TOWARDS INTEGRATED REPORTING Communicating Value in the 21st Century

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1 TOWARDS INTEGRATED REPORTING Cmmunicating Value in the 21st Century

2 ABOUT THIS DISCUSSION PAPER Cntents Abut this Discussin Paper 1 Summary 2 What is Integrated Reprting? Why d We Need Integrated Reprting? An Internatinal Framewrk Future Directin Yur Cmments Requested The Wrld has Changed Reprting Must T 4 Twards Integrated Reprting 6 Integrated Reprting Defined Building n Develpments t Date An Internatinal Integrated Reprting Framewrk 8 Hw is Integrated Reprting Different? Business Mdel Value Creatin The Building Blcks Guiding Principles Cntent Elements Twards Integrated Reprting Innvatin in Actin What will Integrated Reprting Mean fr Me? 2 Benefits, Challenges Respnses Reprting Organizatin Perspective Investr Perspective Plicy-maker, Regulatr Stard-setter Perspective Other Perspectives Future Directin 25 Summary f Cnsultatin Questins 26 Acknwledgements Endntes 28 MANAGEMENT COMMENTARY GOVERNANCE AND REMUNERATION REPORTING The Internatinal Integrated Reprting Cmmittee (IIRC) has brught tgether wrld leaders frm the crprate, investment, accunting, securities, regulatry, academic, civil sciety stard-setting sectrs t develp a new apprach t reprting. This apprach, Integrated Reprting, will meet the needs f the 21st century. It builds n the fundatins f financial, management cmmentary, gvernance remuneratin, sustainability reprting in a way that reflects their interdependence. The IIRC aims t frge a glbal cnsensus n the directin in which reprting needs t evlve, creating a framewrk fr reprting that is better able t accmmdate cmplexity,, in s ding, brings tgether the different strs f reprting int a cherent, integrated whle. This Discussin Paper cnsiders the ratinale behind the mve twards Integrated Reprting, ffers initial prpsals fr the develpment f an Internatinal Integrated Reprting Framewrk utlines the next steps twards its creatin adptin, including the publicatin f an Expsure Draft in 212. Its purpse is t prmpt input frm all thse with a stake in imprved reprting, including bth prducers users f reprts. Yur answers t the Cnsultatin Questins in this Discussin Paper, any ther cmments yu wuld like t make, will be imprtant t us in refining these prpsals. They shuld be submitted t r nline at Please identify in yur respnse the rganizatin t which yu belng where it is lcated. All cmments received will be cnsidered a matter f public recrd will be psted n Cmments shuld be submitted by Wednesday 14th December 211. Yu can register at t be ntified when additinal infrmatin is published, when reginal rundtables r webinars are held r fr infrmatin abut the IIRC Pilt Prgramme. FINANCIAL STATEMENTS SUSTAINABILITY REPORTING Cpyright September 211 by the Internatinal Integrated Reprting Cmmittee. All rights reserved. Permissin is granted t make cpies f this wrk t achieve maximum expsure feedback prvided that each cpy bears the fllwing credit line: Cpyright September 211 by the Internatinal Integrated Reprting Cmmittee. All rights reserved. Used with permissin f the Internatinal Integrated Reprting Cmmittee. Permissin is granted t make cpies f this wrk t achieve maximum expsure feedback. Twards Integrated Reprting 1

3 SUMMARY The develpment f Integrated Reprting is designed t enhance cnslidate existing reprting practices...t mve twards a reprting framewrk that prvides the infrmatin needed t assess rganizatinal value in the 21st century. What is Integrated Reprting? Integrated Reprting brings tgether material infrmatin abut an rganizatin s strategy, gvernance, perfrmance prspects in a way that reflects the cmmercial, scial envirnmental cntext within which it perates. It prvides a clear cncise representatin f hw an rganizatin demnstrates stewardship hw it creates sustains value. An Integrated Reprt shuld be an rganizatin s primary reprting vehicle. Why d We Need Integrated Reprting? Since the current business reprting mdel was designed, there have been majr changes in the way business is cnducted, hw business creates value the cntext in which business perates. These changes are interdependent reflect trends such as: glbalizatin, grwing plicy activity arund the wrld in respnse t financial, gvernance ther crises, heightened expectatins f crprate transparency accuntability, actual prspective resurce scarcity, ppulatin grwth, envirnmental cncerns. Against this backgrund, the type f infrmatin that is needed t assess the past current perfrmance f rganizatins their future resilience is much wider than is prvided fr by the existing business reprting mdel. While there has been an increase in the infrmatin prvided, key disclsure gaps remain. Reprts are already lng are getting lnger. But, because reprting has evlved in separate, discnnected strs, critical interdependencies between strategy, gvernance, peratins financial nn-financial perfrmance are nt made clear. T prvide fr the grwing dem fr a brad infrmatin set frm markets, regulatrs civil sciety, a framewrk is needed that can supprt the future develpment f reprting, reflecting this grwing cmplexity. Such a framewrk needs t bring tgether the diverse but currently discnnected strs f reprting int a cherent, integrated whle, demnstrate an rganizatin s ability t create value nw in the future. Internatinal differences in reprting Reprting requirements have evlved separately, differently, in varius jurisdictins. This has significantly increased the cmpliance burden fr the grwing number f rganizatins that reprt in mre than ne jurisdictin makes it difficult t cmpare the perfrmance f rganizatins acrss jurisdictins. The benefits f Integrated Reprting Research has shwn that reprting influences behaviur. Integrated Reprting results in a brader explanatin f perfrmance than traditinal reprting. It makes visible an rganizatin s use f dependence n different resurces relatinships r capitals (financial, manufactured, human, intellectual, natural scial), the rganizatin s access t impact n them. Reprting this infrmatin is critical t: a meaningful assessment f the lng-term viability f the rganizatin s business mdel strategy; meeting the infrmatin needs f investrs ther stakehlders; ultimately, the effective allcatin f scarce resurces. An Internatinal Framewrk The IIRC is develping an Internatinal Integrated Reprting Framewrk that will facilitate the develpment f reprting ver the cming decades. The cre bjective f the Framewrk is t guide rganizatins n cmmunicating the brad set f infrmatin needed by investrs ther stakehlders t assess the rganizatin s lng-term prspects in a clear, cncise, cnnected cmparable frmat. This will enable thse rganizatins, their investrs thers t make better shrt lng-term decisins. The initial fcus is n reprting by larger cmpanies n the needs f their investrs. The Framewrk will help t elicit cnsistent reprting by rganizatins, prvide brad parameters fr plicy-makers regulatrs prvide a fcus fr harmnizing reprting stards. The building blcks Five Guiding Principles underpin the preparatin f an Integrated Reprt. Strategic fcus Cnnectivity f infrmatin Future rientatin Respnsiveness stakehlder inclusiveness Cnciseness, reliability materiality These Principles shuld be applied in determining the cntent f an Integrated Reprt, based n the key Cntent Elements summarized belw. The presentatin f the Elements shuld make the intercnnectins between them apparent. Organizatinal verview business mdel Operating cntext, including risks pprtunities Strategic bjectives strategies t achieve thse bjectives Gvernance remuneratin Perfrmance Future utlk Wh is the IIRC? The Internatinal Integrated Reprting Cmmittee (IIRC) is an internatinal crss-sectin f leaders frm the crprate, investment, accunting, securities, regulatry, academic, civil sciety stard-setting sectrs. See page 28 fr a list f members. Future Directin The develpment f Integrated Reprting is designed t enhance cnslidate existing reprting practices, thrugh cllabratin, cnsultatin experimentatin, t mve twards a reprting framewrk that prvides the infrmatin needed t assess rganizatinal value in the 21st century. The next steps that the IIRC will take in this directin are listed belw. Undertake a Pilt Prgramme t encurage experimentatin innvatin amng cmpanies investrs. Develp an Internatinal Integrated Reprting Framewrk Expsure Draft, reflecting respnses received t this Discussin Paper the experience gained frm the first year f the Pilt Prgramme. Wrk with thers t supprt the develpment f emerging measurement reprting practices relevant t Integrated Reprting. Raise awareness amng investrs ther stakehlders encurage rganizatins t adpt cntribute t the evlutin f Integrated Reprting. Explre pprtunities fr harmnizing reprting requirements within acrss jurisdictins. Develp institutinal arrangements fr the nging gvernance f Integrated Reprting. Yur Cmments Requested Please jin us in this unique effrt t develp an verarching Internatinal Integrated Reprting Framewrk by prviding feedback n this Discussin Paper. Yur answers t the Cnsultatin Questins in this Discussin Paper, any ther cmments yu wuld like t make, shuld be submitted t r nline at Fr the purpse f analysis, yu are asked t identify the rganizatin t which yu belng where it is lcated. All cmments received will be cnsidered a matter f public recrd will be psted n Cmments shuld be submitted by Wednesday 14th December Twards Integrated Reprting 3

4 THE WORLD HAS CHANGED REPORTING MUST TOO While the architecture necessary t supprt changing infrmatin needs is develping, many currently perceive a reprting lscape f cnfusin, clutter fragmentatin. Key pints in this sectin The wrld has changed. Reprting needs t keep pace. While reprting has exped evlved, it has als becme increasingly cmplex. Critical interdependencies are nt brught t light disclsure gaps remain. It is nt enugh t keep n adding mre infrmatin. The cnnectins need t be made clear the clutter needs t be remved. Only the mst material infrmatin shuld be included in the Integrated Reprt. Crdinated, internatinal actin is needed nw. The IIRC has brught tgether key rganizatins in respnse. The wrld has changed due t glbalizatin resulting interdependencies in ecnmies supply chains, advances in technlgy, rapid ppulatin grwth increasing glbal cnsumptin. This has had a significant impact n the quality, availability price f resurces, including water, fd energy. It als puts increasing pressure n ecsystems that are essential t the ecnmy sciety. This has plitical, scial cmmercial implicatins. Businesses are being frced t react t these changes in rder t remain successful, in many cases, are develping new business mdels that recgnize the need t innvate d mre with less. The need fr a brader infrmatin set is clearly demnstrated by the small percentage f market value nw explained by physical financial assets dwn t nly 19% in frm 83% in The remainder represents intangible factrs, sme f which are explained within financial statements, but many f which are nt. 1 Cmpnents f S&P 5 market value Physical financial assets Other factrs The percentage f market value represented by physical financial assets versus intangible factrs, sme f which are explained within financial statements, but many f which are nt Reprting needs t keep pace. The traditinal reprting mdel was develped fr an industrial wrld. Althugh it cntinues t play a valuable rle with respect t stewardship f financial capital, it nnetheless fcuses n a relatively narrw accunt f histrical financial perfrmance f the valuecreatin prcess. As business has becme mre cmplex gaps in traditinal reprting have becme prminent, new reprting requirements have been added thrugh a patchwrk f laws, regulatins, stards, cdes, guidance stck exchange listing requirements. This has led t an increase in the infrmatin prvided thrugh: lnger mre cmplex financial reprts management cmmentaries; 2 increased reprting n gvernance remuneratin; stalne sustainability reprting 3 which has als evlved rapidly ver the past decade. These develpments, led by plicy-makers, cmpanies ther reprting rganizatins, investrs civil sciety, are welcme reactins designed t elicit the infrmatin needed in a changing wrld. Hwever, while the architecture necessary t supprt changing infrmatin needs is develping, many currently perceive a reprting lscape f cnfusin, clutter fragmentatin. Much f the infrmatin nw prvided is discnnected key disclsure gaps remain. As a result, althugh there is evidence that investrs recgnize the materiality f nn-financial factrs, they d nt feel that the infrmatin they have available is adequate fr decisinmaking. 4 Fr example, while there is management recgnitin that sustainability issues shuld be fully integrated int the strategy peratins f a cmpany (with 96% f CEOs frm the wrld s largest cmpanies expressing this pinin 5 ), nly 21% f listed cmpanies reprt any sustainability infrmatin based n Blmberg research. 6 It is nt enugh t keep n adding mre infrmatin the cnnectins need t be made clear the clutter needs t be remved. Crprate reprts are already lng, in many cases, they are getting lnger. Length excessive detail can bscure critical infrmatin rather than aid understing. 7 Only the mst material infrmatin shuld be included in the Integrated Reprt. Fr many rganizatins, reprting is seen as a legal cmpliance prcess, rather than as a prcess fr cmmunicating what matters. Furthermre, different strs f reprting have tended t evlve separately, with additinal requirements infrmatin requests being blted n t the existing mdel, rather than being integrated int it. The pressure t keep adding mre cntinues t grw. This has created a cmplex verlapping set f discnnected disclsures. As a result, critical interdependencies that exist are nt made clear, fr example, between: strategy risk, financial nn-financial perfrmance, gvernance perfrmance, the rganizatin s wn perfrmance that f thers in its value chain. Crdinated, internatinal actin is needed nw. The infrmatin available t management, investrs ther stakehlders, the way in which it is presented, have a fundamental impact n decisin-making. The time has cme t step back rethink what infrmatin is needed t prvide a clear, cncise picture f perfrmance, impacts interdependencies. Such a picture must: drive innvatin, be fcused n cmmunicatin nt just cmpliance, supprt resurce allcatin decisins that are cnsistent with sustained value creatin with lng-term ecnmic stability. In an increasingly glbal marketplace, cmparability is imprtant. Reprting requirements have evlved separately, differently, in varius jurisdictins. This has increased the reprting administrative burden fr the grwing number f rganizatins that reprt in mre than ne jurisdictin. It has als resulted in diverging disclsure practices that inhibit investrs thers frm understing cmparing the infrmatin they need fr decisin-making. In the cntext f financial reprting, internatinal cnvergence has been recgnized as imprtant, prgress has been made twards internatinal stards, fr example, thrugh the current wrk n the cnvergence f Internatinal Financial Reprting Stards (IFRS) U.S. Generally Accepted Accunting Principles (U.S. GAAP). Nevertheless, many ther aspects f reprting cntinue t be gverned by natinal r reginal laws, regulatins stck exchange listing requirements, by a mixture f matry vluntary stards, cdes guidance. The IIRC has brught tgether key rganizatins in respnse. The IIRC was established in 21 in recgnitin f the need t mve twards an Internatinal Integrated Reprting Framewrk that is fit-fr-purpse fr the 21st century. The IIRC seeks t build upn, enhance supprt the wrk that has been dne t date, is nging, t achieve a reprting framewrk that: cmmunicates the rganizatin s strategy, business mdel, perfrmance plans against the backgrund f the cntext in which it perates; prvides a cherent framewrk within which market regulatry driven reprting requirements can be integrated; is internatinally agreed, s as t encurage cnvergence f apprach hence mre ready understing f infrmatin presented; reflects the use f effect n all f the resurces relatinships r capitals (human, natural scial as well as financial, manufactured intellectual) n which the rganizatin sciety depend fr prsperity; reflects cmmunicates the interdependencies between the success f the rganizatin the value it creates fr investrs, emplyees, custmers, mre bradly, sciety. Q1. (a) D yu believe that actin is needed t help imprve hw rganizatins represent their value-creatin prcess? Why/why nt? (b) D yu agree that this actin shuld be internatinal in scpe? Why/why nt? 4 Twards Integrated Reprting 5

