Silent and Shadow Reports for BHP Billiton - Essay Example

?Part Silent and Shadow reports for BHP Billiton The format and style of the silent and shadow reports presented here were guided by the sample silent and shadow reports prepared by Gibson K, Gray R, Laing Y, and Dey C in the Centre for Social and Environmental Accounting Research. Used as models are the silent and shadow accounts from Tesco and HSBC, written by the aforementioned authors, and available at http://www.st-andrews.ac.uk/~csearweb/aptopractice/silentacc.html The same style and format are adapted and applied to BHP Billiton, as follows. Silent Report Mission and Policy Statements We are the world’s largest diversified natural resources company. Our corporate objective is to create long-term shareholder value through the discovery, acquisition, development and marketing of natural resources. We pursue this through our consistent strategy of owning and operating large, long-life, low-cost, expandable, upstream assets diversified by commodity, geography and market. This strategy means more predictable business performance over time which, in turn, underpins the creation of value for our shareholders, customers, employees and, importantly, the communities in which we operate. We are among the world’s top producers of major commodities, including aluminium, energy coal, metallurgical coal, copper, manganese, iron ore, uranium, nickel, silver and titanium minerals, and have substantial interests in oil and gas. We continue to invest in the future. Corporate Governance Statement The objective of BHP Billiton is to create long term value for shareholders through the discovery, development and conversion of natural resources, and the provision of innovative customer and market-focused solutions (Corporate Objective). The role of the BHP Billiton Board is to represent the shareholders and to promote and protect the interests of the Company. It does so by governing the Group. The Board has developed processes relating to: A. its own tasks and activities (Board Membership and Process) B. the matters specifically reserved for Board decision-making, the authority delegated to the Chief Executive Officer (CEO), the accountability of the CEO for that authority, and guidance on the management of the relationship between the Board and the CEO (Board and CEO Relationship); and C. the boundaries on CEO action (CEO Limits). Compliance with corporate governance BHP Billiton complies with the governance standards in our home jurisdictions of Australia and the UK, and with the governance requirements that apply to us as a result of our New York Stock Exchange (NYSE) listing and our registration with the Securities and Exchange Commission (SEC) in the US. There are summarised in the Corporate Governance Statement, the Remuneration Report, the Directors’ Report and the financial statements. Business principles and values The implementation of the Group’s strategy and our ongoing performance depends on the quality and motivation of our people. Our purpose is to create long-term shareholder value through the discovery, acquisition, development and marketing of natural resources. Our strategy is to own and operate large, low-cost, expandable, upstream assets diversified by commodity, geography and market. Our focus on the safety and health of our workforce, our fundamental drive for sustainability across all our business operations, our concern for the environment and communities within which we work, and our management of operational risks are reflected through our remuneration policy and structures. Board and committee structure The Board will always have a majority of Directors who are non-executive and are judged by the Board to be independent of judgement and character and free of material relationships with the Group and other entities and people that might influence or would be perceived by shareholders to influence such judgement. The Board will have the balance of non-executive and executive Directors that is effective for the promotion of shareholder interests and the governance of the Group. The qualifications for Directors of the Group are: unquestioned honesty and integrity; a proven track record of creating value for shareholders; time available to undertake the responsibilities; an ability to apply strategic thought to matters in issue; a preparedness to question, challenge and critique; and a willingness to understand and commit to the highest standards of governance of the Group. The Board will review the skills represented by Directors on the Board and determine whether the composition and mix of those skills remain appropriate to achieve the Corporate Objective. Non-executive Directors will be engaged through a letter of appointment. The Board will determine the level of remuneration paid to its members within any limits approved by shareholders. Directors will be expected to participate in all induction or orientation programmes, and any continuing education or training arranged for them. Remuneration of executives The key principles of our remuneration policy are unchanged and are to: • support the execution of the Group’s business strategy in accordance with a risk appetite that is appropriate for the organisation; • provide competitive rewards to attract, motivate and retain highly skilled executives willing to work around the world; • apply demanding performance measures, including key financial and non-financial measures of performance; • link a large