Member Article

Firm’s ethics meet strict UN standards

As it develops several gold mining concessions in West Africa, the UK based 79th Group has been accepted into a United Nations (UN) initiative designed to ensure the highest levels of corporate responsibility and accountability.

The company has pledged to adhere to the ‘Ten Principles’ of the UN Global Compact, which focuses on human rights – including worker’s rights and child labour – ethical operations and environmental responsibility.

After passing and external audit of its environmental management and procedures, the group is now Green Mark Certified – providing assurance to its clients and employees that that it is operating to internationally recognised environmental standards.

According to the UN, by incorporating the principles of the Global Compact, companies are not only upholding their basic responsibilities to people and the planet but also setting the stage for long-term success.

“In a country where there has been conflict between the biggest industry, farming, and the most economically active, mining, we felt it was important to put down a marker, right at the outset, about our intensions for our Guinea operations,” said The 79th Group’s Chairman, David Webster.

“We are also aware that organisations such as Human Rights Watch and Amnesty International have voiced concern over the challenges faced by many people in the country and so we wanted to make it clear that our commitment to human rights and ethical business are a priority.

“Becoming part of a global initiative, being driven by such a reputable and respected organisation as the United Nations, demonstrates this emphatically and we are delighted that we have been able to meet the criteria for Global Compact participation.”

After spending much time in West Africa in recent years, gaining extensive experience in mining, buying, selling and exporting, David Webster has engaged world leading mineral, exploration and mining specialists, SRK, to provide technical consultancy services in relation to the selected mining concessions in the Siguiri Region.

Having completed extensive research and invested time ensuring all the correct permits and commercial backing are in place, the group’s precious metals division - Lusso Tesoro - is now well placed to take advantage of the buoyant gold market at a time of increasing demand and limited supply. The plan is to offer high net worth individuals the opportunity to be part of the initiative and share in the returns.

This includes moving to offer regulated investment opportunities. The aim is to establish a fixed, above market rate return in an equity offering through a Gibraltar Private Fund, recognised by the Gibraltar Financial Services Commission (GFSC), which regulates to both UK and EU standards.

This will be overseen by an experienced board, including former senior HMRC tax expert, Andy Cole, CBE, who recently joined as a non-executive director.

This first fund offering is the starting point of The 79th Group’s transition with the potential of moving into the fully regulated sector.

The 79th Group, which also operates a multimillion property portfolio through its 79th Luxury Living division, is also set to achieve International Standard in Quality Management Systems and Protocols ISO9001, as well as the International Standard in Environmental Management Procedures ISO14001, this summer.

This was posted in Bdaily's Members' News section by Paul Dobbie .