5 TOWARDS INTEGRATED REPORTING Integrated Reprting brings tgether the material infrmatin abut an rganizatin s strategy, gvernance, perfrmance prspects in a way that reflects the cmmercial, scial envirnmental cntext within which it perates. It prvides a clear cncise representatin f hw an rganizatin creates value, nw in the future. Key pints in this sectin Integrated Reprting cmbines the different strs f reprting (financial, management cmmentary, gvernance remuneratin, sustainability reprting) int a cherent whle that explains an rganizatin s ability t create sustain value. The main utput f Integrated Reprting is an Integrated Reprt: a single reprt that the IIRC anticipates will becme an rganizatin s primary reprt. Integrated Reprting can reduce the reprting burden n rganizatins while imprving investrs, ther stakehlders, insight understing. Integrated Reprting reflects builds upn existing develpments in reprting. Integrated Reprting Defined Integrated Reprting brings tgether the material infrmatin abut an rganizatin s strategy, gvernance, perfrmance prspects in a way that reflects the cmmercial, scial envirnmental cntext within which it perates. It prvides a clear cncise representatin f hw an rganizatin demnstrates stewardship hw it creates value, nw in the future. Integrated Reprting cmbines the mst material elements f infrmatin currently reprted in separate reprting strs (financial, management cmmentary, gvernance remuneratin, sustainability) in a cherent whle, imprtantly: shws the cnnectivity between them; explains hw they affect the ability f an rganizatin t create sustain value in the shrt, medium lng term. Integrated Reprting reflects what can be called integrated thinking applicatin f the cllective mind f thse charged with gvernance (the bard f directrs r equivalent), the ability f management, t mnitr, manage cmmunicate the full cmplexity f the value-creatin prcess, hw this The evlutin f crprate reprting cntributes t success ver time. It will increasingly be thrugh this prcess f integrated thinking that rganizatins are able t create sustain value. The effective cmmunicatin f this prcess can help investrs, ther stakehlders, t underst nt nly an rganizatin s past current perfrmance, but als its future resilience. The main utput f Integrated Reprting is an Integrated Reprt: a single reprt that the IIRC anticipates will becme an rganizatin s primary reprt, replacing rather than adding t existing requirements. Such a reprt enables evlving reprting requirements, bth market-driven regulatry, t be rganized int a cherent narrative. An Integrated Reprt prvides a clear reference pint fr ther cmmunicatins, including any specific cmpliance infrmatin, such as investr presentatins, detailed financial infrmatin, peratinal data sustainability infrmatin. Much f this infrmatin might mve t an nline envirnment, reducing clutter in the primary reprt, which will fcus nly n the matters that the rganizatin cnsiders mst material t lng-term success. Building n Develpments t Date Integrated Reprting reflects builds upn existing develpments in reprting, including the fllwing. The nging internatinal cnvergence f accunting stards thrugh the cllabrative effrts f the Internatinal Accunting Stards Bard (IASB) the U.S.-based Financial Accunting Stards Bard (FASB) t imprve bth IFRS U.S. GAAP, t eliminate the differences between them. The wrk f The Prince s Accunting fr Sustainability Prject, the Glbal Reprting Initiative, the Wrld Business Cuncil fr Sustainable Develpment, the Wrld Resurces Institute, the Wrld Intellectual Capital Initiative, the Carbn Disclsure Prject, the Climate Disclsure Stards Bard, the Eurpean Federatin f Financial Analysts, the United Natins (UN) Cnference n Trade Develpment, the UN Glbal Cmpact, the Internatinal Crprate Gvernance Netwrk, the Cllabrative Venture n Valuing Nn-Financial Perfrmance, many thers t develp principles, methdlgies, guidelines stards fr the accunting reprting f nn-financial infrmatin. The publicatin during f: the IFRS Practice Statement, Management Cmmentary, an internatinal framewrk fr narrative reprting t prvide a cntext fr interpreting an rganizatin s financial psitin, financial perfrmance cash flws; the Integrated Reprting Cmmittee f Suth Africa s Discussin Paper, Framewrk fr Integrated Reprting the Integrated Reprt ; the Glbal Reprting Initiative s G3.1 Sustainability Reprting Guidelines, its current prject t develp a furth generatin f Guidelines ver the cming tw years; the Internatinal Auditing Assurance Stards Bard s Discussin Paper, The Evlving Nature f Financial Reprting: Disclsure Its Audit Implicatins. The IIRC aims t frge a glbal cnsensus n the directin in which reprting needs t evlve, creating a framewrk fr reprting that is better able t accmmdate cmplexity, in s ding, brings tgether the different strs f reprting int a cherent, integrated whle. All f the rganizatins referred t abve are part f, r cllabrating clsely with, the IIRC t achieve this aim Financial Statements Financial Statements Financial Statements Management Cmmentary Integrated Reprting Sustainability Reprting Management Cmmentary Gvernance Remuneratin Envirnmental Reprting Management Cmmentary Sustainability Reprting Gvernance Remuneratin Financial Statements Q2. D yu agree with the abve definitin f Integrated Reprting? Why/why nt? Gvernance Remuneratin 6 Twards Integrated Reprting 7

6 AN INTERNATIONAL INTEGRATED REPORTING FRAMEWORK The Framewrk will prvide high-level guidance t rganizatins that prepare Integrated Reprts, helping t prvide cnsistency f cntent apprach in a way that demnstrates the extent t which integrated thinking is ccurring within the rganizatin. Key pints in this sectin The IIRC is develping a Framewrk t supprt the future develpment f reprting. The Framewrk will help ensure cnsistent reprting by rganizatins, will prvide brad parameters fr plicy-makers regulatrs, will be a fcus fr harmnizing reprting stards. The initial fcus is n reprting by larger cmpanies n the needs f their investrs. An rganizatin s business mdel its ability t create sustain value in the shrt, medium lng term are central themes f the Framewrk, which includes Guiding Principles Cntent Elements. Integrated Reprting results in a brader explanatin f perfrmance than traditinal reprting. It makes visible hw the rganizatin uses different capitals (financial, manufactured, human, intellectual, natural scial), its impact n them, their interdependence. Hw is Integrated Reprting Different? Thinking Islated Integrated Because traditinal reprting ccurs in sils, it encurages thinking in sils. Integrated Reprting, n the ther h, reflects, supprts, integrated thinking mnitring, managing cmmunicating the full cmplexity f the value creatin prcess hw this cntributes t success ver time. Integrated Reprting demnstrates the extent t which integrated thinking is ccurring within the rganizatin. Stewardship Financial capital All frms f capital An Integrated Reprt displays an rganizatin s stewardship nt nly f financial capital, but als f the ther capitals (manufactured, human, intellectual, natural scial), their interdependence hw they cntribute t success. This brader perspective requires cnsideratin f resurce usage risks pprtunities alng the rganizatin s full value chain. Fcus Past, financial Past future, cnnected, strategic The aim f the Internatinal Integrated Reprting Framewrk is t supprt the develpment f reprting ver the cming decades, centred n hw an rganizatin creates sustains value. This sectin utlines initial prpsals fr the develpment f the Framewrk, setting ut cncepts, principles key elements arund which it can be built. These prpsals ffer a starting pint fr discussin, rather than a cmplete Framewrk. An Expsure Draft f the Framewrk is planned fr release in 212. During the cmment perid fr this Discussin Paper, interim guidance material will be made available n the IIRC website. This material will be built upn as further experience is btained thrugh the IIRC Pilt Prgramme (see page 24). The Framewrk will prvide high-level guidance t rganizatins that prepare Integrated Reprts, helping t prvide cnsistency f cntent apprach in a way that demnstrates the extent t which integrated thinking is ccurring within the rganizatin. It will als prvide plicy-makers regulatrs with brad parameters within which cnsistent regulatry reprting regimes can be develped acrss different jurisdictins. The Framewrk will be a fcal pint fr the harmnizatin f current stards. The initial fcus is n reprting by larger cmpanies. Hwever, the IIRC expects that the cncepts underlying Integrated Reprting will be equally applicable t small- medium-sized enterprises, the public sectr nt-fr-prfit rganizatins. Integrated Reprts will meet the needs f a brad range f stakehlders. Initially, hwever, the IIRC intends t fcus the develpment f the Framewrk n the needs f investrs (prviders f debt equity), cnsistent with the current duties f thse charged with gvernance in many jurisdictins. The fllwing pages include: a summary f the key differences between Integrated Reprting traditinal reprting; a discussin f the central imprtance f an rganizatin s business mdel f value creatin; guiding principles fr develping an Integrated Reprt; cntent elements that describe the cre infrmatin t be included in an Integrated Reprt. Annual reprting at present is largely fcused n past financial perfrmance financial risks. Other reprts cmmunicatins may cver ther resurces relatinships, but they are seldm presented in a cnnected way, r linked t the rganizatin s strategic bjectives its ability t create sustain value in the future. Timeframe Shrt term Shrt, medium lng term Much f the media regulatry attentin in respnse t the glbal financial crisis has fcused n shrt-termism as ne cntributry factr. Althugh shrt-term cnsideratins are imprtant in many ways, placing them in cntext is als essential. Integrated Reprting specifically factrs in shrt-, medium- lng-term cnsideratins. Trust Narrw disclsures Greater transparency Financial reprting fcuses primarily n a narrw series f mated disclsures. Althugh an increasing number f rganizatins are imprving their transparency, fr example, thrugh vluntary sustainability reprting, in abslute terms that number is still lw. By emphasizing transparency, fr example, cvering a brader range f issues disclsing the psitive with the negative, Integrated Reprting helps t build trust. Adaptive Rule bund Respnsive t individual circumstances Tday s reprting is ften said t be t cmpliance rientated, reducing the scpe fr rganizatins t exercise an apprpriate amunt f judgement. While a certain level f cmpliance rientatin is necessary t ensure cnsistency enable cmparisn, Integrated Reprting ffers a principles-based apprach that drives greater fcus n factrs that are material t particular sectrs rganizatins. It permits an rganizatin t disclse its unique situatin in clear understable language. Cncise Lng cmplex Cncise material Q3. D yu supprt the develpment f an Internatinal Integrated Reprting Framewrk? Why/ why nt? Q4. (a) D yu agree that the initial fcus f Integrated Reprting shuld be n reprting by larger cmpanies n the needs f their investrs? Why/why nt? (b) D yu agree that the cncepts underlying Integrated Reprting will be equally applicable t small medium enterprises, the public sectr nt-fr-prfit rganizatins? Lng cmplex reprts are ften impenetrable fr many readers. A key bjective fr Integrated Reprting is t de-clutter the primary reprt s that it cvers, cncisely, nly the mst material infrmatin. Technlgy enabled Paper based Technlgy enabled While the internet XBRL are intrducing elements f technlgical innvatin, many crprate reprts are still presented as if they were entirely paper based. Integrated Reprting takes advantage f new emerging technlgies t link infrmatin within the primary reprt t facilitate access t further detail nline where that is apprpriate. 8 Twards Integrated Reprting 9