component of pay to our performance and the creation of value for our shareholders; • ensure remuneration arrangements are equitable and facilitate the deployment of people around our businesses; • limit severance payments on termination to pre-established contractual arrangements (which do not commit us to making any unjustified payments). The Remuneration Committee is confident that these principles continue to meet the Group’s objectives. Employment Report People are the foundation of our business and underpin our success. We value our people and encourage the development of talented and motivated individuals to support the continued performance and growth of our diverse operations. It is our aim as an organisation to strive to build a sense of purpose and achievement amongst all of our people in the work we do. Staff policies We are committed to developing the skills and capabilities of our workforce through regular performance reviews combined with training and development programs. Due to the structure and provisions of some industrial agreements, not all employees participate in individual performance reviews. Training and development programs are designed and implemented at the local operational level to support local requirements. BHP Billiton operations include health and safety training and training on Our Charter and the BHP Billiton Code of Business Conduct as part of the mandatory induction process for all employees and permanent contractors. Our practices and processes are designed to ensure performance is measured on fact-based outcomes and to reward people for their achievements. We seek to ensure strong internal candidate representation for roles, supplemented with external recruitment where necessary. Our internal development programs are therefore the key to succession. The remote locations within which we operate and the limited numbers of appropriately skilled employees can result in the need for operations to employ staff who work on-site, but reside outside the community; generally known as fly in, fly out staff. A workforce of this kind can create challenges and opportunities and we continue to address the impact on our people, as well as local community concerns, so that together we can identify ways in which our operations can make a positive and meaningful impact. Staff recruitment and graduate development Finding, employing, developing and retaining skilled people with values that are aligned to ours is crucial to our success. Our business is long term in nature. If we do not safely deliver growth today, then we cannot leave for future generations the legacy we have enjoyed from generations past. Our two-year Foundations for Graduates Program has been recognised as a leader in the field and has been designed specifically for graduates from tertiary institutions. Our aim is for our graduates to build a long and successful career with BHP Billiton. Each year, we recruit approximately 400 graduates in meaningful business roles, who each have the opportunity to work across teams, businesses and geographic regions. The program is facilitated by business schools in Australia, Chile and South Africa. It is designed to move graduates seamlessly from study to work by complementing site-based technical development with a combination of classroom-based and virtual learning experiences, providing a unique insight into our business. Graduates develop their decision-making and communication skills, access executive coaching, take part in intensive residential programs and gain on-the-job experience analysing and solving real business issues. Remuneration policy The components of Total Remuneration that are considered by the Remuneration Committee are: • Fixed remuneration – determined relative to comparable roles in other companies and comprising base salary, pension/retirement benefits and other non-pensionable benefits such as medical and life insurance; • Short-term incentive (STI) – intended to support a high-performance culture and delivered in cash with a matching award of Deferred Shares or Options; • Long-term incentive (LTI) – appropriate to the long-term nature of business decision making and delivered in Performance Shares with vesting determined under a five-year performance hurdle. The following table illustrates how BHP Billiton’s remuneration policy and structures serve to support and reinforce the six key drivers of the company’s strategy: Equal opportunity We are striving to achieve diversity, in all its forms, at all levels of our organisation. The GMC took active steps in FY2010 to improve the diversity profile of the Group. It oversaw the analysis of the profile of each part of the business to better understand representation by gender, age and nationality. It then required each business group to develop a diversity plan to address shortcomings. Those plans were completed and assessed as part of the annual performance process. Each plan is targeted at addressing the particular issues facing individual business groups and each contains a range of strategies, including targets. Plans will be tracked and monitored throughout FY2012 and will again form part of the annual performance review process at year-end. Females currently represent 16 per cent of our workforce. Approximately 10 per cent of senior management positions are held by females.We remain committed to increasing female participation in the Accelerated Leadership Development Program to 40 per cent by the end of FY2012. Another focus