported per consolidated audited financial statements (i.e. making allowance for Joint Venture contributions, etc.). In the latter case, the data is consistent with other data in this report (i.e. 100% of managed operations at 31 December 2007). Currency Throughout this report the standard monetary unit is the US Dollar (US$). Metrics Reported data has been presented using generally accepted international metrics, and calculated using standard conversion factors. Units of measurement used in this report generally conform to the GRI Guidelines. Where the measurement of a particular parameter varies from the GRI Guideline, it is identified in the relevant section. Rounding Data in this report have been rounded so as not to imply a precision which is not warranted by the data collection process. While every reasonable effort has been made to ensure the data are accurate, this is the first comprehensive data collection exercise of this nature undertaken by our operations. Any significant errors will be acknowledged in future reports. None of the data have been subject to external verification or assurance (see Section 3.13 on page 11) Re-statements of information There was a change to the basis of measurement of environmental incidents during Goldcorp now uses a five category incident reporting system based on Australian Standard 4360:1995 Risk management. Incidents are categorized based on their impact (or potential impact) from Category I to Category V in ascending order. Only Category II incidents and above are consolidated at the Corporate level Significant changes Since the previous report, there have been two major changes to the structure of Goldcorp which impact directly on our sustainability reporting. 1. In early 2007, Goldcorp sold its Peak mine in Australia and its Amapari mine in Brazil to Peak Gold Ltd. Upon completion of the sale, Goldcorp owned approximately 24% of Peak Gold, but had no direct input to the management of the two operations. Peak and Amapari were included in the 2006 Sustainability Report, but are not included in the current report. 2. In December 2007, Goldcorp announced that it had completed a transaction with Kinross Gold Corporation to acquire Kinross 49% share of the Porcupine gold mine in north-eastern Ontario and its 32% share of the Musselwhite gold mine in northwestern Ontario. In exchange, Kinross received Goldcorp s 50% stake in the La Coipa silver-gold mine in Chile and $200 million in cash. La Coipa, which was included in the 2006 Sustainability Report, is not included in this report. The reporting of Porcupine and Musselwhite will not change, as these operations were included at 100% in the 2006 Sustainability Report. GRI Content Index We have prepared this report based on the structure of the GRI Reporting Framework. The major reporting areas identified in the GRI (Strategy and Analysis, Organizational Profile, etc.) are reproduced as sections in this report. Within each of these sections, the GRI reporting elements are clearly identified GRI Content Index The following GRI reporting framework documents have been used to develop this 2007 Sustainability Report, and can be found on the GRI web site ( GRI (2006) Sustainability Reporting Guidelines; GRI (2005) GRI Mining and Metals Sector Supplement. Pilot Version 1.0; GRI (2006) Indicator Protocols Economic; GRI (2006) Indicator Protocols Environment; GRI (2006) Indicator Protocols Labour Practices & Decent Work GRI (2006) Indicator Protocols Human Rights; GRI (2006) Indicator Protocols Society; GRI (2006) Indicator Protocols Product Responsibility; 9

12 report parameters continued Standard disclosures This Sustainability Report is structured around the GRI Sustainability Reporting Guidelines. Each of the key headings (and most of the reporting elements) is reproduced in this report in the same sequence as the Reporting Guidelines and is indicated by the dark grey alpha/numerals. Performance indicators from the Mining and Metals Sector Supplement are included in the appropriate sections in the report, and are identified by the gold alpha/numerals. A GRI Content Index is included at the end of this report for easy reference. Assurance Organizations can use a variety of approaches to enhance the credibility of their reports. Internal assessment: organizations may have systems of internal controls in place, including internal audit functions, as part of their processes for managing and reporting information. These internal systems are important to the overall integrity and credibility of a report. External assessment: a variety of approaches are currently used by report preparers to implement external assurance, including the use of professional assurance providers, stakeholder panels, and other external groups or individuals. However, regardless of the specific approach, it should be conducted by competent groups or individuals external to the organization Assurance Goldcorp has not sought external assurance for this report. As our first GRI-based report, the focus has been on data collection and analysis. A number of internal review mechanisms (spreadsheets and independent review) have been utilised to ensure that the data presented is as accurate as possible. Goldcorp will continue to monitor developments in the area of sustainability report assurance, and will continue to develop its internal mechanisms to facilitate external review in the future. Declaring an Application Level The GRI Reporting Framework requires that companies self-declare an application level. The application level is derived from the Application Level Grid which can be found on the GRI web site ( This 2007 Sustainability Report: reports on all 42 criteria in the G3 Profile Disclosures; includes G3 Management Approach Disclosures for each Indicator Category; reports on 66 of the 79 G3 Performance Indicators (including 45 of the 49 core indicators and 21 of the 30 additional indicators); and reports on 12 of the 13 indicators in the Mining and Metals Sector Supplement. By self-declaration, this report meets the criteria for application level B. References Australian Standard (1995) Risk Management 4360:1995. Goldcorp (2008) Delivering Growth. Annual Financial Report for Revegetation Test Plots Revegetation test plots were installed near the Musselwhite tailings impoundment during 2007 with help from summer students. When fully operational in 2008, the test plots will be prepared with a soil base of desulphurized tailings which were collected during a pilot study conducted for the removal of sulphide minerals from mine tailings. The desulphurized tailings have been identified as a potential material for a dry cover over the current tailings impoundment. Soil and plant combinations will be used to explore the effectiveness of revegetation options for the final design of the tailings cover. 10

