Perc reporting code 2008
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PERC Reporting Code 2008. Resource Reporting Workshop 15 th May 2009 Dublin www.percreserves.com Dr Wynand Kleingeld. Why have a reporting code ?. Tenets Materiality Transparency Competence Impartiality Consistency – for investment decisions Reliability – “competent persons”

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PERC Reporting Code 2008

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PERC 2008

PERC Reporting Code 2008

Resource Reporting Workshop

15th May 2009 Dublin

www.percreserves.com

Dr Wynand Kleingeld


PERC 2008

Why have a reporting code ?

  • Tenets

    • Materiality

    • Transparency

    • Competence

    • Impartiality

  • Consistency – for investment decisions

  • Reliability – “competent persons”

  • Regulation of companies and markets (Bre-X)

  • Protection against litigation

  • Ease of communication: a common language


PERC 2008

Reserves Reporting Codes in UK and western Europe

  • 1991: the IMM code, defined:

    • Proven & probable reserves

    • Measured & indicated resources

    • The Competent Person

  • 2001: “The Reporting Code”

    • Update for international convergence

    • Under the aegis of IMM, but co-sponsored by EFG, the Geological Society, and IGI


PERC 2008

Why update the Code ?

  • In response to increased globalisation

  • In support of regulatory requirements, regionally and worldwide

  • To meet needs of particular industry sectors

  • To maintain a European reporting code for use in European markets


PERC 2008

PERC:the Pan-European Reserves & Resources Reporting Committee

  • Committee convened in 2006 as the successor to the former IMM Reserves Committee

  • Continued formal involvement of IOM3, EFG, IGI, and GSL

  • IOM3 now involved through IMMa

  • Scope explicitly broadened to cover Europe, not just UK

  • Principal tasks:-

    • to maintain and update minerals reporting code for European markets

    • Seek endorsement by the regulatory authorities


PERC 2008

PERC Membership

  • Representatives of

    • (1) the four sponsoring organisations

    • (2) CRIRSCO

    • (3) key mining industry sectors

    • (4) consultants

    • (5) the financial community


PERC 2008

Structure of PERC

  • Sub-committees:

    • London Financial sub-committee (as a model for further similar sub-committees elsewhere)

    • Industrial Minerals sub-committee

    • Diamonds/Gemstones sub-committee

  • Working group:

    • PERC manages the CRIRSCO-GKZ working group on harmonisation of international and Russian reporting systems


PERC 2008

The PERC Code 2008

  • An update of the 2001 Reporting Code

  • Progressive convergence with international standards as defined in the CRIRSCO code “template”

  • Incorporating regional industry interests and requirements


PERC 2008

Solid minerals: resources and reserves


PERC 2008

PERC Code 2008: key changes

  • Competent Person definition. A tighter definition but without using a ROPO list

  • New section for historical estimates

  • Revised and expanded industrial minerals / dimension stone / aggregates section

  • Expanded diamonds section

  • New section for coloured gemstones

  • Appendix 4 competent person consent form added


Proposed relationships among PERC, the professions, and regulatory organisations


PERC 2008

Where are we ?

  • Exposure Draft launched – 17 June 2008

  • Consultation among other CRIRSCO members, and the mining and financial communities concluded November 2008

  • Finalisation of Code with agreed amendments December 2008

  • Code released January 2009

  • Initiated discussions with the FSA/UKLA January 2009


Recommendations

17 November 2014

PERC 2008

PERC Code to be incorporated by reference into the listing, prospectus and disclosure rules of the UKLA – Committee of European Securities Regulators (CESR)

PERC Code to be the only code for reporting on the London SXs – if not, then other codes must be compatible with CRIRSCO

Establish standing committee (PERC/UKLA) to agree amendments to the rules

PERC will act as advisor to UKLA on disputes. UKLA is the ultimate sanctioning body – discussions ongoing with FSA/UKLA

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