area for us is ensuring that the right gender balance is struck in our graduate intake. Health and safety Health risks faced by our people include fatigue, disease and occupational exposure to noise, silica, manganese, diesel exhaust particulate, fluorides, coal tar pitch, nickel and sulphuric acid mist. Our goal is to control occupational exposures at their source. This goal is supported by a key performance indicator assigned to our Group Management Committee (GMC). Each operation establishes and maintains an ‘exposure risk profile’ for every employee and contractor and implements appropriate controls. Potential exposures do not take into account the protection afforded by personal protective equipment (PPE). If the potential exposure exceeds 50 per cent of our occupational exposure limit (OEL), then medical surveillance is mandatory. Drug and alcohol education programs are conducted, as well as substance abuse testing where necessary. In FY2011, potential carcinogenic exposure was reported by some of our operations as one of their highest health risks, which resulted in a concerted effort to reduce potential carcinogenic exposures to below the OEL. Specific programs are successfully being applied at an operational level to reduce the causes of occupational exposures. Community Report The company is dedicated to the promotion of social development and strives to actively contribute its earnest effort towards the promotion of cultural and social advancement in all those countries where its operations are located. Political donation We maintain a position of impartiality with respect to party politics and do not make political contributions/donations for political purposes to any political party, politician, elected official or candidate for public office. We do, however, contribute to the public debate of policy issues that may affect our business in the countries in which we operate. Environmental Report Environmental policy We believe that a global solution to climate change, which includes a carbon price of some form, is likely, but also some time away. Until then, nations around the world are likely to continue to accelerate their domestic emissions reduction and establish low-carbon economies, balancing their needs to ensure a reliable energy supply and to sustain economic growth. A low-carbon emissions power sector could become a source of long-term competitive advantage for countries in a world where carbon emissions will be constrained. We are committed to contributing to the public debate on climate change, including sharing our knowledge and experience, but we recognise that it is for government and society as a whole to decide which direction to take. We take an active role in climate change policy development in the key regions where we operate and market our products. We analyse and compare the various policy options by evaluating the degree to which they meet a defined set of principles: clear price signal; revenue neutral; trade friendly; broad-based, predictable and gradual; simple and effective. Sustainability Management is accountable for sustainability-related processes and performance. At controlled assets, BHP Billiton sets the performance requirements and enforces those requirements through direct supervision. At monitored assets that we do not control, we provide our requirements and seek to influence the operation to follow them. A significant environmental incident is one with a severity rating of four or above based on our internal severity rating scale (tiered from one to five by increasing severity). There were no significant incidents reported in FY2011. Fines and prosecutions: In FY2011, BHP Billiton received a fine with a total value of US$2,454, levied in Chile. Energy While energy is a significant input in a number of the Group’s mining and processing operations, we recognise the global imperative of minimising carbon-based energy consumption. BHP Billiton believes that the mainstream science of climate change is correct; human activities are having a negative impact on our climate and this poses risks to our social and economic wellbeing. While uncertainty remains, there is enough evidence to warrant action in a way that does not damage the economy. We recognise that the need to control carbon dioxide emissions has substantial implications for the use of thermal coal as an energy source. In March 2011, we made a significant investment in natural gas by acquiring all of Chesapeake Energy Corporation’s interests in the US Fayetteville Shale onshore natural gas resource. Our strategy is to invest in natural gas as one of the cleanest burning and lowest carbon dioxide intensity fossil fuels. We recognise that community concern exists over the extraction process, which involves ‘hydraulic fracturing’, and the possibility of groundwater contamination in certain situations. Our shale gas operations will be conducted to the same standards as all other BHP Billiton Petroleum operations, with the same goal of protecting the health and safety of our people, the environment and our communities. Water The mining and minerals processing industry uses a wide variety of water sources for a range of purposes. As with GHG emissions, water management is an issue that extends beyond BHP Billiton boundaries. Water risks also vary from region to region and therefore cannot be addressed through a ‘one-size-fits-all’ solution, which makes managing our water use a consistently complex and critical task. Water has