13 governance, commitments, and engagement Goldcorp believes that operating in a responsible and sustainable manner is of key importance and reflects a long-term commitment to remaining a viable business, increasing value for our shareholders, improving employment and development opportunities for our host communities, and minimizing our environmental impact. The Board of Directors (the Board) has adopted a Code of Business Conduct and Ethics for its directors, officers and employees. The Board s Governance and Nominating Committee has responsibility for monitoring compliance with the Code by ensuring all directors, officers and employees receive and become thoroughly familiar with the Code and acknowledge their support and understanding of the Code. The Board encourages and promotes an overall culture of ethical business conduct by promoting compliance with applicable laws, rules and regulations; providing guidance to directors, officers and employees to help them recognize and deal with ethical issues; promoting a culture of open communication, honesty and accountability; and ensuring awareness of disciplinary action for violations of ethical business conduct. As Goldcorp s internal targets for environmental management and performance are achieved, the Company is focusing on larger global issues facing the industry. In July 2007, Goldcorp became a signatory to the International Cyanide Code and is actively working to attain certification at each nominated site. Goldcorp also initiated the Voluntary Principles on Security and Human Rights at the Marlin mine in Guatemala, and is currently reviewing adoption of the Principles at other properties. These ethical practices help maintain the safety and security of our operations within a framework that promotes respect for human rights and fundamental freedoms. Governance The Company and the Board recognize the importance of corporate governance to the effective management of the Company and to the protection of its employees and shareholders. The Company s approach to corporate governance is designed to ensure that the business and affairs of the Company are effectively managed so as to promote ethical and responsible practices and to grow shareholder value. The Board fulfills its mandate directly and through its committees at regularly scheduled meetings or as required. The directors are kept informed of the Company s operations at these meetings as well as through reports and discussions with management on matters within their particular areas of expertise. The Company s corporate governance practices have been and continue to be in compliance with applicable Canadian and United States requirements. The Company continues to monitor developments in Canada and the United States with a view to maintaining best practices in its governance policies. 4.1 Governance structure of the organization Goldcorp s Board of Directors believes the principal objective of the Company is to generate superior returns to its security holders. The Company believes good corporate governance practices provide an important framework for a timely response by the Company s Board to situations that may directly affect share value. The duties and responsibilities of the Board are to direct the business and affairs of the Company, and to act with a view towards the best interests of the Company shareholders. In discharging its mandate, the Board is responsible for the oversight and review of the development of, among other things, the following matters: the strategic planning process of the Company; identifying the principal risks of the Company s business and ensuring the implementation of appropriate systems to manage these risks; succession planning, including appointing, training and monitoring senior management; implementing policy to facilitate communications with investors and other interested parties; and ensuring the integrity of internal controls and management information systems. Board committees The Board also has the mandate to assess the effectiveness of the Board as a whole, its committees and the contribution of individual directors. The Board discharges its responsibilities directly and through its committees, currently consisting of the Audit Committee, the Compensation Committee, the Governance and Nominating Committee, and the Sustainability, Environment, Health and Safety Committee. Audit Committee: the Audit Committee s primary function is to assist the Board in fulfilling its financial reporting and controls responsibilities to the shareholders of the Company and the investment community. The external auditors report directly to the Audit Committee. Compensation Committee: the Compensation Committee was established by the Board of Directors of Goldcorp to assist the Board in fulfilling its responsibilities relating to human resources and compensation issues and to establish a plan of continuity for executive officers and other members of senior management. The Committee ensures the Company has an executive compensation plan that is both motivational and competitive so that it will attract, hold and inspire performance of Executive Management of a quality and nature that will enhance the sustainable profitability and growth of the Company. Governance & Nominating Committee: the main purpose of the Governance and Nominating Committee is to provide a focus on governance that will enhance Goldcorp s performance, to assess and make recommendations regarding Board of Directors effectiveness, and to establish and lead the process for identifying, recruiting, appointing, re-appointing and providing ongoing development for directors. Sustainability, Environment, Health & Safety Committee: the main purpose of the Sustainability, Environment, Health and Safety Committee is to review and monitor the sustainability, environmental, health and safety policies and activities of Goldcorp on behalf of the Board of Directors. The Committee monitors all activities of the Company that relates to environment, health, safety and sustainability. 