7 An Internatinal Integrated Reprting Framewrk (cntinued) Business Mdel Value Creatin Central t Integrated Reprting is the rganizatin s business mdel. There is n single, generally accepted definitin f the term business mdel. Hwever, it is ften seen as the prcess by which an rganizatin seeks t create sustain value. An rganizatin determines its business mdel thrugh chices that typically recgnize that value is nt created by r within the rganizatin alne, but is: influenced by external factrs (including ecnmic cnditins, scietal issues technlgical change) that present risks pprtunities, which create the cntext within which the rganizatin perates, c-created thrugh relatinships with thers (including emplyees, partners, netwrks, suppliers custmers), dependent n the availability, affrdability, quality management f varius resurces, r capitals (financial, manufactured, human, intellectual, natural scial). Integrated Reprting therefre aims t prvide insights abut: significant external factrs that affect an rganizatin, the resurces relatinships used affected by the rganizatin, hw the rganizatin s business mdel interacts with external factrs resurces relatinships t create sustain value ver time. Financial Manufactured External factrs By describing, measuring where it is practicable, the material cmpnents f value creatin, imprtantly, the relatinships between them, Integrated Reprting results in a brader explanatin f perfrmance than traditinal reprting. In particular, it makes visible all the relevant capitals n which perfrmance (past, present future) depends, hw the rganizatin uses thse capitals, its impact n them, as illustrated by the diagram belw. This infrmatin is critical t the effective allcatin f scarce resurces. It will prvide a meaningful presentatin f the rganizatin s prspects fr lng term resilience success, facilitate the infrmatinal needs f, assessments by, investrs ther stakehlders. Imprtantly, a reprting framewrk centred arund an rganizatin s business mdel prvides a better basis fr management t explain what really matters, bringing reprting clser t the way the business is run. Financial Manufactured Resurces relatinships r capitals All rganizatins depend n a variety f resurces relatinships fr their success. The extent t which rganizatins are running them dwn r building them up has an imprtant impact n the availability f the resurces the strength f the relatinships that supprt the lngterm viability f thse rganizatins. These resurces relatinships can be cnceived as different frms f capital. The purpse f the fllwing categrizatin descriptins, based n varius surces established mdels, 8 is t help readers underst the cncepts underlying this Discussin Paper; it is nt intended t be the nly way the capitals can be categrized r described. The extent t which different rganizatins use r impact each f these capitals varies: nt all capitals are equally relevant r applicable t all rganizatins. Financial capital: The pl f funds that is: available t the rganizatin fr use in the prductin f gds r the prvisin f services, btained thrugh financing, such as debt, equity r grants, r generated thrugh peratins r investments. Manufactured capital: Manufactured physical bjects (as distinct frm natural physical bjects) that are available t the rganizatin fr use in the prductin f gds r the prvisin f services, including: buildings, equipment, infrastructure (such as rads, prts, bridges waste water treatment plants). Human capital: Peple s skills experience, their mtivatins t innvate, including their: ability t underst implement an rganizatin s strategies, lyalties mtivatins fr imprving prcesses, gds services, including their ability t lead t cllabrate. Intellectual capital: Intangibles that prvide cmpetitive advantage, including: intellectual prperty, such as patents, cpyrights, sftware rganizatinal systems, prcedures prtcls, the intangibles that are assciated with the br reputatin that an rganizatin has develped. Natural capital: Natural capital is an input t the prductin f gds r the prvisin f services. An rganizatin s activities als impact, psitively r negatively, n natural capital. It includes: water, l, minerals frests, bidiversity ec-system health. Scial capital: The institutins relatinships established within between each cmmunity, grup f stakehlders ther netwrks t enhance individual cllective wellbeing. Scial capital includes: cmmn values behaviurs, key relatinships, the trust lyalty that an rganizatin has develped strives t build prtect with custmers, suppliers business partners, an rganizatin s scial licence t perate. Human Human alignment with supprt f the rganizatin s gvernance framewrk ethical values such as its recgnitin f human rights, Business mdel Hw the rganizatin creates sustains value in the shrt, medium lng term Intellectual Intellectual Natural External factrs Natural Scial Scial Q5. Are: (a) the rganizatin s business mdel, (b) its ability t create sustain value in the shrt, medium lng term, apprpriate as central themes fr the future directin f reprting? Why/why nt? Q6. D yu find the cncept f multiple capitals helpful in explaining hw an rganizatin creates sustains value? Why/why nt? 1 Twards Integrated Reprting 11

8 An Internatinal Integrated Reprting Framewrk (cntinued) The Building Blcks Guiding Principles Five guiding principles underpin the preparatin f an Integrated Reprt (see page 13). Strategic fcus Cnnectivity f infrmatin Future rientatin Respnsiveness stakehlder inclusiveness Cnciseness, reliability materiality Cnciseness, reliability materiality Strategic fcus Future utlk Perfrmance Operating cntext, including risks pprtunities Organizatinal verview business mdel Respnsiveness stakehlder inclusiveness Cntent Elements The principles shuld be applied in determining the cntent f an Integrated Reprt, based n the key elements summarized belw. The presentatin f the elements shuld make the intercnnectins between them apparent (see page 14 15). Organizatinal verview business mdel Operating cntext, including risks pprtunities Strategic bjectives strategies t achieve thse bjectives Gvernance remuneratin Perfrmance Future utlk Cnnectivity f infrmatin Gvernance remuneratin Strategic bjectives Q7. D the Guiding Principles identified in the Discussin Paper prvide a sund fundatin fr preparing an Integrated Reprt are they cllectively apprpriate; is each individually apprpriate; are there ther Guiding Principles that shuld be added? Why/why nt? Future rientatin Guiding Principles The fllwing guiding principles underpin the preparatin f an Integrated Reprt, infrming the cntent f the reprt hw infrmatin is presented. Strategic fcus: An Integrated Reprt prvides insight int the rganizatin s strategic bjectives, hw thse bjectives relate t its ability t create sustain value ver time the resurces relatinships n which the rganizatin depends. An Integrated Reprt cmmunicates what is imprtant t the rganizatin frm a strategic perspective. It utlines: the rganizatin s strategic bjectives; the strategies it has in place, r plans t implement, in rder t achieve them; hw they relate t ther cmpnents f its business mdel. This may include, fr example, highlighting significant new pprtunities, risks dependencies that flw frm the rganizatin s market psitin, strategies business mdel. It als clearly articulates hw the rganizatin uses resurces relatinships. This includes reprting n financial, manufactured, human, intellectual, natural scial capital t the extent each cntributes materially t the rganizatin s ability t create sustain value. Cnnectivity f infrmatin: An Integrated Reprt shws the cnnectins between the different cmpnents f the rganizatin s business mdel, external factrs that affect the rganizatin, the varius resurces relatinships n which the rganizatin its perfrmance depend. Cnnectivity is central t ensuring that an Integrated Reprt: illuminates the changing nature f business decisin-making, the critical linkages in business thinking activity; helps t break dwn established sils in the way infrmatin is reprted, the traditinal fcus primarily n financial matters. Examples f cnnectivity include: infrmatin abut hw changes in the market envirnment impact strategy; links between the different elements in the rganizatin s market analysis its assessment explanatin f risk; hw strategies link t key perfrmance indicatrs (KPIs), key risk indicatrs (KRIs) remuneratin. Imprtantly, an Integrated Reprt clearly presents the linkage between financial perfrmance the rganizatin s use f, impact n, the significant resurces relatinships upn which it depends. Future rientatin: An Integrated Reprt includes management s expectatins abut the future, as well as ther infrmatin t help reprt users underst assess the rganizatin s prspects the uncertainties it faces. Future rientatin includes: hw the rganizatin balances shrt- lng-term interests; where the rganizatin expects it will g ver time; hw it plans t get there; what the critical enablers, challenges barriers may be alng the way. This invlves analyzing: hw sustainable the rganizatin s business mdel is; the relatinship between past future perfrmance; the factrs that may change that relatinship, fr example, whether the rganizatin will be able t access the resurces it needs at a price it can affrd. An Integrated Reprt may include targets, frecasts, prjectins, estimates sensitivity analyses. Respnsiveness stakehlder inclusiveness: An Integrated Reprt prvides insight int the rganizatin s relatinships with its key stakehlders hw t what extent the rganizatin understs, takes int accunt respnds t their needs. Integrated Reprting emphasizes the imprtance f relatinships with the rganizatin s stakehlders. Stakehlders prvide useful insights abut matters that are imprtant t them, including ecnmic, envirnmental scial issues. This assists the rganizatin t: identify material issues; develp evaluate strategies; manage activities, including strategic accuntable respnses t material issues. An Integrated Reprt enhances transparency accuntability, which are essential in building trust resilience, by disclsing: the nature quality f the rganizatin s relatinships with key stakehlders, such as custmers, suppliers, emplyees lcal cmmunities; hw their issues are understd, taken int accunt respnded t. Cnciseness, reliability materiality: An Integrated Reprt prvides cncise, reliable infrmatin that is material t assessing the rganizatin s ability t create sustain value in the shrt, medium lng term. Senir management thse charged with gvernance must exercise judgement in: distinguishing between infrmatin that is material shuld therefre be included in the Integrated Reprt, ther infrmatin that may be relatively static r nly relevant t sme reprt users; cnciseness is enhanced when the latter is included separately n the rganizatin s website r in ther frms f cmmunicatin; deciding whether infrmatin is sufficiently reliable t be included in an Integrated Reprt. While reliable infrmatin needs t be cmplete, neutral free frm errr, it is recgnized that this is seldm, if ever, achievable in every respect, s the bjective is t maximize these qualities t the extent practicable, fr example, by ensuring that any negative issues are as faithfully reprted as psitive nes. Reliability als encmpasses the need fr infrmatin t be cmparable between rganizatins cnsistent fr the same rganizatin ver time. Reliability is enhanced by mechanisms such as rbust stakehlder engagement independent, external assurance. 12 Twards Integrated Reprting 13

9 An Internatinal Integrated Reprting Framewrk (cntinued) Cntent Elements An Integrated Reprt includes the fllwing Cntent Elements, answering the respective questin psed fr each. These elements are fundamentally linked t each ther are presented in the Integrated Reprt in a way that makes the intercnnectins between them apparent, rather than as islated, stalne sectins. Explanatins f material changes since prir reprting perids are particularly imprtant. Organizatinal verview business mdel: What des the rganizatin d hw des it create sustain value in the shrt, medium lng term? The Integrated Reprt prvides essential cntext by identifying: the rganizatin s missin, principal activities, markets, prducts services; its business mdel, value drivers critical stakehlder dependencies; its attitude t risk. Gvernance remuneratin: What is the rganizatin s gvernance structure, hw des gvernance supprt the strategic bjectives f the rganizatin relate t the rganizatin s apprach t remuneratin? An Integrated Reprt prvides insight abut the rganizatin s versight tne at the tp. It includes: an explanatin f the rganizatin s leadership strategic decisin-making prcesses, including the skill set f thse charged with gvernance; what actins thse charged with gvernance have taken t influence the strategic directin f the rganizatin, including its culture, ethical values relatinships with key stakehlders; hw the remuneratin f executives thse charged with gvernance is linked t perfrmance in the shrt, medium lng term, including hw it is linked t the rganizatin s use f impact n the resurces relatinships n which it depends. Perfrmance: Hw has the rganizatin perfrmed against its strategic bjectives related strategies? Operating cntext, including risks pprtunities: What are the circumstances under which the rganizatin perates, including the key resurces relatinships n which it depends the key risks pprtunities that it faces? T prvide cntext, an Integrated Reprt identifies: the cmmercial, scial envirnmental cntext within which the rganizatin perates, including significant laws regulatins that affect the rganizatin s ability t create sustain value in the shrt, medium lng term; the resurces relatinships that are key t the rganizatin s success, including key stakehlders, their legitimate needs, interests expectatins, their imprtance t the rganizatin; the rganizatin s key risks pprtunities, including thse that relate t its relatinships t its impact n, the cntinued availability, quality affrdability f, relevant resurces. This Cntent Element builds n the high-level verview f the rganizatin includes: a mre in-depth descriptin f material issues; the rganizatin s prcess fr determining which issues it cnsiders material; hw the material issues affect the rganizatin s ability t create sustain value ver time (e.g., hw the rganizatin integrates key emerging r escalating risks pprtunities int its strategies). An Integrated Reprt includes qualitative quantitative infrmatin, including: KPIs KRIs regarding the rganizatin s perfrmance against its strategic bjectives related strategies; the rganizatin s impacts (bth psitive negative) n the resurces relatinships n which it depends; the significant external factrs impacting perfrmance; hw the rganizatin fared against its targets. Infrmatin regarding financial perfrmance is integrated with infrmatin regarding perfrmance with respect t the ther capitals. The discussin als encmpasses hw innvatin affects the ability f the rganizatin t create sustain value. Perfrmance infrmatin includes a descriptin f the rganizatin s view f its majr external ecnmic, envirnmental scial impacts risks up dwn the value chain, alng with material quantitative infrmatin t the extent practicable. While ther reprts cmmunicatins (such as financial statements, a sustainability reprt r detailed website disclsures) may be referenced r linked fr thse reprt users wh want additinal detail n varius aspects f perfrmance, the perfrmance discussin in an Integrated Reprt is cnsiderably mre cncise cnnected. The linkages between past current perfrmance between current perfrmance future utlk shuld be made clear. Strategic bjectives strategies t achieve thse bjectives: Where des the rganizatin want t g hw is it ging t get there? An Integrated Reprt describes the rganizatin s strategic bjectives its strategies t achieve thse bjectives. It sets ut hw the rganizatin will measure achievement target utcmes fr the shrt, medium lng term. This discussin builds n the descriptin f the rganizatinal verview perating cntext t prvide reprt users with an understing f what drives prtects the value f the rganizatin. It identifies: risk management arrangements related t key resurces relatinships; the linkage between strategies ther Cntent Elements; what makes the rganizatin unique able t realize value in the future, such as the extent t which sustainability cnsideratins have been embedded int its strategy t give it a cmpetitive advantage. Future utlk: What pprtunities, challenges uncertainties is the rganizatin likely t encunter in achieving its strategic bjectives what are the resulting implicatins fr its strategies future perfrmance? Future utlk builds n ther Cntent Elements t highlight anticipated changes ver time. It prvides infrmatin, built n sund transparent analysis, abut: hw the rganizatin is currently equipped t respnd t the perating cntext that it is likely t face in the future, hw the rganizatin balances shrt- lng-term interests, ptential repercussins f where the rganizatin expects it will g in the shrt, medium lng term, the actins needed t get there, the assciated uncertainties. The Integrated Reprt shuld identify any real risks that culd have extreme cnsequences, even thugh the prbability f their ccurrence might be cnsidered quite small. Q8. D the Cntent Elements identified in the Discussin Paper prvide a sund fundatin fr preparing an Integrated Reprt are they cllectively apprpriate; is each individually apprpriate; are there ther Cntent Elements that shuld be added? Why/why nt? 14 Twards Integrated Reprting 15

