"Communicating the Group’s vision, strategy and objectives throughout the organisation, and putting in place appropriate governance structures, policies and procedures to embed key aims and objectives."

 

The Board is responsible for determining the nature and extent of the significant risks that the Group will accept in order to achieve its strategic objectives, and for maintaining sound risk management and internal control systems. The Board receives detailed analysis of key matters for consideration in advance of Board meetings. This includes reports on the Group’s operational performance, including safety and health, financial, environmental, legal and social matters, key developments in the Group’s exploration and business development activities, information on the commodity markets, updates on talent management and analysis of financial investments. The regular provision of this information allows the early identification of potential issues and assessment of any necessary mitigating actions.

The Audit and Risk Committee assists the Board by reviewing the effectiveness of the risk management process and monitoring key risks and mitigation procedures. The Chairman of the Audit and Risk Committee reports to the Board following each Committee meeting, allowing the Board to understand and, if necessary, further discuss the matters considered in detail by the Committee.

These processes allow the Board to monitor effectively the Group’s major risks and related mitigation procedures, and assess the acceptable level of risk that arises from the Group’s operations and development activities. Quarterly risk management reports are sent to the Board.

The Code of Ethics sets out the Group’s commitment to undertake business in a responsible and transparent manner. The Code requires honesty, integrity and accountability from all employees and contractors and includes guidelines for identifying and managing potential conflicts of interest. An Ethics Committee comprising members of senior management is responsible for implementing, developing and updating the Code and monitoring compliance. The Code and other compliance matters form part of the induction programme for new employees.