The Royal Canadian Mint has once again ranked among Corporate Knights’ 2023 Best 50 Corporate Citizens in Canada.
According to a news release, the Mint’s ranking “is attributed to top-quartile scores on: the management of energy consumption and carbon emissions, sustainable revenue, as well as gender and racial diversity on the Leadership Team and Board positions.”
The RCM ranked 25 out of 50 in 2023, down from 22nd in 2022. The Corporate Knights list of Canada’s bet 50 corporate citizens was released today. For a complete list of the best 50 corporate citizens in Canada, click here.
“The Mint has come a long way in ensuring that it operates responsibly in all aspects of its business and we are committed to continually improving our environmental, social and governance performance,” said Marie Lemay, president and CEO. “We are pleased that Corporate Knights recognizes the efforts and investments behind our ESG journey, and we look forward to growing our business while continuing to make a positive difference for our stakeholders, customers, employees, and the communities where we operate.”
As a federal Crown corporation and international leader in the minting world, the Mint stated “we are committed to being transparent about our ESG journey, sharing successes and reporting on areas where we can do better. We are committed to making our circulation coinage manufacturing carbon-neutral by 2030 and we are in the process of implementing geothermal technology to heat and cool our Winnipeg facility.
“Our “ALL IN” DEI Action Plan continues to foster a work environment where differences are valued and where employees are empowered to take an active role in addressing systemic racism, discrimination and barriers to inclusion. We are actively delivering company-wide DEI learning opportunities, and recruiting and supporting the growth of passionate people of all gender identities, ethnicities, abilities and experiences who bring their inclusive mindset to the workplace.”
The Mint said it s also committed to giving back and helping to make a positive difference for Canadians.
“Our Truth and Reconciliation Keepsake is currently raising funds for the National Centre for Truth and Reconciliation’s Na-mi-quai-ni-mak Community Support Fund,” the release stated. “Donations of net cash proceeds from the sale of Pysanka and the 50th Anniversary of the Summit Series numismatic products are also helping support humanitarian assistance to those affected by the crisis in Ukraine.”
Since 2002, Corporate Knights’ ranking of Canada’s Best 50 Corporate Citizens has been tracing public and private companies as well as Crown corporations with more than $1 billion in revenues. On its website, Corporated Knights stated: “Our researchers probe 25 key performance indicators (KPIs) to assess how firms manage their resources, employees and finances in comparison to their peer group, with 50 per cent of each company’s score tied to the percentage of their revenue and investments that qualify as sustainable.” For the Best 50, that percentage keeps climbing.”
Corporate Knights said its 2023 list is dominated by renewable-energy players high in sustainable revenue. Topping the Best 50 this year (up from second place in 2022 and 20th in 2021) is a pure-play clean energy company: Innergex Renewable Energy. “The Longueuil, Quebec–based renewable-power producer operates 40 hydroelectric facilities, 35 wind farms, 11 solar farms and one energy-storage facility in Canada, the U.S., France and now Chile. It has 11 more projects in the works. In fact, Innergex is the only pure-play renewable-energy company on the Best 50 (giving it 100 per cent sustainable revenue). The company has also continually improved on its disclosure of environmental indicators, which helped it climb to the top of the ranking.”
In second place this year (up from third in 2022 and 14th in 2021) is Brookfield Renewable Partners, the renewable-energy platform of Brookfield Corporation, the former Brascan empire (which got its start providing electricity in Brazil). With a market cap of $20.2 billion, more than seven times Innergex’s $2.7 billion, Brookfield Renewable produces 25,400 megawatts of electricity through hydro, wind and solar facilities in Canada, the U.S., Colombia, Brazil, Europe and Asia. The company’s latest annual report says it’s also focusing on investing in “emerging transition asset classes” such as carbon capture and storage, recycling and biogas, “where our initial investment positions us for potential future large-scale decarbonization investment.”
In third place is Hydro-Québec, which was the top company in 2022, 2021 and 2018. While the company largely maintained its sustainable revenue from last year, competition is growing fiercer as more renewable-energy companies jump ahead.