10 Twards Integrated Reprting Innvatin in Actin Many rganizatins are taking innvative appraches t aspects f reprting that are ften cnsistent with the cncept f Integrated Reprting. Few rganizatins, if any, hwever, culd claim t have achieved the ideal f Integrated Reprting. Presented n pages is a small selectin f examples f current innvatin. These might nt be perfect illustratins f all aspects f the Framewrk in this dcument are nt intended AkzNbel Reprt 21 pp t prvide definitive guidance; rather, they are presented here t illustrate reprting innvatin in the particular circumstances f an rganizatin that might be regarded as gd practice t exceed targeted rates f return in a sustainable manner. aniirc integrated energy chemicals cmpany Sasl aims t meet stakehlders expectatins at present.as The Pilt Prgramme will prvide further pprtunity fr experimentatin t infrm the develpment f the As an integrated energy chemicals cmpany Sasl aims t meet stakehlders expectatins Framewrk, the IIRC als encurages cntributins by ther ur integrated business mdel rganizatins f innvative examples f gd practice. ur business mdel Sasl integrated Annual Review Summarized Explratin prductin Explratin prductin t (MJEEFO 4QFFE8BMM IJHIMZ FGmDJFOU JOUFSJPS XBMM QBJOU XJUI superir prperties fr the prfessinal painter. 5,1 1,7 1,8 EBITDA margin (in %) China 1,2 1,5 EBIT Other Asian cuntries 2, 2,2 EBIT margin (in %) The Netherls 1, 1,1 Operating incme Germany 1,6 1,3 Mving average ROI (in %) Sweden 6 2,2 2,2 Other Eurpean cuntries 5,4 5,1 Other regins 1,1 1,1 21,9 22, Ttal decratin t 4QFDJBMUZ DPBUJOHT GPS NFUBM DPODSFUF BOE Trade custmers t 1SPEVDU RVBMJUZ DPOTJTUFODZ BOE JOOPWBUJPO Ge-mix revenue by destinatin Eurpe 1st Cntinental Eurpe Nrthern Eastern Eurpe rest 343 Other Asian cuntries 6.9 The Netherls UK, Irel Suth Africa Americas 1st Canada 2nd United States 2% Germany 5.2 Sweden Emerging Eurpe mmentum cnsumers Innvatins Custmers Our end-users can bradly be segmented int hmewners (either DIY r BIY buy it yurself), prfessinal painters serving hmewners cmmercial cntractrs. They n 6 citiescnsumer market PPS BOE T hmewninal paintctrs. They India Suth Asia China Nrth Asia Supprt prfessinal painters with tailr-made prducts services t 4JLLFOT PCKFDU BOBMZTJT EFTJHO TVQQPSU BOE NBSLFUJOH prgrams fr painters Americas AkzNbel Decrative Paints Business perfrmance 2nd United States 3% bel Reprt 21 t Leading catings supplier fr the Cmmnwealth Games in India 6 2,2 5.7 AkzNbel Reprt 21 Ttal ,1 1,1 21,9 22, Business perfrmance AkzNbel Decrative Paints 53 gas emissins intensity by 15% (n the 25 baseline) in all ur peratins by 22, we have spent R1 millin (US$11,1 millin) in n energy efficiency-related prjects, which shuld achieve a reductin f arund 76 tns f GHG emissins a year. Synfuels significantly increasing prductin vlumes, which ffset the emissins increase. The targets we have set fr all ur peratins reflect nt nly ur desire t be a respnsible cmpany, but als ur awareness that a strng business case exists fr sustainable develpment. Greenhuse gas (GHG) emissins slutins Prduct: Ec-premium A B A Decrative Paints Eurpe Our glbal emissins f GHG, which have been independently verified, increased frm 71,3 millin tns (Mt) in t 75,8 Mt in 21, Cal is an imprtant part f the wrld s energy mix, Sasl will cntinue t mainly due t the inclusin f Oryx GTL emissins data. Hwever, ur prduce transprtatin fuels frm cal gas. Hwever, we are cmmitted emissins intensity imprved t 3,5 (measured as carbn dixide t substantially reducing ur carbn emissins by, amng thers, develping equivalent per tn f prductin) in 21. This cmpares with 3,24 in mre efficient prductin prcesses investigating carbn capture 3,2 (restated) in 28. The imprved verall GHG intensity strage (CSS) slutins. We have set several targets t reduce ur greenhuse is a result f the inclusin f Oryx GTL, Sasl Plymers Sasl gas emissins intensity by 15% (n the 25 baseline) in all ur peratins by Synfuels significantly increasing prductin vlumes, which ffset Our glbal emissins f GHG, which have been independently verified, gas (GHG) emissins 22, we have spent R1 millin (US$11,1 millin) in Greenhuse n energy the emissins increase. The targets we have set fr all ur peratins increased frm 71,3 millin tns (Mt) in t 75,8 Mt in 21, imprtant part f the wrld s energy Saslnly will cntinue t efficiency-related prjects, which shuld achieve a reductincalfis anarund mainly due a t the inclusin f Oryx GTL emissins but data. Hwever, reflmix, ectnt ur desire t be respnsible cmpany, als ur prduce transprtatin fuels frm cal gas. Hwever, we are cmmitted emissins intensity imprved t 3,5 (measured as carbn dixide 76 tns f GHG emissins a year. urby,awareness that a strng business exists frthis sustainable t substantially reducing ur carbn emissins amng thers, develping equivalent per tn fcase prductin) in 21. cmpares with 3,24 in mre efficient prductin prcesses investigating carbn capture 3,2 (restated) in 28. The imprved verall GHG intensity develpment. strage (CSS) slutins. We have set several targets t reduce ur greenhuse is a result f the inclusin f Oryx GTL, Sasl Plymers Sasl 5,1 21 Greenhuse gas (GHG) emissins 2,2 4. 5, Sasl Mining supplies mst f the feedstck cal we need fr ur Sasl petrchemical plants. 4 C t Presence in China increased t mre than 6 cities Emerging Eurpe 21 China Nrth Asia 4 Water Our GTL diesel has a higher quality than diesels derived frm crude il. GTL diesel has a high cetane number (7+ versus the cnventinal 45 55), lw sulphur (less than five parts per millin), lw armatics (less than 1%) excellent cld-flw characteristics. Our GTL diesel, therefre, is ideal as a lw-emissins, premium grade fuel as a blend stck fr upgrading cnventinal diesels. Markets Sasl markets prducts directly t the cnsumer, as well as t cmmercial industrial custmers, thereby integrating its upstream dwnstream activities. Water New energy Varius technlgical advancements in effluent recycling, cling, pre-treatment f water fr steam generatin slids hling are paving the way fr significantly imprved zer liquid effluent discharge designs, which are being develped irrespective f water energy availability r New pricing. Sasl New Energy Hldings (SNE) was created t fcus n new technlgies that can be integrated with ur cre technlgies t reduce ur GHG ftprint. As part f ur cmmitment t reduce prductin f carbn dixide in ur peratins integrate new technlgy int ur FT prcesses, SNE will lk int renewable lwer-carbn energy ptins such as slar, bifuels bimass, as well as nuclear, hydr natural gas. Varius technlgical advancements in effluent recycling, cling, pre-treatment f water fr steam generatin slids hling are paving the way fr significantly imprved zer liquid effluent discharge designs, which are being develped irrespective f water availability r pricing. Sasl New Energy Hldings (SNE) was created t fcus n new technlgies that can be integrated with ur cre technlgies t reduce ur GHG ftprint. As part f ur cmmitment t reduce prductin f carbn dixide in ur peratins integrate new technlgy int ur FT prcesses, SNE will lk int renewable lwer-carbn energy ptins such as slar, bifuels bimass, as well as nuclear, hydr natural gas. annual review 21 ur business ur integrated bus 4 5 Our glbal emissins f GHG, which have been independently verified, Water New energy increased frm 71,3 millin tns (Mt) in t 75,8 Mt in 21, Key figures in millins Emplyees by regin at year-end Sasl New Energy Hldings (SNE) was created t fcus n new Cal is an imprtant part f the wrld s energy mix, Sasl will cntinue t Varius technlgical advancements in effluent mainly due t the inclusin f Oryx GTL emissins data. Hwever, ur % f revenue Our glbal emissins f GHG, which have been independently verifi ed,can be integrated with ur cre technlgies Wat Greenhuse (GHG) emissins technlgies that 21 we are cmmitted 21 t 3,5 (measured prduce transprtatin fuels frm cal gas. Hwever, recycling, cling, pre-treatment f water emissins intensity imprved as carbngas dixide increased frm 71,3 millin tns (Mt) in t 75,8 in 21, tmt reduce ur GHG ftprint. As part f ur cmmitment t reduce t substantially reducing ur carbn emissins by, amng thers, develping fr steam generatin slids hling are equivalent per tn f prductin) in 21. This cmpares with 3,24 in 29 Cal is an imprtant part f the wrld s energy mix, Sasl will cntinue t mainly due t the inclusin f Oryx GTL emissins data. Hwever, ur prductin f carbn dixide in ur peratins integrate newvariu mre effirevenue cient prductin prcesses investigating carbn capture Canada 3,25,1 the way fr significantly imprved (restated) in 28. The prduce imprvedtransprtatin verall GHG intensity 4,573 4,968 US 5,1 fuels frm cal gas. Hwever, we are cmmitted pavingemissins intensity imprved t 3,5 (measured as carbn dixide technlgy int ur FT prcesses, SNE will lk int renewable recyc strage (CSS) slutins. We have set several targets t22 reduce ur greenhuse zer liquid effl uent discharge designs, which is a result f the inclusin f Oryx GTL, Sasl Plymers Sasl t substantially reducing ur carbn emissins by, amng thers, develping fr st EBITDA Latin America 1,7 1,8 equivalent per tn f prductin) in 21. This cmpares with 3,24 in energy ptins such as slar, bifuels bimass, lwer-carbn gas emissins intensity15 by 15% (n the 25 baseline) in all ur peratins by are being develped irrespective f water Synfuels significantly increasing prductin vlumes, which ffset mre effi cient prductin prcesses investigating carbn capture pavin 3,2 (restated) in 28. The imprved verall GHGasintensity as well nuclear, hydr natural gas. EBITDA margin %) millin millin) 11. 1,2 1,5 22, we have spent(inr1 (US$11,1 in China n energy r pricing. the emissins increase. The targets westrage have set(css) fr all ur peratins slutins. We have set several targets t reduce ur greenhuse availability zer l is a result f the inclusin f Oryx GTL, Sasl Plymers Sasl EBIT 298 a reductin 343 f arund Other Asian cuntries 2, efficiency-related prjects, which shuld achieve reflect nt nly ur desire2,2 t be a respnsible cmpany, but als gas emissins intensity by 15% (n the 25 baseline) in all ur peratins by are be Synfuels significantly increasing prductin vlumes, which ffset 76 EBIT tns margin f GHG(in emissins a year. that a strng business case fr have sustainable %) The Netherls ur awareness1, 1, ,exists we spent R1 millin (US$11,1 millin) in n energy availa the emissins increase. The targets we have set fr all ur peratins develpment. 1,6 Operating incme Germany 1,3 efficiency-related prjects, which shuld achieve a reductin f arund reflect nt nly ur desire t be a respnsible cmpany, but als Mving average ROI (in %) t Let s Clr campaign cntinued t gather mmentum 7% 1,3 18 India Suth Asia t Signed a lmark agreement with the Frest Stewardship Cuncil Succinct summary f key develpments 1,1 1,6 Suth East Asia Pacific Supprt prfessinal painters with tailr-made t prducts services Signed a deal with Walmart t becme the retailer s t 4 JLLFOT PCKFDU BOBMZTJT EFTJHO TVQQPSU BOE NBSLFUJOH primary paint supplier in the US prgrams fr painters t Dulux Trade wn cntract t paint the Lndn 212 Olympic Games site 2,2 1, Ttal reprtable rate f injuries per millin hurs Other regins Key develpments 21 2, 32 Other Eurpean cuntries breakdwn by business unit 21 Key value chains with carbn ftprint assessment UK Latin America AkzNbel Reprt Rest f the wrld 11% Canada 31 C Decrative Paints Asia Asia Pacific Latin America 1st t % VMVY 8FBUIFSTIJFME,FFQ $PPM IFBU SFnFDUJWF FYUFSJPS paint with energy-saving prperties Revenue t % VMVY "MM 3PVOE (VBSE BCTPSCT IBSNGVM FMFNFOUT GSPN Asia in % the air t create a safer hme envirnment 1st t / FX (MJEEFO QBJOU SFGPSNVMBUFE BOE OPX JODMVEFT MFTT 2nd 7$T BOE CFUUFS IJEF EVSBCJMJUZ BOE XBTIBCJMJUZ 52 PVOET 2nd t %JSFDU UP NFEJVN TJ[FE FOUFSQSJTFT XIPMFTBMFST specialized retailers. Suth East Asia Pacific 52 B Decrative Paints Americas 28 17% 275 Mature Eurpe Asia 1st 7% 42% Nrth America Latin America A Decrative Paints Eurpe 27 Thrugh Sasl Petrleum Internatinal (SPI) Sasl Gas, we btain natural gas thrugh the crss-brder pipeline linking the Pe Temane fields in Mzambique t ur Secunda cmplex. We use this gas as ur sle hydrcarbn feedstck at Saslburg as a supplementary feedstck t cal at Secunda. EBIT Eurpe 298 t 1SPEVDU BWBJMBCJMJUZ BOE TFSWJDF ther critical building materials. Trade custmers t 5FDIOJDBM BOE CVTJOFTT TVQQPSU t 4USPOH CSBOET TVQQPSUJOH MPZBMUZ Pre-dec prducts t 1SPEVDU RVBMJUZ DPOTJTUFODZ BOE JOOPWBUJPO EBIT margin (in %) 6.5 Fillers, wall treatments, sealants putties fr cnsumers 1st Cntinental Eurpe Innvatins prfessinals. Cnsumer market t 1SPEVDU BWBJMBCJMJUZ BOE TFSWJDF Nrthern Eastern Eurpe t %VMVY 8FBUIFSTIJFME,FFQ $PPM IFBU SFnFDUJWF FYUFSJPS Building adhesives Operating incme 133 paint with energy-saving prperties t 5JMF BOE npps BEIFTJWFT BOE npps MFWFMJOH DPNQPVOET t 5FDIOJDBM BOE CVTJOFTT TVQQPSU t %VMVY "MM 3PVOE (VBSE BCTPSCT IBSNGVM FMFNFOUT GSPN used in the building renvatin industry UK, Irel Suth Africa the air t create a safer hme envirnment t 4VQQMJFE GPS QSPGFTTJPOBM XPSLFST TVDI BT UJMF npps BOE Mving average ROI (in %) 4.7 t /FX (MJEEFO QBJOU SFGPSNVMBUFE BOE OPX JODMVEFT MFTT parquet layers, interir decratrs painters t 4USPOH CSBOET TVQQPSUJOH MPZBMUZ 7$T BOE CFUUFS IJEF EVSBCJMJUZ BOE XBTIBCJMJUZ Besides the research develpment new-prduct frmulatin testing wrk we d at Saslburg thrugh Sasl Technlgy s fuel research grup, we cnduct further fundamental research at the Sasl Advanced Fuels Labratry (SAFL), in cllabratin with the University f Cape Twn, the Sasl Fuels Applicatin Centre (SFAC). SFAC enables us t cnduct sea-level engine fuel research tests in line with internatinal trends. We have als been innvative in cal explratin mining, where Sasl Mining (smetimes in partnership with technlgy suppliers) has develped high-extractin mining methds, advanced directinal drilling techniques, rf-blting systems, cntinuusminer systems a virtual-reality training system fr cntinuusminer peratrs, amng ther cst-saving innvatins. 