4.2 Board independence The Governance and Nominating Committee is responsible for annually reviewing the Board s relationship with management to ensure the Board is able to, and in fact does, function independently of management, and to develop and recommend to the Board for approval a long-term plan for Board composition that takes into consideration the independence of directors. Chairman The Chairman of the Board s primary roles are to chair all meetings of the Board and shareholder meetings, and to manage the affairs of the Board, including ensuring the Board is organized properly, functions effectively and meets its obligations and responsibilities. The Chairman of the Board (Mr. Ian Telfer) is not an independent director. Mr. Telfer is a former officer of the Company. The Chairman of the Board s responsibilities include, without limitation, ensuring that the Board works together as a cohesive team with open communication; and working together with the Governance and Nominating Committee to ensure that a process is in place by which the effectiveness of the Board, its committees and its individual directors can be evaluated on a regular basis. The Chairman of the Board also acts as the primary spokesperson for the Board, ensuring that management is aware of concerns of the Board, shareholders, other stakeholders and the public and, in addition, ensures that management strategies, plans and performance are appropriately represented to the Board. The Chairman of the 11

14 governance, commitments, and engagement continued Board also maintains communications with the Company s Corporate Secretary. Independent Vice Chairman and Lead Director The Vice Chairman of the Board and Lead Director (Mr. Douglas Holtby) is an independent director appointed by the full Board. The Vice Chairman of the Board and Lead Director s primary focus is to provide leadership for the independent directors and to ensure that the Board s agenda enables it to successfully carry out its duties. He chairs all of the independent director meetings. The Vice Chairman of the Board and Lead Director ensures that the responsibilities of the Board are well understood and respected by both the Board and management. While undertaking his responsibilities, the Vice Chairman of the Board and Lead Director works closely with, and in an advisory capacity to, the Chairman of the Board and the Chief Executive Officer of the Company. 4.3 Board structure Eight out of the ten members of the Board are independent within the meaning of the Governance Guidelines (National Policy Corporate Governance Guidelines) and meet separately following each scheduled Board meeting (nine times during 2007). Mr. Kevin McArthur and Mr. Ian Telfer are not independent, as Mr. McArthur is an officer of the Company and Mr. Telfer is a former officer of the Company. To facilitate the functioning of the Board independently of management, the following structures and processes are in place: a non-executive Vice Chairman and Lead Director has been elected; there are no members of management on the Board, other than the President and Chief Executive Officer of the Company; when appropriate, members of management, including the President and Chief Executive Officer, are not present for the discussion and determination of certain matters at meetings of the Board; under the by-laws of the Company, any two directors may call a meeting of the Board; the President and Chief Executive Officer s compensation is considered, in his absence, by the Compensation Committee at least once a year; in addition to the standing committees of the Board, independent committees are appointed from time to time, when appropriate; and the Board holds in-camera meetings with the independent directors at the end of each Board or Committee of the Board meeting. 4.4 Stakeholder and employee engagement with the Board Shareholders, employees and other interested parties may communicate directly with the Board by: 1. writing to: Lead Director Goldcorp Inc. Park Place, Suite Burrard Street Vancouver, BC V6C 2X8 2. calling: or (604) ing: All contacts will be received and processed by Goldcorp s Corporate Secretary (concerns can be reported anonymously or confidentially), who will direct: complaints relating to Goldcorp s accounting, internal accounting or auditing matters to members of the Board Audit Committee; and other concerns to the presiding director of the Goldcorp Board. Goldcorp also holds an Annual and Special Meeting of Shareholders, during which time is made available for shareholders to direct questions to the Chairman and the President & CEO. The Annual and Special Meeting of Shareholders traditionally alternates between Toronto and Vancouver. 4.5 Executive compensation The following principles guide the Company s overall compensation philosophy: a) compensation is determined on an individual basis by the need to attract and retain talented, high-achievers; b) calculating total compensation is set with reference to the market for similar jobs in similar locations; c) an appropriate portion of total compensation is variable and linked to achievements, both individual and corporate; d) internal equity is maintained such that individuals in similar jobs and locations are treated fairly; and e) the Company supports reasonable expenses in order that employees continuously maintain and enhance their skills. The Compensation Committee is established by the Board to assist the Board in fulfilling its responsibilities relating to human resources and compensation issues and to establish a plan of continuity for executive officers and other members of senior management (collectively, Executive Management ). The Compensation Committee ensures that the Company has an executive compensation plan that is both motivational and Annual Aquatic Assessment At Musselwhite The Musselwhite mine Annual Aquatic Assessment was undertaken in September 2007 by a third party consultant. Select sport fish (walleye and whitefish) were collected from several lakes located near the mine site for a determination on whether or not local fish populations are being effected by mine-related activities. The study included measuring the concentrations of metals, such as arsenic and copper (which are indicators of minerelated influences on local fish populations) in the muscle tissue of netted fish. The results were communicated to local First Nations communities living downstream of the mine. Results to date indicate no measurable minerelated influences on local fish populations since mine start up in

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