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Enhancing Transparency: The PERC Reporting Code 2008 Workshop Insights

The PERC Reporting Code 2008 Workshop, held on May 15, 2009, in Dublin, aimed to highlight the importance of a robust reporting code to enhance transparency and reliability in reporting mineral resources and reserves. Dr. Wynand Kleingeld presented key principles, including materiality, competence, and impartiality, which are essential for informed investment decisions. The workshop also discussed updates to the code to align with global standards, ensuring consistent communication across industries and regulatory frameworks while protecting stakeholders against litigation.

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Enhancing Transparency: The PERC Reporting Code 2008 Workshop Insights

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  1. PERC 2008 PERC Reporting Code 2008 Resource Reporting Workshop 15th May 2009 Dublin www.percreserves.com Dr Wynand Kleingeld

  2. 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

  3. 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

  4. 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

  5. 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

  6. PERC 2008 PERC Membership • Representatives of • (1) the four sponsoring organisations • (2) CRIRSCO • (3) key mining industry sectors • (4) consultants • (5) the financial community

  7. 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

  8. 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

  9. PERC 2008 Solid minerals: resources and reserves

  10. 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

  11. Proposed relationships among PERC, the professions, and regulatory organisations

  12. 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

  13. 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 13

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