social, cultural, environmental and economic value at a local, regional, national and international level and is therefore critical to maintaining a ‘social licence to operate’. We support the priority considerations of strategic water planning, improving operational performance through effective water management, identifying conservation opportunities and promoting industry projects. In accordance with our Environment GLD, we are implementing water management plans at all our operations, including controls to mitigate the impacts of water use and discharge. It is expected that these controls are monitored and reviewed to verify their effectiveness. Additional controls are expected to be implemented at our material sites. In recognition that water is a critical input for our mining, smelting, refining and petroleum businesses, we continue to identify opportunities for water re-use or recycling, efficient use and responsible wastewater disposal. We continue to strive for significant reductions in energy consumption and GHG emissions, in line with and above our FY2012 targets. In FY2011, both carbon-based energy intensity and GHG emissions intensity were lower than the FY2006 baseline, by 17 per cent and 18 per cent respectively against a target of 13 per cent and six per cent. This was primarily driven by the agreement to use hydroelectric power at the Mozal aluminium smelter, in Mozambique, which now provides more than 98 per cent of the smelter’s electricity needs. Shadow Report Mission and Policy Statements BHP Billiton is the world’s largest diversified resources company (Economic Review, 2005; Datamonitor, 2011). The company is recognised as an industry leader or near industry leader in major commodity businesses including aluminium, energy coal and metallurgical coal, copper, manganese, iron ore, uranium, nickel, silver and titanium minerals, and have substantial interests in oil, as, liquefied natural gas and diamonds (Barrile, 2008c; Datamonitor 2011). Corporate Governance Report BHP Billiton was under investigation by the SEC, and according to Thomas Clarke, corporate governance professor at the Centre for Corporate Governance, “A sparse footnote in the news release concerning minerals exploration is hardly the place to disclose that a major investigation is taking place with the SEC in the United States… When BHP got involved in the Iraq wheat deal saga some years ago, Chip Goodyear, who was then the CEO, said, ‘Do not judge us on what happened in the past; judge us on how we respond to these revelations now.’” In effect, Professor Clarke observes an intentional attempt to cover up such matters from the view of the general public (Bell, 2010). Employment Report The firm employs approximately 39,600 employees working in more than 100 operations in 25 countries (Barrile, 2008c; Datamonitor 2011). In health, a system is in place called the HSEC (Health, Safety, Environment and Community) hierarchical management system that involves the mandatory application of policies, procedures and standards for sustainable development across the company’s operations (Barille, 2008c). In the past, during a Ministerial Inquiry on the occupational health and safety systems and practices of BHP in the Billiton Iron Ore and Boodarie Iron Sites in Western Australia, several workers interviewed raised the matter of fatigue issues where employees were kept working in excess of 15 hours a day to sustain production. Apparently, there was no ‘fatigue management policy’ on the part of the company. Later the company was able to produce such a document advising on the company’s policy concerning fatigue management (Ritter, 2004). Community Report BHP Billiton was a major sponsor of the 2008 Beijing Olympic Games (Barille, 2008c). The company has a number of other community and livelihood programs in the pursuit of its corporate social responsibility commitments. Environmental Report Greenhouse gas emissions were 52 million tonnes of carbon dioxide equivalent (Barille, 2008c). It aims to achieve a 13 per cent improvement in energy intensity and a 6 per cent improvement in greenhouse gas intensity to be achieved by 2012 from a base year of 2006. Each site is allocated its own targets to be monitored and reported on (Barrile, 2008a). In recent years BHP Billiton raised the profile and extent of its commitment to improved environmental performance, which is evident from its website report. It has articulated a Sustainable Development Policy which states: “We aspire to do Zero Harm to people, our host communities and the environment and strive to achieve leading industry practice. Sound principles to govern safety, business conduct, social, environmental and economic activities are integral to the way we do business” (Barille, 2008a). BHP Billion has put in place a comprehensive environmental commitment. In recognition of the considerable environmental sensitivity of its global operations it has developed: • a related policy platform; • established company-wide performance targets; • established management systems certified to the international standard ISO 14001. Water Despite these efforts, environmental issues continue to pose a threat to the company. Furthermore, one of its weaknesses remains to be groundwater contamination, about which BHP Billiton has been embroiled in litigation. BHP Copper, a BHP Billiton group company, is involved in litigation concerning groundwater contamination resulting from historic mining operations near the Pinal