Fortescue Metals Group has won the Supply Nation Corporate Member of the Year award for the third time at the 2018 Supplier Diversity Awards, recognising the Company’s substantial contribution to Aboriginal procurement.
Fortescue Metals Group (Fortescue) has won the Supply Nation Corporate Member of the Year award for the third time at the 2018 Supplier Diversity Awards, recognising the Company’s substantial contribution to Aboriginal procurement.
Fortescue’s Billion Opportunities program, the centrepiece of the Company’s Aboriginal procurement strategy, promotes sustainable business pathways for Aboriginal people and ensures economic participation for communities. The program has awarded A$2 billion in contracts and sub-contracts to Aboriginal businesses and joint ventures since 2011.
“We are incredibly proud to have partnered with 110 Aboriginal businesses through the Billion Opportunities program because we know that strong, sustainable Aboriginal businesses create employment and development opportunities for Aboriginal Australians,” Chief Executive Officer Elizabeth Gaines said.
The Billion Opportunities program is complemented by a range of additional practical measures to provide businesses with the tools to build value and sustainability and improve their competitiveness and capability. These include corporate governance training for Aboriginal directors and 14-day payment terms to help improve operational cash flow.
In 2017, Fortescue announced a $50 million funding initiative with ANZ, which allows eligible businesses to access finance at a competitive rate for the purchase of equipment required to deliver services to Fortescue.
“Our comprehensive approach improves the long-term sustainability of Aboriginal businesses as it opens the door to future work with other organisations. We have welcomed the Commonwealth and State Government Indigenous procurement initiatives which have also incorporated a holistic approach to partnering with Aboriginal businesses,” Ms Gaines said.
“This award is credit to everyone at Fortescue whose commitment to supporting Aboriginal businesses has ensured the success of Billion Opportunities and delivered lasting change to local communities.”
Fortescue has been a member of Supply Nation since 2013, and has received the following awards at the annual Supplier Diversity Awards:
2018 – Corporate Member of the Year
2017 – Corporate Member of the Year and Outstanding Impact award
2016 – Corporate Partnership of the Year with Print Junction
2015 – Corporate Member of the Year and Supplier Diversity Advocate of the Year
2014 – Supplier Diversity Partnership Award with ICRG Guma