During 2015, the Company Secretary and the Secretary to the Board worked with the Nomination and Governance Committee and the Board to implement the remaining recommendations made by Independent Audit Limited in its externally facilitated evaluation of the Board in 2013 with specific focus on the areas for improvements that were highlighted in the 2014 internal review.

2015 Internal evaluation

Strengths:

  • understanding of roles and responsibilities and corporate governance responsibilities;
  • the Board’s open and respectful work environment;
  • the Board’s leadership in values, ethics, sustainability and diversity;
  • the quality of Board documents including action lists and minutes; and
  • technically strong, committed and productive Board Committees.

Areas where improvement has been made:

  • focus on strategy;
  • agenda ownership and decision-making;
  • risk management;
  • Board policies; and
  • project evaluation, reviews, approvals, stewardship and learnings.

Opportunities for further improvement:

  • the need to visit Operating Companies;learning from market and peers’ initiatives;
  • learning from market and peers’ initiatives;
  • improving time management during sessions;
  • striking an appropriate balance between mining and transport division reporting;
  • further strengthening the focus on Board succession planning, training and people issues; and
  • continuing to consider strategic opportunities for overseas growth.

During the year, led by the Senior Independent Director, the Non‑Executive Directors met without the Chairman present and evaluated the Chairman’s performance. The Senior Independent Director and the Secretary to the Board subsequently met with the Chairman to provide feedback. The Chairman used these comments further to develop the effective operation of the Board.