Creek/Miami Wash area in Arizona. BHP Copper and the other members of the Pinal Creek Group (Phelps Dodge Miami, now known as Freeport McMoRan Miami (FMMI) and Inspiration Consolidated Copper) filed a contribution action in November 1991 in the Federal District Court for the District of Arizona against former owners and operators of the properties alleged to have caused the contamination. BHP Copper is seeking an equitable allocation of clean-up costs between BHP Copper, the other members of the Pinal Creek Group, and BHP Copper's predecessors. As a result of these proceedings, at the end of June 2010, BHP Billiton has provided $130 million for its anticipated share of the planned remediation work. (Datamonitor, 2011). Analysis – Comparison of the silent and shadow reports of BHP Billiton The foregoing reports presented were kept relatively concise due to the limit on the word count. This necessitated foregoing the inclusion of several matters; however, what were presented here appear to be the most important issues which involved some discrepancy between company pronouncements and the information that may be drawn from the public domain. One of the most important issues besetting BHP Billiton is that of environmental contamination, particularly in the groundwater. While the silent report indicates that the company is implementing water management plans that protect the water resources of the locality, this was not always the case, or at least not to the extent the company has declared. BHP Billiton has been subjected to litigation and has in fact paid out at least $130 million in anticipated remediation work, meaning that it could have paid more. Such an amount paid for remediation, and possibly even for damages to aggrieved parties, may substantially set the company back in its financial performance. Another problematic issue between the two reports is seen in the employee safety study. The ministerial inquiry into some of BHP Billiton’s workforce safety showed that there may be reason to believe that BHP had not observed proper fatigue and health safety management. These reports are data 2004, however, and since then improvements may have been made due to the greater emphasis placed on occupational health and safety. Finally, controversial issues have also arisen in the matter of the implementation of the company’s corporate governance statement. Issues that did not show the company in a good light were concealed by the company and this involved a major investigation by the U.S. SEC in the firm’s mineral exploration activities. Just recently dated, no less than professors in the academe have called for a greater transparency and full disclosure on the part of BHP Billiton concerning its mining activities because of their importance to public health and safety as well as stakeholders’ right to know. Information Sources Silent Report Shadow Report BHP Billiton Annual Report 2011 BHP Billiton US SEC Form 20-F 2011 BHP Billiton Code of Business Conduct BHP Billiton Summary Review 2011 BHP Billiton Board Governance Document, Version 2.0 dated 11 November 2008 BHP Billiton Sustainability Report 2011 Official Website, BHP Billiton. Accessed at http://www.bhpbilliton.com/home/Pages/default.aspx Barrile, S 2008a BHP Billiton: Environmental Management, BusiDate, Jul, Vol. 16 Issue 3, p5-7, Warringal Publications, New South Wales Barrile, S 2008b BHP Billiton: Global Growth, Mergers and Acquisitions, BusiDate, May2008, Vol. 16 Issue 2, p6-8, Warringal Publications, New South Wales Barrile, S 2008c BHP Billiton: Profile of a Business Giant, Vol. 16 Issue 1, p5-8, Warringal Publications, New South Wales Bell, F 2010 BHP Billiton and the SEC investigation. 6 May 2010. Accessed at http://datasearch2.uts.edu.au/ccg/news-events/news-detail.cfm?ItemId=21523 BHP Billiton: Undeservedly Discounting a Sector Ex-Growth; Four Reasons to Like the Stock. Black Book - The Best of Bernstein - Pan-European Edition (Fourth-Quarter 2008), 2008, p33-36 Datamonitor 2007 BHP Billiton SWOT Analysis. BHP Billiton SWOT Analysis, Dec2007, p1 Economic Review 2005 BHP Billiton – The Resourceful Company. Company Profile. Economic Review, July 2005, pp. 40-41. Galloway, P; Bell, R; & Luke, J 2009 BHP Billiton -- A Real Class Act and It's Not All Priced In. Black Book - European Mining & Metals: The New Reality Facing the Industry, Less Supply Opportunity Makes for Higher Prices, Nov2009, p191-204 Keen, A & Pretorius, L 2009 BHP Billiton: Accidentally Fashionably Unlevered. Black Book - The Best of Bernstein - Pan-European Edition (First-Quarter 2009), 2009, p39-44 Keen, A; Pretorius, L; & Stanojevic, N 2008 BHP Billiton: Benefiting from Rising Bulk Prices. Black Book - The Best of Bernstein - Pan-European Edition (Third-Quarter 2008), 2008, p33-36 Ritter, M 2004 Ministerial Inquiry: Occupational health and safety systems and practices of BHP Billiton Iron Ore and Boodarie Iron Sites in Western Australia and related matters. Accessed at http://www.dmp.wa.gov.au/documents/Reports/MSH_RitterReportVol1of2.pdf Part 2: Book Review for - Klein, N. (2002) No Logo: No Space, No Choice, No Jobs, Picador The book by Klein is an incisive commentary on the impact of international brands in the lives and the way of life of the global buying public, that far exceeds the mere marketing goals for which it is employed. The first part of the book, “No Space,” is so-called because it stresses the manner by which modern branding techniques exhaust all venues and markets where the