6 UK In dwnstream chemical prcess technlgy, we have develped several prprietary prcesses fr recvering prcessing a range f slvents, waxes phenlics fr the wrld market, as well as 1-pentene, 1-hexene, 1-heptene, 1-ctene higher alpha lefins, the last f which we cnvert int Safl H(C12,13) alchls. We have develped patented several base-metal catalysts fr ur FT synthesis prcesses. Sasl btains its raw materials thrugh its cal-mining activities, il gas explratin, purchases frm the pen market. Sme raw materials are sld directly t external markets. Our prprietary Fischer-Trpsch technlgy 5,1 Latin America Markets US Canada 548 Our GTL diesel has a higher quality than diesels derived frm Our GTL diesel has a higher quality diesels derived frm(7+ versus Markets crude il. than GTL diesel has a high cetane number Sasl markets prducts directly the cetane cnventinal 45 55), (7+ lw sulphur (less than five parts crude il. GTLfdiesel number versus Sasl Mining supplies mst the has a high t the cnsumer, as well as t per millin), lw armatics (less than 1%) excellent Sasl cmmercial markets prducts dir industrial cust cnventinal 45 manner. 55), lw sulphur (less than five parts cld-fl w characteristics. Our GTL diesel, therefre, is ideal feedstck we need Sasl tcal exceedthe targeted rates ffr returnur in a sustainable integrating upstream cnsumer, asitswell as as a lw-emissins, grade fuel as a blend stck t thethereby millin), lw armatics (less than 1%)premium excellent petrchemical per plants. dwnstream activities. fr upgrading cnventinal diesels. cmmercial industrial cld-flw characteristics. Our GTL diesel, therefre, is ideal Innvatin Research thereby integrating its upst as a lw-emissins, premium grade fuel as a blend stck dwnstream activities fr upgrading cnventinal diesels. Our prprietary Fischer-Trpsch technlgy 4, ,573 Our prprietary Fischer-Trpsch technlgy 21 EBITDA Clear descriptin f business mdel seeking t link inputs utputs Thrugh Sasl Petrleum Sasl Mining supplies mst f the Sasl Mining supplies mst f the Internatinal (SPI) Sasl Gas, feedstck cal we need fr ur Sasl we btain feedstck cal we natural needgas frthrugh ur Sasl petrchemical plants. the crss-brder pipeline linking Thrugh Sasl Petrleum petrchemical plants. the Pe Temane fields in Internatinal (SPI) AsSasl Gas, Mzambique t ur Secunda an integrated energy chemicals cmpany Sasl aims t meet stakehlders expectatins cmplex. We use this gas as ur we btain natural gas thrugh sle hydrcarbn feedstck at ur integrated business mdel the crss-brder pipeline linking Saslburg as a supplementary feedstck t cal at Secunda. the Pe Temane fields in Explratin prductin Mzambique t ur Secunda cmplex. We use this gas as ur sle hydrcarbn feedstck at Saslburg as a supplementary feedstck t cal at Secunda. s 21 Revenue directinal drilling techniques, rf-blting systems, cntinuusminer systems a virtual-reality training system fr cntinuusminer peratrs, amng ther cst-saving innvatins. Glbal market drivers develpments Cncise verview f external cntext Ec-premium prtfli t ( SPXJOH QPQVMBUJPOT BOE (%1 HSPXUI Recent initiatives: t " DUJWJUZ PG SFTJEFOUJBM BOE DPNNFSDJBM OFX CVJME Thrugh Sasl Petrleum t %VMVY 5SBEF &DPTVSF XBUFS CBTFE IJHI QFSGPSNBODF hme sales Internatinal (SPI) Sasl Gas, prfessinal paint t ( MPCBM JODSFBTF JO JNQPSUBODF PG IPNF BOE we btain natural gas thrugh t 4JLLFOT 3VCCPM 9% 7$ SFEVDFE VMUSB EVSBCMF interir decratin the crss-brder pipeline linking prfessinal trimpaint t 3JTF PG NJEEMF DMBTT JO IJHI HSPXUI NBSLFUT Decrative paints market verview Key develpments 21 the Pe Temane fields in t 5IF 'SFTIBJSF $IPJDF [FSP 7$ DPOTVNFS XBMM QBJOU t FHJTMBUJWF SFHVMBUPSZ QSFTTVSFT PO FOWJSPONFOUBM BOE Our Decrative Paints business t are served thrugh a variety f utlets ranging frm big bx t 5IF %VMVY 5SBEF &OWJSPONFOUBM 8BTI 4ZTUFN BOE Emplyees by regin at year-end Mzambique t ur Secunda Key figures in millins %Decratr VMVY -JHIU 4QBDF IJHIMZ MJHIU SFnFDUJWF FOFSHZ TBWJOH IFBMUI JTTVFT 7$ 3&"$) ESJWJOH JOOPWBUJPO DDC t (Dulux Centers) Paint Can Recycling chains such as The Hme Dept, Walmart, B&Q Lery Signed a deal with Walmart t becme the retailer s supplies a full range f interir prfessinal paint waste management systems Merlin (serving mainly hmewners) t independent dealers primary paint supplier in the US cmplex. We use this gas as ur (serving bth hmewners prfessinals) cmpany- t )FSCPM 'BÎBEF $FSUJmDBUJPO 1SPHSBN exterir decratin wall paint. t * ODSFBTJOH JNQPSUBODF PG MBSHF TDBMF PVUMFUT t Dulux Trade wn cntract t paint the Lndn 212 t (MJEEFO 4QFFE8BMM IJHIMZ FGmDJFOU JOUFSJPS XBMM QBJOU XJUI wned stres fcused n serving prfessinals. prtectin prducts fr bth the Olympic Games site es isretailer s Key figures inpainter. millins Emplyees superir prperties fr the prfessinal sle hydrcarbn feedstck at by regin at year-end SPXUI PG JNQPSUBODF PG XPNFO BT EFDJTJPO NBLFST arund t ( Glbal market drivers develpments prfessinal d-it-yurself t Leading catings supplier fr the Cmmnwealth Ec-premium prtfli t (SPXJOH QPQVMBUJPOT BOE (%1 HSPXUI Games in India (DIY) markets, including paints, Saslburg as a supplementary t * ODSFBTJOH JNQPSUBODF PG JOUFSOFU Price drivers Recent Key initiatives: raw materials t "DUJWJUZ PG SFTJEFOUJBM BOE DPNNFSDJBM OFX CVJME t Signed a lmark agreement with the Frest t %VMVY 5SBEF &DPTVSF XBUFS CBTFE IJHI QFSGPSNBODF hme sales lacquers varnishes, as well as Stewardship Cuncil prfessinal paint t (MPCBM JODSFBTF JO JNQPSUBODF PG IPNF BOE feedstck t cal at Secunda. t #JOEFST SFTJOT t &t OFSHZ PJM BOE SBX prducts fr surface preparatin t 4JLLFOT 3VCCPM 9% 7$ SFEVDFE VMUSB EVSBCMF interir decratin Let s Clr campaign cntinued t gather mmentum prfessinal trimpaint t 3JTF PG NJEEMF DMBTT JO IJHI HSPXUI NBSLFUT prducts). t Presence in China increased t mre than 6 cities fr buying decisin t 5JUBOJVN EJPYJEF material prices t 5IF 'SFTIBJSF $IPJDF [FSP 7$ DPOTVNFS XBMM QBJOU t -FHJTMBUJWF SFHVMBUPSZ QSFTTVSFT PO FOWJSPONFOUBM BOE ndn 212 Drivers (pre-dec Revenue breakdwn by business unit t %VMVY -JHIU 4QBDF IJHIMZ MJHIU SFnFDUJWF FOFSHZ TBWJOH IFBMUI JTTVFT 7$ 3&"$) ESJWJOH JOOPWBUJPO in % wall paint. t *ODSFBTJOH JNQPSUBODF PG MBSHF TDBMF PVUMFUT Market business characteristics t 1BDLBHJOH NBUFSJBMT t 4UFFM QSJDFT acquers) fr Retailers The size f the glbal market fr decrative paints is arund t (SPXUI PG JNQPSUBODF PG XPNFO BT EFDJTJPO NBLFST Revenue 4,573 4,968 US Canada C 5,1 5,1 t *ODSFBTJOH JNQPSUBODF PG JOUFSOFU 3 billin. Key raw materials Price drivers Prduct: Ec-premium slutins t 4 USPOH CSBOET UIBU BUUSBDU DVTUPNFST t #JOEFST SFTJOT t &OFSHZ PJM BOE SBX % f revenue Drivers fr buying decisin t 5JUBOJVN EJPYJEF material prices Architectural catings EBITDA Latin America 1,7 1,8 t 1BDLBHJOH NBUFSJBMT t 4UFFM QSJDFT Interir exterir wall paints trim paints (lacquers) fr Retailers t *OOPWBUJPO UIBU ESJWFT EFNBOE BOE CBTLFU TQFOE A t 4USPOH CSBOET UIBU BUUSBDU DVTUPNFST cnsumers prfessinals. nwealth t $BUFHPSZ NBOBHFNFOU DBQBCJMJUZ B t *OOPWBUJPO UIBU ESJWFT EFNBOE BOE CBTLFU TQFOE t $BUFHPSZ NBOBHFNFOU DBQBCJMJUZ Wdcare specialty prducts EBITDA margin (in %) China 1,2 1,5 MarketMarket leadership psitins leadership psitins t -BDRVFST BOE WBSOJTIFT GPS XPPE QSPUFDUJPO Our prprietary Fischer-Trpsch technlgy wned stres fcused n serving prfessinals. the elf ts, well as tin Research In dwnstream chemical prcess technlgy, we have develped Besides the research develpment new-prduc Infrmatin ppsasl 4 aims 5 t meet stakehlders expectatins t exceed targeted rates f return in a sustainable manner. As an integratedfinancial energy chemicals cmpany several prprietary prcesses fr recvering prcessing a range frmulatin testing wrk we d at Saslburg thrug Sasl btains its raw materials thrugh its cal-mining activities, f slvents, waxes phenlics fr the wrld market, as well Technlgy s fuel research grup, we cnduct further fu These pages prvide a cncise verview f the business, the perid prvide a range f financial These pages prvide an easy t fllw descriptin future value such as innvatin research, well stepsfuels Labratry (SAFL) il gas explratin, purchases frm the pen market. as 1-pentene, 1-hexene, 1-heptene, 1-ctene higher alpha researchas at the Saslas Advanced ur integrated business mdel Sme raw materials are sld directly t external markets. lefi ns, the last f which we cnvert int Safl H(C ) alchls. cllabratin with with thesme University f Cape Twn, the 12,13business envirnment including hw it creates value, key market business nn-financial perfrmance indicatrs, seeking t demnstrate graphical representatin f the cmpany s mdel, respnd t the changing Sasl btainsbusiness its raw materials thrugh its cal-mining t activities, Research Applicatin Centre (SFAC). SFAC enables us t cnduct We have develped patented severalinnvatin base-metal catalysts il gasutcmes, explratin, drivers purchases frm the pen market. characteristics, external factrs that affect value creatin financial value generated thrugh respnses t glbal linking tgether key inputs, activities f fr quantificatin in financial nn-financial terms. In dwnstream chemical prcess technlgy, we have develped the research develpment new-prduct ur FT synthesis prcesses. engine fuelbesides research tests in line with internati Explratin prductin Sme raw materials are sld directly t external markets. several prprietary prcesses fr recvering prcessing a range frmulatin testing wrk we d at Saslburg thrugh Sa Sasl btains its raw materials thrugh its cal-mining activities, f slvents, waxes phenlics fr the wrld market, as well Technlgy s fuel research grup, we cnduct further fundam the rle f innvatin. They describe key develpments during market drivers. We have als been innvative in cal explratin mining, where il gas explratin, purchases frm the pen market. as 1-pentene, 1-hexene, 1-heptene, 1-ctene higher alpha research at the Sasl Advanced Fuels Labratry (SAFL), in Sme raw materials are sld directly t external markets. lefins,technlgy the last f which suppliers) we cnvert int Safl H(C12,13) alchls. cllabratin with the University f Cape Twn, the Sas Sasl Mining (smetimes in partnership with are served thrugh a variety f utlets ranging frm big bx t 5IF %VMVY 5SBEF &OWJSPONFOUBM 8BTI 4ZTUFN BOE We have develped patented several base-metal catalysts Applicatin Centre (SFAC). SFAC enables us t cnduct seahas develped high-extractin mining methds, advanced DDC (Dulux Decratr Centers) Paint Can Recycling chains such as The Hme Dept, Walmart, B&Q Lery fr ur FT synthesis prcesses. engine fuel research tests in line with internatinal t directinal drilling techniques, rf-blting systems, cntinuuswe have als been innvative in cal explratin mining, where prfessinal paint waste management systems Merlin (serving mainly hmewners) t independent dealers miner systems a virtual-reality training fr cntinuussaslsystem Mining (smetimes in partnership with technlgy suppliers) (serving bth hmewners prfessinals) cmpany- t )FSCPM 'BÎBEF $FSUJmDBUJPO 1SPHSBN hasinnvatins. develped high-extractin mining methds, advanced miner peratrs, amng ther cst-saving arket verview ess r Innvatin t exce Key value chains with carbn ftprint assessment B Decrative Paints Americas 31Revenue breakdwn by business unit C Decrative Paints Asia 17Link between revenue generatin C 17% Asia Pacific 16 B A Sweden 6 6 UK 2,2 2,2 Other Eurpean cuntries 5,4 5,1 Other regins 1,1 1,1 21,9 22, Ttal in % respnse t market drivers highlighted annual review 21 ur business ur integrated business mdel 76 tns f GHG emissins a year. ur awareness that a strng business case exists fr sustainable develpment. annual review 21 ur business ur integrated 4 Discussin f material issues that arise as a result f business activities, including targets csts Identificatin f strategic respnses t changing business envirnment Prduct: Ec-premium slutins % f revenue Twards Integrated Reprting 17

11 18 Twards Integrated Reprting 19 MEASURING OUR PERFORMANCE KEY INDICATORS STRATEGIC ELEMENTS KPI TARGETS Investing In wrld class assets in the mst attractive cmmdities Ttal sharehlder return (TSR) Share price grwth plus dividends reinvested ver the perfrmance perid. A perfrmance perid f three years is used TSR is calculated annually Return n capital emplyed (ROCE) Ttal perating prfit befre impairments fr the year divided by the average ttal capital less ther investments adjusted fr impairments Capital prjects investment Optimise the pipeline f prjects ensure that new capital is nly cmmitted t prjects that deliver the best value t the Grup n a risk adjusted net present value basis Underlying earnings per share Underlying earnings are net prfit attributable t equity sharehlders, adjusted fr the effect f special items remeasurements any related tax nn-cntrlling interests Organising Efficiently effectively Asset ptimisatin (AO) Sustainable perating prfit benefit frm ptimised perfrmance f the asset base f the cre businesses Supply chain Operating prfit capital spend benefits t the Grup resulting frm centralised prcurement frm cre businesses Operating Safely, sustainably respnsibly Wrk related fatal injury frequency rate (FIFR) FIFR is calculated as the number f fatal injuries t emplyees r cntractrs per 2, hurs wrked Lst time injury frequency rate (LTIFR) The number f lst time injuries (LTIs) per 2, hurs wrked. An LTI is an ccupatinal injury which renders the persn unable t perfrm his/her duties fr ne full shift r mre the day after the injury was incurred, whether a scheduled wrkday r nt Energy cnsumptin Imprvements in energy efficiency are measured frm a 24 baseline Greenhuse gas (GHG) emissins Reductin in CO 2 emissins per unit f prductin is measured frm a 24 baseline Ttal water use Ttal water use includes nly water used fr primary activities Crprate scial investment Scial investment as defined by the Lndn Benchmarking Grup includes dnatins, gifts in kind staff time fr administering cmmunity prgrammes vlunteering in cmpany time is shwn as percentage f prfit befre tax Enterprise develpment Number f cmpanies supprted number f jbs sustained by cmpanies supprted by Angl American enterprise develpment initiatives Emplying The best peple Vluntary labur turnver Number f permanent emplyee resignatins as a percentage f ttal permanent emplyees Gender diversity Percentage f wmen female managers emplyed by the Grup Vluntary HIV cunselling testing (VCT) Percentage f emplyees in suthern Africa undertaking vluntary annual HIV tests with cmpulsry cunselling supprt (1) $1 bn f sustainable perating prfit benefit frm cre businesses by the end f 211. (2) $1 bn f perating prfit capital spend benefits frm cre businesses by the end f Angl American plc Annual Reprt 21 OPERATING AND FINANCIAL REVIEW: Key perfrmance indicatrs We measure perfrmance against the fur strategic elements f ur strategy thrugh Grup-wide targets imprvement measures. 14.4% 24.8% $4.13 $2.14 RESULTS AND TARGETS Page 16 Return n capital emplyed (ROCE) Underlying earnings per share Capital prjects investment A summary f the Grup s capital prjects investments can be fund n pages 18 t 19 Ttal sharehlder return (TSR) Please refer t the Remuneratin reprt n pages 98 t 19 Page 2 Asset ptimisatin (AO) $749 millin 21 $1,548 millin $1 billin by 211 (1) Supply chain $445 millin 21 $713 millin $1 billin by 211 (2) Page 24 Wrk related fatal injury frequency rate (FIFR) 2 fatalities,.1 FIFR fatalities,.8 FIFR Zer fatal incidents Lst time injury frequency rate (LTIFR) Zer incidents the ultimate gal f zer harm remains Energy cnsumptin (3)(4) 12.1 millin GJ ttal energy used millin GJ ttal energy used A 15% intensity reductin by 214 GHG emissins (4) 19 Mt CO 2 equivalent 21 2 Mt CO 2 equivalent A 1% intensity reductin by 214 Ttal water use (4) millin m millin m 3 Under revisin Crprate scial investment $82.5 millin, 1.9% f prfit befre tax 21 $111 millin, 1.3% f prfit befre tax Enterprise develpment Businesses supprted: 3,72 Jbs sustained: 12, Businesses supprted: 9,392 Jbs sustained: 17,2 Businesses supprted: 3,5 Jbs sustained: 18, Page 32 Vluntary labur turnver 6.8% % Vluntary HIV cunselling testing (VCT) 82% 21 94% 95% VCT in high disease burden cuntries (1% is the lng term gal) Gender diversity 12% females, 19% female managers females, 21% female managers (3) The figure was revised since the publicatin f the Annual Reprt after amendments in accunting methdlgies. It includes peratins that have since becme independently managed. (4) Includes businesses since divested. 