Water is one of mining’s most valuable and closely watched assets. Communities depend on it, regulators safeguard it, and investors increasingly scrutinise how it’s managed. For mining companies, this means water stewardship isn’t just an operational issue, it’s a reputational one.
Yet, even when robust systems and processes are in place, a fundamental question remains: can stakeholders trust the information being reported? That’s where independent verification comes in.
More than a compliance box
The Mining Association of Canada’s Towards Sustainable Mining (TSM) Water Stewardship Protocol sets a clear expectation: to achieve the highest rating (AAA), companies must have their public water reporting independently verified.
At AAA level, the Protocol requires verification not only of data accuracy but also replicability, completeness, and performance relative to water objectives and targets[1]. It closes the credibility gap between what companies report and what stakeholders believe. This direction mirrors global momentum. The International Sustainability Standards Board (ISSB) launched IFRS S1 and S2 in 2023 to harmonise sustainability-related financial disclosures worldwide. While it is up to individual jurisdictions to determine whether mandated assurance applies, the global standards have purposefully been designed to facilitate it.[2] The corresponding framework proposed under the Canadian Sustainability Standards Board (CSSB) - the Canadian Sustainability Disclosure Standards (CSDS) - remains voluntary for now but could pose requirements of robust data-collection and verification processes in the future.[3]
Meanwhile Europe’s Corporate Sustainability Reporting Directive (CSRD) is imposing more detailed, value-chain-wide reporting which obliges organisations in scope to obtain limited assurance from the first reporting year, with a view toward moving to reasonable assurance over time.[4]
But here’s the key: the benefits of verification extend far beyond meeting regulatory compliance or achieving a rating.
From requirement to value
When water data is verified, it becomes more than just numbers on a page. It becomes a trusted asset that drives value across the business.
- Improves data integrity – identifies gaps and inconsistencies, strengthening monitoring and reporting systems.
- Drives continuous improvement – external reviewers benchmark against best practices and highlight opportunities for enhancement.
- Clarifies communication – ensures management, boards, and stakeholders are aligned and confident in the information they use.
What starts as a compliance exercise often becomes a catalyst for stronger data integrity, smarter decision-making, and continuous improvement.
Building trust where it matters most
Trust is the foundation of effective water stewardship. Independent verification helps companies earn it.
- Communities see that a company is willing to open their data to scrutiny, shifting the dialogue from doubt to collaboration.
- Regulators recognise proactive transparency, often supporting smoother permitting and compliance processes.
- Investors increasingly expect verified ESG disclosures, and independent assurance signals strong governance and accountability.
Verification builds credibility, enabling companies to strengthen relationships and maintain social licence to operate.
Beyond standards: a strategic advantage
Companies that embrace verification aren’t just meeting standards, they’re shaping them.
- Risk management – reliable data helps identify and mitigate operational and reputational risks.
- Competitive advantage – verified reporting demonstrates transparency and signals sustainability leadership to customers.
- Access to capital - verified data builds investor confidence and may improve financing terms by demonstrating robust governance and proactive environmental risk management.
- Resilience – supports smarter, more sustainable decisions in the face of climate change and watershed pressures.
- Operational and cultural improvement – strengthens internal systems, governance, and embeds accountability.
Whether driven by TSM requirements or a broader commitment to excellence, verification reflects an investment in resilience, accountability, and long-term sustainability.
Looking ahead
Water stewardship is evolving from compliance to credibility, from reporting to leadership.
For many mining companies, independent verification starts as a way to meet regulatory or industry standards. Yet those who fully embrace the process quickly realise its broader value: more reliable data, stronger governance, better stakeholder relationships, and enhanced ESG credibility.
Ultimately, water stewardship extends beyond ratings and reports. It is about building trust, demonstrating accountability and ensuring mining can operate sustainably within the watersheds we all depend on.
Mining companies that invest in verified data today will be the ones trusted to operate tomorrow.
EMM’s role in driving stewardship forward
At EMM, we help companies turn data into strategic insight.
Our team brings global verification experience across diverse geographies and industries. We don’t just audit, we partner with clients to strengthen systems, interpret data, and communicate it effectively.
Whether you're pursuing a TSM rating or building a broader stewardship strategy, we help ensure your water data is accurate, credible, and aligned with both local realities and global expectations.
[1] TSM Water Stewardship Protocol, The Mining Association of Canada, February 15, 2019
[2] IFRS Sustainability Disclosure Standards (ISSB Standards), International Financial Reporting Standards, 2023
[3] Mandated sustainability reporting under the Canadian Sustainability Disclosure Standards (CSDS) was paused in April 2025. As of January 1, 2025, CSDS 1 and CSDS 2 are voluntary, with the Canadian Securities Administrators (CSA) encouraging issuers to refer to these standards when preparing their disclosures. Neither limited nor reasonable assurance is currently required for these standards. This requirement may change depending on whether regulators make these reporting standards mandatory for publicly listed companies, including the potential requirement for third-party verification, as has been the case in other jurisdictions such as Australia.
[4] FAQs: fundamentals to assurance on sustainability reporting, Accountancy Europe, January 6, 2025
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