brand may be pushed. It is divided into five parts. The first introduces the milieu of the “new branded world” to set the context of the discussion in the rest of the book. The second segment talks about how the brand expands through the proliferation of the logo as focal point of consumer persuasion – or manipulation, depending on how one chooses to see it. The third segment explores the youth market and “the marketing of cool,” treating on the image carefully implanted upon the minds of the impressionable youth, which have emerged as the fastest growing market of consumers and, therefore, the most vulnerable. The fourth segment explores the branding of learning and explores the role of advertising in schools and universities. Last of the first part segments deals with patriarchy and the power of identity marketing, which focuses upon and defines the buyer based on the product which is being purchased; the effect here is that the purchaser acquires a status because of the brand he purchases. With slightly less thoroughness, the books proceeds to discuss “No Choice” (the absence of true volition of the consumers against large-scale corporate branding) and “No Jobs” (the degrading of production and eventual disloyalty during the predominance of the ‘superbrand’). Finally, it concludes with the eventual reaction in the form of anti-corporate activism, and draws parallels among three major logos: the Swoosh (Nike), the Shell (Chevron), and the Arches (McDonald’s), cataloguing the three most notorious incidents of global branding, and the injustices they have caused. Overall, I find most of the discussion theoretical and rather subjective, although the author does make a strong point by citing these real-world situations and describing them in the light of the allegations she had wanted to pursue. The swoosh was implicated in the poor treatment of Vietnam workers; the shell, because of its involvement in the illegal exploitation of Nigerian oil reserves; and the arches for its unhealthy fare and unfair treatment of workers. Because these three logos (and brands) are universally known and well-patronized in all global markets, any perceived injustices they perpetuate in the world impact upon the common sensibilities of all humankind, and enable the “anti-corporate activism” that the author has so eloquently described. There may be an element of activism in the writing of Klein, reminiscent of the politicized youth protests of the sixties and seventies, but one finds this reactionism highly relevant and even appropriate in the modern world order where multinationals have become more powerful than national governments, and consumers have lost the power of choice in a world of virtual monopolies with real-life consequences. References Barrile, S 2008a ‘BHP Billiton: Environmental Management’, BusiDate, Jul, Vol. 16 Issue 3, p5-7, Warringal Publications, New South Wales Barrile, S 2008b ‘BHP Billiton: Global Growth, Mergers and Acquisitions’, BusiDate, May2008, Vol. 16 Issue 2, p6-8, Warringal Publications, New South Wales Barrile, S 2008c BHP Billiton: Profile of a Business Giant, Vol. 16 Issue 1, p5-8, Warringal Publications, New South Wales Bell, F 2010 ‘BHP Billiton and the SEC investigation’. 6 May 2010. Accessed 30 March 2012 at http://datasearch2.uts.edu.au/ccg/news-events/news-detail.cfm?ItemId=21523 BHP Billiton Annual Report 2011. Accessed 30 March 2012 at http://www.bhpbilliton.com/home/Pages/default.aspx BHP Billiton US SEC Form 20-F 2011. Accessed 30 March 2012 at http://www.bhpbilliton.com/home/Pages/default.aspx BHP Billiton Code of Business Conduct. Accessed 30 March 2012 at http://www.bhpbilliton.com/home/Pages/default.aspx BHP Billiton Summary Review 2011. Accessed 30 March 2012 at http://www.bhpbilliton.com/home/Pages/default.aspx BHP Billiton Board Governance Document, Version 2.0 dated 11 November 2008. Accessed 30 March 2012 at http://www.bhpbilliton.com/home/Pages/default.aspx BHP Billiton Sustainability Report 2011. Accessed 30 March 2012 at http://www.bhpbilliton.com/home/Pages/default.aspx BHP Billiton 2012. Official Website, BHP Billiton. Accessed at http://www.bhpbilliton.com/home/Pages/default.aspx ‘BHP Billiton: Undeservedly Discounting a Sector Ex-Growth; Four Reasons to Like the Stock.’ Black Book - The Best of Bernstein - Pan-European Edition (Fourth-Quarter 2008), 2008, p33-36 Datamonitor 2007 ‘BHP Billiton SWOT Analysis. BHP Billiton SWOT Analysis’, Datamonitor Dec2007, p1 Economic Review 2005 ‘BHP Billiton – The Resourceful Company. Company Profile.’ Economic Review, July 2005, pp. 40-41. Galloway, P; Bell, R; & Luke, J 2009 ‘BHP Billiton -- A Real Class Act and It's Not All Priced In.’ Black Book - European Mining & Metals: The New Reality Facing the Industry, Less Supply Opportunity Makes for Higher Prices, Nov2009, p191-204 Keen, A & Pretorius, L 2009 ‘BHP Billiton: Accidentally Fashionably Unlevered.’ Black Book - The Best of Bernstein - Pan-European Edition (First-Quarter 2009), p39-44 Keen, A; Pretorius, L; & Stanojevic, N 2008 ‘BHP Billiton: Benefiting from Rising Bulk Prices.’ Black Book - The Best of Bernstein - Pan-European Edition (Third-Quarter 2008), p33-36 Klein, N 2002 No Logo: No Space, No Choice, No Jobs. Picador Ritter, M 2004 Ministerial Inquiry: Occupational health and safety systems and practices of BHP Billiton Iron Ore and Boodarie Iron Sites in Western Australia and related matters. Accessed at http://www.dmp.wa.gov.au/documents/Reports/MSH_RitterReportVol1of2.pdf Read More