15 Angl American plc Annual Reprt 21 Overview Operating financial review Gvernance Financial statements Ore Reserves Mineral Resurces Other infrmatin Prfit attributable excluding exceptinal items (US$B) Average STI reward (as % f maximum award) 21 Average STI reward fr GMC members vs Prfit Attributable t Sharehlders (excluding exceptinal items) Prfit attributable t sharehlders (excluding exceptinal items) Average STI reward fr GMC members Basic EPS excluding exceptinal items (US cents per share) Average STI reward (as f % f maximum award) 21 Average STI reward fr GMC members vs Basic Earnings per Share Basic Earnings per Share Average STI reward fr GMC members Risk alignment the glbal financial crisis has heightened the fcus n risk management within rganisatins, in particular n remuneratin framewrks that wrk t ensure executives take a lng-term apprach t decisin-making minimising activities that fcus nly n shrt-term results at the expense f lnger term business grwth success. the Remuneratin Cmmittee has cnsidered the ways in which risk management is reflected thrughut BHP Billitn s reward structure fr all executives, is satisfied that it reinfrces the desired behaviurs. this is largely achieved thrugh the Grup s apprach t StI LtI rewards, which cmprise a significant prtin f remuneratin fr the GMC. the equity cmpnent f StI rewards is deferred fr a tw-year perid, perfrmance under the LtIP is measured ver a five-year perid. the actual rewards received by members f the GMC therefre reflect the Grup s perfrmance share price ver an extended perid. In additin, StI LtI utcmes are nt driven by a frmulaic apprach. the Remuneratin Cmmittee applies a qualitative judgement t determining StI rewards t vesting under the LtIP, may determine that rewards nt be prvided in circumstances where the cmmittee determines it t be inapprpriate r wuld prvide unintended utcmes. the Remuneratin Cmmittee des nt apply any discretin t allw vesting when perfrmance hurdles have nt been satisfied Perfrmance alignment While the Bard recgnises that market frces necessarily influence remuneratin practices, it strngly believes that the fundamental driver behind ur remuneratin structure is business perfrmance. Accrdingly, while target remuneratin is structured t attract retain executives, the amunt f remuneratin actually received is dependent n the achievement f superir business individual perfrmance n generating sustained sharehlder value. Shrt-term perfrmance indicatrs utcmes An individual screcard f measures is set fr each executive at the cmmencement f each financial year. these screcards include the key financial nn-financial measures that the Bard believes will drive BHP Billitn s perfrmance. At the cnclusin f the financial year, each individual s achievement against their measures is assessed by the Remuneratin Cmmittee Bard their cash StI reward is determined. this is matched with an allcatin f Deferred Shares r Optins (r a cmbinatin f the tw), t which the individual will nt have access fr tw years (unless they leave the Grup under specific circumstances). the relatinship between StI rewards the perfrmance f the Grup ver the past five years indicates the success f ur remuneratin strategy in aligning executive rewards with sharehlder interests (as shwn in the graphs belw). Further details f the Grup s Attributable Prfit Basic Earnings per Share ver the past five years can be fund in sectin 3 f this Annual Reprt (including descriptins f these terms). BHP BILLItON ANNUAL REPORt NON-FINANCIAL FINANCIAL 15% f STI fr GMC members is measured against health, safety, envirnment cmmunity develpment measures. The Grup s perfrmance in the areas f health, safety, envirnment cmmunity develpment impacts STI utcmes fr all executives. The Remuneratin Cmmittee has an verriding discretin t reduce incentive utcmes t reflect belw-target safety r envirnmental perfrmance. GMC base salaries are aligned with cmparable rles in glbal cmpanies f a similar size cmplexity. Base salaries fr ther executives are market cmpetitive within each gegraphy, equitable acrss the Grup. Further rewards are available t executives fr perfrmance against all at risk cmpnents f remuneratin. The at risk cmpnents serve the dual purpse f: incentivising rewarding executives fr exceptinal perfrmance; prmting retentin rewarding lyalty. STI utcmes fr the GMC are weighted twards achievement f challenging financial KPIs linking remuneratin t the perfrmance f BHP Billitn s assets capital management prgrams: Prfit After Tax (adjusted fr freign exchange, price exceptinal items) Earnings Befre Interest Tax 25% t 5% weighting. Capital management (cst schedule) 1% t 15% weighting. On target perfrmance against the KPIs delivers a cash STI reward f 8% f base salary. The maximum cash award f 16% is rarely awarded, is nly available where all nn-financial financial targets are fully achieved. Cash STI rewards are matched by an award f BHP Billitn equity, which is deferred fr tw years prviding an apprpriate fcus n the lnger-term time frame, even in regard t annual STI rewards. The LTIP perates ver a lng-term hrizn. Perfrmance Shares are tested ver a five-year perfrmance perid. The LTIP links a significant cmpnent f pay fr executives t the delivery f superir returns. Executives nly derive value frm their LTIP awards where BHP Billitn perfrms strngly relative t cmparatr cmpanies in grwing its TSR. Full vesting under the LTIP nly ccurs where BHP Billitn s TSR utperfrms the index TSR by mre than 3% ver a five-year perid. The Minimum Sharehlding Requirement was increased in July 21 t 3% f annual grss base salary fr the CEO 2% fr ther GMC members t ensure executives sharehlders interests remain aligned. Executives are prhibited frm hedging any unvested equity any shares that are held as part f the Minimum Sharehlding Requirement. Drivers f strategy Supprted by remuneratin plicy Enacted thrugh remuneratin structures PEOPLE The fundatin f ur business is ur peple. Talented mtivated peple are ur mst precius resurce. LICENCE TO OPERATE We depend n key safety envirnmental imperatives n ur ability t perate within ur Cde f Business Cnduct. WORLD-CLASS ASSETS Maintaining high-quality assets managing them in the mst effective efficient way. FINANCIAL STRENGTH AND DISCIPLINE Balancing financial flexibility with the cst f finance in effective capital management prgrams. PROJECT PIPELINE Fcus n delivering an enhanced resurce endwment t underpin future generatins f grwth. GROWTH OPTIONS Lking beynd the prject pipeline t pursue new grwth ptins. We prvide cmpetitive rewards t attract, mtivate retain highly skilled executives willing t wrk arund the wrld. Remuneratin framewrks reward strng perfrmance in the areas f health, safety, envirnment cmmunity develpment. Remuneratin framewrks reward achievement f deming financial perfrmance targets, driving superir results acrss the Grup. Cnsistent with ur lng-term strategic fcus, perfrmance measures are linked t lng-term grwth. This rewards executives fr delivering sustainable returns aviding excessive risks. 6 Remuneratin Reprt cntinued Strategic alignment the Remuneratin Cmmittee recgnises that we perate in a glbal envirnment that ur perfrmance depends n the quality f ur peple. Remuneratin is used t reinfrce the Grup s strategic bjectives, the cmmittee keeps the remuneratin plicy under regular review t ensure it is apprpriate fr the needs f the Grup. the diagram belw illustrates hw BHP Billitn s remuneratin plicy is linked t the six key drivers f ur strategy hw the remuneratin structures fr executives (including the members f the GMC) serve t supprt reinfrce these linkages. 152 BHP BILLItON ANNUAL REPORt 21 Twards Integrated Reprting Innvatin in Actin (cntinued) BHP Billitn 21 Annual Reprt pp Angl American Annual Reprt 21 pp These pages shw the linkage between key financial nn-financial drivers f strategy, remuneratin plicy remuneratin practice. This is reinfrced thrugh discussin f the linkages between remuneratin bth risk perfrmance, includes quantificatin f remuneratin practices the alignment between remuneratin cmpany perfrmance. They pages give a snapsht f perfrmance. They are structured s that the reader can easily see the link between key strategic bjectives perfrmance, bth financial nn-financial. They explain hw KPIs are calculated include quantificatin f past results targets fr the future. NON-FINANCIAL FINANCIAL 15% f STI fr GMC members is measured against health, safety, envirnment cmmunity develpment measures. The Grup s perfrmance in the areas f health, safety, envirnment cmmunity develpment impacts STI utcmes fr all executives. The Remuneratin Cmmittee has an verriding discretin t reduce incentive utcmes t reflect belw-target safety r envirnmental perfrmance. GMC base salaries are aligned with cmparable rles in glbal cmpanies f a similar size cmplexity. Base salaries fr ther executives are market cmpetitive within each gegraphy, equitable acrss the Grup. Further rewards are available t executives fr perfrmance against all at risk cmpnents f remuneratin. The at risk cmpnents serve the dual purpse f: incentivising rewarding executives fr exceptinal perfrmance; prmting retentin rewarding lyalty. STI utcmes fr the GMC are weighted twards achievement f challenging financial KPIs linking remuneratin t the perfrmance f BHP Billitn s assets capital management prgrams: Prfit After Tax (adjusted fr freign exchange, price exceptinal items) Earnings Befre Interest Tax 25% t 5% weighting. Capital management (cst schedule) 1% t 15% weighting. On target perfrmance against the KPIs delivers a cash STI reward f 8% f base salary. The maximum cash award f 16% is rarely awarded, is nly available where all nn-financial financial targets are fully achieved. Cash STI rewards are matched by an award f BHP Billitn equity, which is deferred fr tw years prviding an apprpriate fcus n the lnger-term time frame, even in regard t annual STI rewards. The LTIP perates ver a lng-term hrizn. Perfrmance Shares are tested ver a five-year perfrmance perid. The LTIP links a significant cmpnent f pay fr executives t the delivery f superir returns. Executives nly derive value frm their LTIP awards where BHP Billitn perfrms strngly relative t cmparatr cmpanies in grwing its TSR. Full vesting under the LTIP nly ccurs where BHP Billitn s TSR utperfrms the index TSR by mre than 3% ver a five-year perid. The Minimum Sharehlding Requirement was increased in July 21 t 3% f annual grss base salary fr the CEO 2% fr ther GMC members t ensure executives sharehlders interests remain aligned. Executives are prhibited frm hedging any unvested equity any shares that are held as part f the Minimum Sharehlding Requirement. Drivers f strategy Supprted by remuneratin plicy Enacted thrugh remuneratin structures PEOPLE The fundatin f ur business is ur peple. Talented mtivated peple are ur mst precius resurce. LICENCE TO OPERATE We depend n key safety envirnmental imperatives n ur ability t perate within ur Cde f Business Cnduct. WORLD-CLASS ASSETS Maintaining high-quality assets managing them in the mst effective efficient way. FINANCIAL STRENGTH AND DISCIPLINE Balancing financial flexibility with the cst f finance in effective capital management prgrams. PROJECT PIPELINE Fcus n delivering an enhanced resurce endwment t underpin future generatins f grwth. GROWTH OPTIONS Lking beynd the prject pipeline t pursue new grwth ptins. We prvide cmpetitive rewards t attract, mtivate retain highly skilled executives willing t wrk arund the wrld. Remuneratin framewrks reward strng perfrmance in the areas f health, safety, envirnment cmmunity develpment. Remuneratin framewrks reward achievement f deming financial perfrmance targets, driving superir results acrss the Grup. Cnsistent with ur lng-term strategic fcus, perfrmance measures are linked t lng-term grwth. This rewards executives fr delivering sustainable returns aviding excessive risks. 6 Remuneratin Reprt cntinued Strategic alignment the Remuneratin Cmmittee recgnises that we perate in a glbal envirnment that ur perfrmance depends n the quality f ur peple. Remuneratin is used t reinfrce the Grup s strategic bjectives, the cmmittee keeps the remuneratin plicy under regular review t ensure it is apprpriate fr the needs f the Grup. the diagram belw illustrates hw BHP Billitn s remuneratin plicy is linked t the six key drivers f ur strategy hw the remuneratin structures fr executives (including the members f the GMC) serve t supprt reinfrce these linkages. 152 BHP BILLItON ANNUAL REPORt 21 NON-FINANCIAL FINANCIAL 15% f STI fr GMC members is measured against health, safety, envirnment cmmunity develpment measures. The Grup s perfrmance in the areas f health, safety, envirnment cmmunity develpment impacts STI utcmes fr all executives. The Remuneratin Cmmittee has an verriding discretin t reduce incentive utcmes t reflect belw-target safety r envirnmental perfrmance. GMC base salaries are aligned with cmparable rles in glbal cmpanies f a similar size cmplexity. Base salaries fr ther executives are market cmpetitive within each gegraphy, equitable acrss the Grup. Further rewards are available t executives fr perfrmance against all at risk cmpnents f remuneratin. The at risk cmpnents serve the dual purpse f: incentivising rewarding executives fr exceptinal perfrmance; prmting retentin rewarding lyalty. STI utcmes fr the GMC are weighted twards achievement f challenging financial KPIs linking remuneratin t the perfrmance f BHP Billitn s assets capital management prgrams: Prfit After Tax (adjusted fr freign exchange, price exceptinal items) Earnings Befre Interest Tax 25% t 5% weighting. Capital management (cst schedule) 1% t 15% weighting. On target perfrmance against the KPIs delivers a cash STI reward f 8% f base salary. The maximum cash award f 16% is rarely awarded, is nly available where all nn-financial financial targets are fully achieved. Cash STI rewards are matched by an award f BHP Billitn equity, which is deferred fr tw years prviding an apprpriate fcus n the lnger-term time frame, even in regard t annual STI rewards. The LTIP perates ver a lng-term hrizn. Perfrmance Shares are tested ver a five-year perfrmance perid. The LTIP links a significant cmpnent f pay fr executives t the delivery f superir returns. Executives nly derive value frm their LTIP awards where BHP Billitn perfrms strngly relative t cmparatr cmpanies in grwing its TSR. Full vesting under the LTIP nly ccurs where BHP Billitn s TSR utperfrms the index TSR by mre than 3% ver a five-year perid. The Minimum Sharehlding Requirement was increased in July 21 t 3% f annual grss base salary fr the CEO 2% fr ther GMC members t ensure executives sharehlders interests remain aligned. Executives are prhibited frm hedging any unvested equity any shares that are held as part f the Minimum Sharehlding Requirement. Drivers f strategy Supprted by remuneratin plicy Enacted thrugh remuneratin structures PEOPLE The fundatin f ur business is ur peple. Talented mtivated peple are ur mst precius resurce. LICENCE TO OPERATE We depend n key safety envirnmental imperatives n ur ability t perate within ur Cde f Business Cnduct. WORLD-CLASS ASSETS Maintaining high-quality assets managing them in the mst effective efficient way. FINANCIAL STRENGTH AND DISCIPLINE Balancing financial flexibility with the cst f finance in effective capital management prgrams. PROJECT PIPELINE Fcus n delivering an enhanced resurce endwment t underpin future generatins f grwth. GROWTH OPTIONS Lking beynd the prject pipeline t pursue new grwth ptins. We prvide cmpetitive rewards t attract, mtivate retain highly skilled executives willing t wrk arund the wrld. Remuneratin framewrks reward strng perfrmance in the areas f health, safety, envirnment cmmunity develpment. Remuneratin framewrks reward achievement f deming financial perfrmance targets, driving superir results acrss the Grup. Cnsistent with ur lng-term strategic fcus, perfrmance measures are linked t lng-term grwth. This rewards executives fr delivering sustainable returns aviding excessive risks. 