RESEARCH REPORT The contractor blind spot Contractor Safety Disclosure Report 2026 How 40 of the world's largest mining, energy, construction and manufacturing companies say who their safety figures count, FY2023 to FY2025. 40 COMPANIES · FY2025 INJURY RATE Mining Energy Construction Manufacturing Rate says it includes contractors Rate does not clearly include contractors Contents This report measures how clearly companies label their safety figures. It does not rate how safe any company is. START HERE 3 Summary and key findings Four findings · Key numbers for FY2025 01 5 Results by measure Coverage of five measures · Who is counted 02 8 Results by sector Four tests across four sectors · Where rates fall short 03 11 Change over time FY2023 to FY2025 · Why year-on-year comparisons need care 04 13 What good looks like Five disclosure practices 05 15 About the study How we did it · Data, sample and limits SUMMARY Safety figures are only as useful as their labels In high-risk industries, contractors often do the most hazardous work. A rate that counts only employees can make a company look safer than the work it directs. We read three years of public reports from 40 large listed companies in mining, energy, construction and manufacturing, and asked of 600 figures: does the report say whose injuries are counted? This study measures how clearly companies report, not how safe they are. FOUR FINDINGS 1 Deaths are counted clearly 31 of 40 companies say their FY2025 fatality count includes contractors. 2 Injury rates are often silent Only 26 of 40 say a rate includes contractors. Most of the rest do not say who the rate counts, rather than excluding contractors. 3 Hours are the missing piece Only 7 of 40 publish contractor hours, none of them in construction or manufacturing. 4 Compare years with care 108 of 400 recent figures cannot be compared directly with the year before. 3 KEY FINDINGS The Contractor Blind Spot · Contractor Safety Disclosure Report 2026 KEY NUMBERS · FY2025 · OUT OF 40 COMPANIES Most companies count contractor deaths. Few publish the hours needed to check a contractor rate. 31 say their fatality count includes contractors 26 say an injury rate includes contractors 19 show a separate injury rate for contractors 7 publish contractor hours worked, all in mining and energy 9 publish at least one figure that does not say who it counts Bars show the share of 40 companies. Two construction companies had not published FY2025 reports at collection and meet no test that year; a missing report is not evidence of poor safety. 4 01 SECTION 01 Results by measure Deaths are counted clearly. The figures behind a rate are not. 80% of fatality figures say they include contractors 21% of hours-worked figures do the same 5