Risk Management and Compliance

Effective risk management is an essential part of our culture and strategy. The accurate and timely identification, assessment and management of key risks give us a clear understanding of the actions required to achieve our objectives.

Key elements of integrated risk management

• We recognise that risks are inherent to our business
  Only through adequate risk management can internal stakeholders be supported in making key decisions and implementing our strategy
  
  
• Exposure to risks must be consistent with our risk appetite
  The Board defines and regularly reviews the acceptable level of exposure to emerging and principal risks. Risks are aligned with our risk appetite, taking into consideration the balance between threats and opportunities
  
  
• We are all responsible for managing risks
  Each business activity carries out risk evaluations to ensure the sound identification, management, monitoring and reporting of risks that could impact the achievement of our goals
  
  
• Risk is analysed using a consistent framework
  Our risk management methodology is applied to all our operating companies, projects, exploration activities and support areas so that we have a comprehensive view of the uncertainties that could affect the achievement of our strategic goals. The framework is based on ISO 31000 and COSO ERM.¹
  
  
• We are committed to continuous improvement
  Lessons learned and best practices are incorporated into our procedures to protect and unlock value sustainably

Risk management

In addition, and maintaining our commitment to strengthen the risk analysis in compliance with applicable regulation, the following represent some of the actions that our Risk, Compliance and Internal Control Department undertook during 2025:

• Updated emerging risks in sessions with senior management and conducted on-site risk reviews of selected areas, enhancing the Group’s risk maturity level.
• Following the enactment of the Economic Crimes Law in Chile, the Group integrated the Risk Management framework into the Crime Prevention Model (CPM), appointing a member of the compliance team as the Crime Prevention Model Technical Secretariat.
• Reported monthly to both the Group’s Executive Committee and individual risk owners to identify and manage any deviation from what is expected, updating and monitoring critical controls and action plans.
• Continued training of risk owners and users of the framework in their roles as owners of controls and action plans.
• Prepared new action plans to maintain risk exposure within acceptable limits.

Compliance and internal controls

How we achieve our objectives is crucial to the sustainable long-term development of the Company. We have zero tolerance for bribery and corruption, and are committed to working with integrity and transparency. We comply with all applicable anti-corruption and antibribery legislation, and ensure that necessary controls are in place to prevent any unethical behaviour.

Code of Ethics

This sets out our commitment to conducting business in a responsible and sustainable manner. The Code requires honesty, integrity and accountability from all employees and contractors, and includes guidelines for identifying and managing potential conflicts of interest. It is at the core of our Compliance Model and supports the implementation of all related activities.

For more information, please read the Code of Ethics (PDF)

Compliance model

The Compliance Model applies to both our employees and our contractors. It is clearly defined and is communicated regularly through internal channels as well as being available on our website. All contracts include clauses relating to ethics, modern slavery and crime prevention to ensure contractors’ adherence to our Compliance Model.

We actively promote open communication with all our employees, contractors and local communities. This helps ensure that our corporate and value creation objectives are achieved in an ethical and honest way.

Crime Prevention

For more information, please read the Crime Prevention Manual (PDF)

^{1. The Committee of Sponsoring Organizations of the Treadway Commission Enterprise Risk Management framework}