6 Remuneratin Reprt cntinued Strategic alignment the Remuneratin Cmmittee recgnises that we perate in a glbal envirnment that ur perfrmance depends n the quality f ur peple. Remuneratin is used t reinfrce the Grup s strategic bjectives, the cmmittee keeps the remuneratin plicy under regular review t ensure it is apprpriate fr the needs f the Grup. the diagram belw illustrates hw BHP Billitn s remuneratin plicy is linked t the six key drivers f ur strategy hw the remuneratin structures fr executives (including the members f the GMC) serve t supprt reinfrce these linkages. 152 BHP BILLItON ANNUAL REPORt 21 Explanatin quantificatin f alignment between remuneratin strategic bjectives, bth financial nn-financial Explicit link made between strategic aims KPI targets Explanatin is reinfrced thrugh discussin f link with risk perfrmance Includes an array f nn-financial as well as financial KPIs Quantificatin f past present perfrmance data future targets Quantified demnstratin f alignment between remuneratin cmpany perfrmance Risk alignment the glbal financial crisis has heightened the fcus n risk management within rganisatins, in particular n remuneratin framewrks that wrk t ensure executives take a lng-term apprach t decisin-making minimising activities that fcus nly n shrt-term results at the expense f lnger term business grwth success. the Remuneratin Cmmittee has cnsidered the ways in which risk management is reflected thrughut BHP Billitn s reward structure fr all executives, is satisfied that it reinfrces the desired behaviurs. this is largely achieved thrugh the Grup s apprach t StI LtI rewards, which cmprise a significant prtin f remuneratin fr the GMC. the equity cmpnent f StI rewards is deferred fr a tw-year perid, perfrmance under the LtIP is measured ver a five-year perid. the actual rewards received by members f the GMC therefre reflect the Grup s perfrmance share price ver an extended perid. In additin, StI LtI utcmes are nt driven by a frmulaic apprach. the Remuneratin Cmmittee applies a qualitative judgement t determining StI rewards t vesting under the LtIP, may determine that rewards nt be prvided in circumstances where the cmmittee determines it t be inapprpriate r wuld prvide unintended utcmes. the Remuneratin Cmmittee des nt apply any discretin t allw vesting when perfrmance hurdles have nt been satisfied Perfrmance alignment While the Bard recgnises that market frces necessarily influence remuneratin practices, it strngly believes that the fundamental driver behind ur remuneratin structure is business perfrmance. Accrdingly, while target remuneratin is structured t attract retain executives, the amunt f remuneratin actually received is dependent n the achievement f superir business individual perfrmance n generating sustained sharehlder value. Shrt-term perfrmance indicatrs utcmes An individual screcard f measures is set fr each executive at the cmmencement f each financial year. these screcards include the key financial nn-financial measures that the Bard believes will drive BHP Billitn s perfrmance. At the cnclusin f the financial year, each individual s achievement against their measures is assessed by the Remuneratin Cmmittee Bard their cash StI reward is determined. this is matched with an allcatin f Deferred Shares r Optins (r a cmbinatin f the tw), t which the individual will nt have access fr tw years (unless they leave the Grup under specific circumstances). the relatinship between StI rewards the perfrmance f the Grup ver the past five years indicates the success f ur remuneratin strategy in aligning executive rewards with sharehlder interests (as shwn in the graphs belw). Further details f the Grup s Attributable Prfit Basic Earnings per Share ver the past five years can be fund in sectin 3 f this Annual Reprt (including descriptins f these terms). MEASURING OUR PERFORMANCE KEY INDICATORS STRATEGIC ELEMENTS KPI TARGETS Investing In wrld class assets in the mst attractive cmmdities Ttal sharehlder return (TSR) Share price grwth plus dividends reinvested ver the perfrmance perid. A perfrmance perid f three years is used TSR is calculated annually Return n capital emplyed (ROCE) Ttal perating prfit befre impairments fr the year divided by the average ttal capital less ther investments adjusted fr impairments Capital prjects investment Optimise the pipeline f prjects ensure that new capital is nly cmmitted t prjects that deliver the best value t the Grup n a risk adjusted net present value basis Underlying earnings per share Underlying earnings are net prfit attributable t equity sharehlders, adjusted fr the effect f special items remeasurements any related tax nn-cntrlling interests Organising Efficiently effectively Asset ptimisatin (AO) Sustainable perating prfit benefit frm ptimised perfrmance f the asset base f the cre businesses Supply chain Operating prfit capital spend benefits t the Grup resulting frm centralised prcurement frm cre businesses Operating Safely, sustainably respnsibly Wrk related fatal injury frequency rate (FIFR) FIFR is calculated as the number f fatal injuries t emplyees r cntractrs per 2, hurs wrked Lst time injury frequency rate (LTIFR) The number f lst time injuries (LTIs) per 2, hurs wrked. An LTI is an ccupatinal injury which renders the persn unable t perfrm his/her duties fr ne full shift r mre the day after the injury was incurred, whether a scheduled wrkday r nt Energy cnsumptin Imprvements in energy efficiency are measured frm a 24 baseline Greenhuse gas (GHG) emissins Reductin in CO 2 emissins per unit f prductin is measured frm a 24 baseline Ttal water use Ttal water use includes nly water used fr primary activities Crprate scial investment Scial investment as defined by the Lndn Benchmarking Grup includes dnatins, gifts in kind staff time fr administering cmmunity prgrammes vlunteering in cmpany time is shwn as percentage f prfit befre tax Enterprise develpment Number f cmpanies supprted number f jbs sustained by cmpanies supprted by Angl American enterprise develpment initiatives Emplying The best peple Vluntary labur turnver Number f permanent emplyee resignatins as a percentage f ttal permanent emplyees Gender diversity Percentage f wmen female managers emplyed by the Grup Vluntary HIV cunselling testing (VCT) Percentage f emplyees in suthern Africa undertaking vluntary annual HIV tests with cmpulsry cunselling supprt (1) $1 bn f sustainable perating prfit benefit frm cre businesses by the end f 211. (2) $1 bn f perating prfit capital spend benefits frm cre businesses by the end f Angl American plc Annual Reprt 21 OPERATING AND FINANCIAL REVIEW: Key perfrmance indicatrs We measure perfrmance again elements f ur strategy thrug imprvement measures. 14.4% 24.8% 21 RESULTS AND TARGETS Page 16 Return n capital emplyed (ROCE) Page 2 Asset ptimisatin (AO) $749 millin 21 $1,548 millin $1 billin by 211 (1) Page 24 Wrk related fatal injury frequency rate (FIFR) 2 fatalities,.1 FIFR fatalities,.8 FIFR Zer fatal incidents Lst time injury frequency rate (LTIFR) Zer incidents the ultimate gal f zer harm remains Page 32 Vluntary labur turnver 6.8% % (3) The figure was revised since the publicatin f the It includes peratins that have since becme independ (4) Includes businesses since divested. 15 MEASURING OUR PERFORMANCE KEY INDICATORS STRATEGIC ELEMENTS KPI TARGETS Investing In wrld class assets in the mst attractive cmmdities Ttal sharehlder return (TSR) Share price grwth plus dividends reinvested ver the perfrmance perid. A perfrmance perid f three years is used TSR is calculated annually Return n capital emplyed (ROCE) Ttal perating prfit befre impairments fr the year divided by the average ttal capital less ther investments adjusted fr impairments Capital prjects investment Optimise the pipeline f prjects ensure that new capital is nly cmmitted t prjects that deliver the best value t the Grup n a risk adjusted net present value basis Underlying earnings per share Underlying earnings are net prfit attributable t equity sharehlders, adjusted fr the effect f special items remeasurements any related tax nn-cntrlling interests Organising Efficiently effectively Asset ptimisatin (AO) Sustainable perating prfit benefit frm ptimised perfrmance f the asset base f the cre businesses Supply chain Operating prfit capital spend benefits t the Grup resulting frm centralised prcurement frm cre businesses Operating Safely, sustainably respnsibly Wrk related fatal injury frequency rate (FIFR) FIFR is calculated as the number f fatal injuries t emplyees r cntractrs per 2, hurs wrked Lst time injury frequency rate (LTIFR) The number f lst time injuries (LTIs) per 2, hurs wrked. An LTI is an ccupatinal injury which renders the persn unable t perfrm his/her duties fr ne full shift r mre the day after the injury was incurred, whether a scheduled wrkday r nt Energy cnsumptin Imprvements in energy efficiency are measured frm a 24 baseline Greenhuse gas (GHG) emissins Reductin in CO 2 emissins per unit f prductin is measured frm a 24 baseline Ttal water use Ttal water use includes nly water used fr primary activities Crprate scial investment Scial investment as defined by the Lndn Benchmarking Grup includes dnatins, gifts in kind staff time fr administering cmmunity prgrammes vlunteering in cmpany time is shwn as percentage f prfit befre tax Enterprise develpment Number f cmpanies supprted number f jbs sustained by cmpanies supprted by Angl American enterprise develpment initiatives Emplying The best peple Vluntary labur turnver Number f permanent emplyee resignatins as a percentage f ttal permanent emplyees Gender diversity Percentage f wmen female managers emplyed by the Grup Vluntary HIV cunselling testing (VCT) Percentage f emplyees in suthern Africa undertaking vluntary annual HIV tests with cmpulsry cunselling supprt (1) $1 bn f sustainable perating prfit benefit frm cre businesses by the end f 211. (2) $1 bn f perating prfit capital spend benefits frm cre businesses by the end f Angl American plc Annual Reprt 21 OPERATING AND FINANCIAL REVIEW: Key perfrmance indicatrs We measure perfrmance against the fur strategic elements f ur strategy thrugh Grup-wide targets imprvement measures. 14.4% 24.8% $4.13 $2.14 RESULTS AND TARGETS Page 16 Return n capital emplyed (ROCE) Underlying earnings per share Capital prjects investment A summary f the Grup s capital prjects investments can be fund n pages 18 t 19 Ttal sharehlder return (TSR) Please refer t the Remuneratin reprt n pages 98 t 19 Page 2 Asset ptimisatin (AO) $749 millin 21 $1,548 millin $1 billin by 211 (1) Supply chain $445 millin 21 $713 millin $1 billin by 211 (2) Page 24 Wrk related fatal injury frequency rate (FIFR) 2 fatalities,.1 FIFR fatalities,.8 FIFR Zer fatal incidents Lst time injury frequency rate (LTIFR) Zer incidents the ultimate gal f zer harm remains Energy cnsumptin (3)(4) 12.1 millin GJ ttal energy used millin GJ ttal energy used A 15% intensity reductin by 214 GHG emissins (4) 19 Mt CO 2 equivalent 21 2 Mt CO 2 equivalent A 1% intensity reductin by 214 Ttal water use (4) millin m millin m 3 Under revisin Crprate scial investment $82.5 millin, 1.9% f prfit befre tax 21 $111 millin, 1.3% f prfit befre tax Enterprise develpment Businesses supprted: 3,72 Jbs sustained: 12, Businesses supprted: 9,392 Jbs sustained: 17,2 Businesses supprted: 3,5 Jbs sustained: 18, Page 32 Vluntary labur turnver 6.8% % Vluntary HIV cunselling testing (VCT) 82% 21 94% 95% VCT in high disease burden cuntries (1% is the lng term gal) Gender diversity 12% females, 19% female managers females, 21% female managers (3) The figure was revised since the publicatin f the Annual Reprt after amendments in accunting methdlgies. It includes peratins that have since becme independently managed. (4) Includes businesses since divested. 15 Angl American plc Annual Reprt 21 MEASURING OUR PERFORMANCE KEY INDICATORS STRATEGIC ELEMENTS KPI TARGETS Investing In wrld class assets in the mst attractive cmmdities Ttal sharehlder return (TSR) Share price grwth plus dividends reinvested ver the perfrmance perid. A perfrmance perid f three years is used TSR is calculated annually Return n capital emplyed (ROCE) Ttal perating prfit befre impairments fr the year divided by the average ttal capital less ther investments adjusted fr impairments Capital prjects investment Optimise the pipeline f prjects ensure that new capital is nly cmmitted t prjects that deliver the best value t the Grup n a risk adjusted net present value basis Underlying earnings per share Underlying earnings are net prfit attributable t equity sharehlders, adjusted fr the effect f special items remeasurements any related tax nn-cntrlling interests Organising Efficiently effectively Asset ptimisatin (AO) Sustainable perating prfit benefit frm ptimised perfrmance f the asset base f the cre businesses Supply chain Operating prfit capital spend benefits t the Grup resulting frm centralised prcurement frm cre businesses Operating Safely, sustainably respnsibly Wrk related fatal injury frequency rate (FIFR) FIFR is calculated as the number f fatal injuries t emplyees r cntractrs per 2, hurs wrked Lst time injury frequency rate (LTIFR) The number f lst time injuries (LTIs) per 2, hurs wrked. An LTI is an ccupatinal injury which renders the persn unable t perfrm his/her duties fr ne full shift r mre the day after the injury was incurred, whether a scheduled wrkday r nt Energy cnsumptin Imprvements in energy efficiency are measured frm a 24 baseline Greenhuse gas (GHG) emissins Reductin in CO 2 emissins per unit f prductin is measured frm a 24 baseline Ttal water use Ttal water use includes nly water used fr primary activities Crprate scial investment Scial investment as defined by the Lndn Benchmarking Grup includes dnatins, gifts in kind staff time fr administering cmmunity prgrammes vlunteering in cmpany time is shwn as percentage f prfit befre tax Enterprise develpment Number f cmpanies supprted number f jbs sustained by cmpanies supprted by Angl American enterprise develpment initiatives Emplying The best peple Vluntary labur turnver Number f permanent emplyee resignatins as a percentage f ttal permanent emplyees Gender diversity Percentage f wmen female managers emplyed by the Grup Vluntary HIV cunselling testing (VCT) Percentage f emplyees in suthern Africa undertaking vluntary annual HIV tests with cmpulsry cunselling supprt (1) $1 bn f sustainable perating prfit benefit frm cre businesses by the end f 211. (2) $1 bn f perating prfit capital spend benefits frm cre businesses by the end f Angl American plc Annual Reprt 21 OPERATING AND FINANCIAL REVIEW: Key perfrmance indicatrs We measure perfrmance against the fur st elements f ur strategy thrugh Grup-wide imprvement measures. 