Highwood Asset Management Advocates Transparency and Ethics in Extractive Sector Practices
- Highwood Asset Management submitted its 2024 annual report under ESTMA, detailing CAD 19 million in royalty payments to governments.
- The company published its 2024 Modern Slavery Report, affirming zero instances of forced or child labour in its supply chains.
- Highwood's ethical practices and transparency enhance accountability and sustainability in the extractive sector across multiple provinces.
Highwood Asset Management Champions Transparency and Ethical Practices in Extractive Sector
Highwood Asset Management Ltd. demonstrates its commitment to transparency and ethical governance through its recent submission of the annual report under the Extractive Sector Transparency Measures Act (ESTMA) for the year 2024. The report, which covers the period from January 1 to December 31, 2024, reveals significant financial contributions made by the company to various governmental bodies. Highwood reports a total of CAD 19,009,182 in royalty payments to the Government of Alberta, with a substantial portion—CAD 18,230,367—made in-kind. Additionally, the company pays CAD 239,660 in royalties to the Government of Saskatchewan and other taxes amounting to CAD 1,002,948 to several Alberta counties. This level of detail underscores Highwood's dedication to enhancing accountability within the extractive sector, aligning with the objectives of ESTMA to promote responsible resource management.
The report also highlights various payments made by Highwood, including CAD 444,739 in mineral rentals and CAD 225,160 related to the Technology Innovation and Emissions Reduction (TIER) program. The document, attested by CFO Chris Allchorne, affirms the accuracy and completeness of the disclosures. By adhering to these transparency measures, Highwood not only complies with regulatory requirements but also positions itself as a responsible actor in the extractive industry, fostering trust with stakeholders and the communities in which it operates.
In tandem with its commitment to financial transparency, Highwood Asset Management publishes its 2024 Modern Slavery Report, further cementing its ethical stance in business operations. This report complies with Bill S-211, aimed at combating forced and child labour in supply chains. Highwood outlines its proactive measures, including the establishment of due diligence policies and employee training initiatives, to mitigate the risks associated with unethical labour practices. Currently, Highwood works with over 300 local suppliers, all aligned with Canada’s rigorous regulations for oil and gas production. The company maintains a zero-tolerance policy towards forced and child labour, underpinning its corporate ethos through its Code of Business Conduct and Ethics.
Throughout 2024, Highwood confirms that no instances of forced or child labour have been identified within its supply chains, which reflects the effectiveness of its monitoring and evaluation efforts. With a focus on ethical business practices and compliance with laws, Highwood Asset Management showcases its commitment to responsible resource development not only in Alberta and Saskatchewan but also across British Columbia. Highwood's ongoing dedication to transparency and ethical standards positions it as a leader in the extractive sector, promoting accountability and sustainability within the industry.