14.4% 24.8% $4.13 $2.14 RESULTS AND TARGETS Page 16 Return n capital emplyed (ROCE) Underlying earnings p Page 2 Asset ptimisatin (AO) $749 millin 21 $1,548 millin $1 billin by 211 (1) Supply chain $445 millin 21 $713 millin $1 billin by 2 Page 24 Wrk related fatal injury frequency rate (FIFR) 2 fatalities,.1 FIFR fatalities,.8 FIFR Zer fatal incidents Lst time injury frequency rate (LTIFR) Zer incidents the ultimate gal f zer harm remains Energy cnsumptin (3)(4) 12.1 millin GJ energy used millin G energy used A 15% intensity by 214 GHG emissins (4) 19 Mt CO 2 equiv 21 2 Mt CO 2 equ A 1% intensity by 214 Ttal water use (4) millin m millin m Under revisin Page 32 Vluntary labur turnver 6.8% % Vluntary HIV cunsel testing (VCT) 82% 21 94% 95% VCT in hig burden cuntrie the lng term g (3) The figure was revised since the publicatin f the Annual Reprt after amendment It includes peratins that have since becme independently managed. (4) Includes businesses since divested Prfit attributable excluding exceptinal items (US$B) Average STI reward (as % f maximum award) 21 Average STI reward fr GMC members vs Prfit Attributable t Sharehlders (excluding exceptinal items) Prfit attributable t sharehlders (excluding exceptinal items) Average STI reward fr GMC members Basic EPS excluding exceptinal items (US cents per share) Average STI reward (as f % f maximum award) 21 Average STI reward fr GMC members vs Basic Earnings per Share Basic Earnings per Share Average STI reward fr GMC members Risk alignment the glbal financial crisis has heightened the fcus n risk management within rganisatins, in particular n remuneratin framewrks that wrk t ensure executives take a lng-term apprach t decisin-making minimising activities that fcus nly n shrt-term results at the expense f lnger term business grwth success. the Remuneratin Cmmittee has cnsidered the ways in which risk management is reflected thrughut BHP Billitn s reward structure fr all executives, is satisfied that it reinfrces the desired behaviurs. this is largely achieved thrugh the Grup s apprach t StI LtI rewards, which cmprise a significant prtin f remuneratin fr the GMC. the equity cmpnent f StI rewards is deferred fr a tw-year perid, perfrmance under the LtIP is measured ver a five-year perid. the actual rewards received by members f the GMC therefre reflect the Grup s perfrmance share price ver an extended perid. In additin, StI LtI utcmes are nt driven by a frmulaic apprach. the Remuneratin Cmmittee applies a qualitative judgement t determining StI rewards t vesting under the LtIP, may determine that rewards nt be prvided in circumstances where the cmmittee determines it t be inapprpriate r wuld prvide unintended utcmes. the Remuneratin Cmmittee des nt apply any discretin t allw vesting when perfrmance hurdles have nt been satisfied Perfrmance alignment While the Bard recgnises that market frces necessarily influence remuneratin practices, it strngly believes that the fundamental driver behind ur remuneratin structure is business perfrmance. Accrdingly, while target remuneratin is structured t attract retain executives, the amunt f remuneratin actually received is dependent n the achievement f superir business individual perfrmance n generating sustained sharehlder value. Shrt-term perfrmance indicatrs utcmes An individual screcard f measures is set fr each executive at the cmmencement f each financial year. these screcards include the key financial nn-financial measures that the Bard believes will drive BHP Billitn s perfrmance. At the cnclusin f the financial year, each individual s achievement against their measures is assessed by the Remuneratin Cmmittee Bard their cash StI reward is determined. this is matched with an allcatin f Deferred Shares r Optins (r a cmbinatin f the tw), t which the individual will nt have access fr tw years (unless they leave the Grup under specific circumstances). the relatinship between StI rewards the perfrmance f the Grup ver the past five years indicates the success f ur remuneratin strategy in aligning executive rewards with sharehlder interests (as shwn in the graphs belw). Further details f the Grup s Attributable Prfit Basic Earnings per Share ver the past five years can be fund in sectin 3 f this Annual Reprt (including descriptins f these terms). BHP BILLItON ANNUAL REPORt

12 WHAT WILL INTEGRATED REPORTING MEAN FOR ME? Integrated Reprting transparency is nt nly the right thing t d, but it has brught with it a brad range f business benefits, ranging frm richer access t capital markets identificatin f cst savings t an increase in emplyee engagement. Lrd Sharman f Redlynch, Chairman, Aviva Key pints in this sectin The main benefits challenges f Integrated Reprting are presented here frm the fllwing perspectives: reprting rganizatins; investrs; plicy-makers, regulatrs stard-setters; ther stakehlders. Benefits Challenges The implicatins f Integrated Reprting will vary fr different participants in the reprting supply chain depicted in the diagram belw. This sectin f the Discussin Paper utlines the main benefits challenges with respect t Integrated Reprting fr reprting rganizatins, investrs, plicy-makers, regulatrs stard-setters, ther stakehlders. The benefits f Integrated Reprting set ut in this sectin are equally relevant t ther key stakehlders such as custmers, suppliers gvernments wh are increasingly deming demnstratin f a mre integrated picture f perfrmance as a prerequisite fr ding business. Plicy-makers, Regulatrs Stard-setters Reprting Organizatins Alternative pathways t Integrated Reprting While the IIRC anticipates that an Integrated Reprt will ultimately becme the primary reprt fr all rganizatins, individual rganizatins will fllw different rutes ver different timeframes twards that end. All rganizatins will be bund by existing regulatry reprting requirements until these are changed, but this will affect them in different ways depending n the jurisdictin(s) industry(ies) in which they perate. Alternative rutes that rganizatins may fllw include the fllwing. Cmbining the sustainability reprt with the management cmmentary r the full annual reprt. While a cmbined reprt is nt an Integrated Reprt, it can be a lgical first step fr sme rganizatins as they explre pprtunities t integrate the cntent f the tw reprts int a mre cncise frm build understing f hw perfrmance in ne area drives value in anther. Reprting Assurance Prviders Investrs Other Users Publishing a cncise, stalne, Integrated Reprt as the nly additin t a statutrily required annual reprt r regulatry filing. This may be particularly attractive fr rganizatins nt currently prducing a separate sustainability reprt that their stakehlders have cme t expect. Mdifying the sustainability reprt r, t the extent permitted given the rganizatin s regulatry envirnment, the management cmmentary by tailring it in accrdance with the Guiding Principles Cntent Elements f Integrated Reprting. Adpting Integrated Reprting internally t underpin management infrmatin. This will prvide business benefits while liaising with regulatrs either t intrduce Integrated Reprting fr all rganizatins r t intrduce safe harburs fr thse wh chse t innvate experiment. Benefits Reprting Organizatin Perspective Althugh Integrated Reprting is an emerging practice, a number f benefits have been identified in research t date, as summarized belw: 9 reprted infrmatin better aligned with investr needs; mre accurate nn-financial infrmatin available fr data vendrs; higher levels f trust with key stakehlders; better resurce allcatin decisins, including cst reductins; enhanced risk management; better identificatin f pprtunities; greater engagement with investrs ther stakehlders, including current prspective emplyees which imprves attractin retentin f skills; lwer reputatinal risk; lwer cst f, better access t, capital because f imprved disclsure; develpment f a cmmn language greater cllabratin acrss different functins within the rganizatin. Challenges Regulatin Many cmpnents f Integrated Reprting are the subject f existing lcal regulatins which vary between jurisdictins. Prgress twards Integrated Reprting is, therefre, likely t evlve at different speeds in different cuntries. Internatinal cnsensus n the directin taken will be imprtant, in particular fr rganizatins perating acrss jurisdictins. Q9. Frm yur perspective as a reprting rganizatin: Directrs duties The fiduciary ther duties f thse charged with gvernance are nt cnsistent acrss all jurisdictins. Cnsequently, the fcus f an Integrated Reprt may differ, in particular in relatin t the users t whm the Integrated Reprt is addressed. Directrs liability Because the scpe f Integrated Reprting will cver new evlving subjects, with a greater fcus n the future, cncerns abut the liability f thse charged with gvernance will need t be addressed. This might be thrugh the adptin f glbally accepted harmnized safe harburs r a brad business judgement rule. Cmmercial cnfidentiality Organizatins will need t prvide a mre strategic fcus, in sme cases, infrmatin nt currently subject t matry disclsure requirements in their Integrated Reprts. They will, therefre, need t balance the benefits mentined abve with the desire t avid disclsing cmpetitive infrmatin. Capacity building Building knwledge experience acrss the reprting system will be essential t lng-term success. The IIRC Pilt Prgramme (see page 24 fr mre details) will help t build this capacity, with the learning captured disseminated by the IIRC fr all t access. An nline frum will als be created t encurage knwledge sharing. Infrmatin systems Organizatins will need t establish r strengthen infrmatin systems fr capturing aggregating infrmatin. Organizatins that are interested in experimenting with Integrated Reprting ver the next tw years are invited t jin the IIRC Pilt Prgramme see page 24 fr mre details. (a) D yu agree with the main benefits as presented in the Discussin Paper? Why/why nt? (b) D yu agree with the main challenges as presented in the Discussin Paper? Why/why nt? 2 Twards Integrated Reprting 21

13 What Will Integrated Reprting Mean fr Me? (cntinued) Investr Perspective Plicy-maker, Regulatr Stard-setter Perspective Benefits Fiduciary duty The prvisin f a mre integrated infrmatin set will help thse wh invest n behalf f thers, such as pensin funds, t discharge their fiduciary duty by taking int accunt the full range f issues that affect rganizatinal, therefre financial, success investment returns. Future rientatin utlk Integrated Reprting puts greater emphasis n infrmatin abut the future. This will assist investrs in assessing the rganizatin s ability t generate future cash flws. Risks pprtunities Integrated Reprts disclse key risks pprtunities as management views them. This will enable investrs t assess the shrt-, medium- lng-term impact f these risks pprtunities acrss their investment prtfli. Cmparability Integrated Reprting prvides a platfrm t help enhance sectr-specific reprting mdels t bring tgether infrmatin frm different frms f reprting. This assists imprved sectral gegraphical analysis cmparisn f issues such as business ethics, management f cnflicts f interests, bribery crruptin where they are relevant material t the rganizatin. Cnnected infrmatin Integrated Reprting makes clearer the linkages between the rganizatin s strategy, gvernance financial perfrmance the scial, envirnmental ecnmic cntext within which it perates. It als better aligns externally reprted infrmatin with infrmatin that management uses fr decisin making. This enables investrs t assess mre effectively the cmbined impact f the diverse factrs that materially affect an rganizatin s lng-term value. Imprved analysis Analysts, bth sell-side buyside, will have access t an rganizatin s mst significant infrmatin in ne cncise integrated frm, with the pprtunity t drill dwn t mre detailed infrmatin where necessary. This can streamline the analytical prcess help analysts t incrprate a wider set f KPIs ther factrs int their analysis. Mre effective decisins, better investment returns mre effective capital allcatin Cllectively, the abve benefits will result in mre effective investment decisins, better lng-term investment returns mre effective capital allcatin. Challenges Revised analytical techniques Analytical tls that incrprate a wide range f financial nn-financial factrs are evlving. The IIRC Pilt Prgramme will wrk with investrs t develp disclsures relevant fr investment analysis. Investment supply chain Many f the current cmpensatin incentive structures alng the investment supply chain drive a fcus n the shrt term. A wide range f steps are being taken by regulatry nn-regulatry actrs t rebalance this fcus. Integrated Reprting can supprt these effrts by taking int accunt the whle spectrum f factrs that impact an rganizatin s success, therefre, its lng-term investment returns. Investrs interested in develping integrated disclsures relevant fr investment analysis are invited t jin the IIRC Pilt Prgramme see page 24 fr mre details. Benefits Mre effective capital allcatin The mre meaningful cmmunicatin brught abut thrugh Integrated Reprting will supprt mre effective capital allcatin acrss the ecnmy generally, t the extent that Integrated Reprting supprts capital flwing t thse rganizatins that are respnding mst effectively t future challenges, can encurage the investment necessary t respnd t issues such as energy security, fd scarcity climate change. Harmnizatin f appraches reduced red tape Reprting is shaped by a patchwrk f laws, regulatins, stards, cdes, guidance stck exchange listing requirements, described in a recent reprt as a jigsaw in pieces. 1 Integrated Reprting ffers a platfrm fr plicy-makers, regulatrs stard-setters, wrking tgether, t: integrate reprting requirements within a jurisdictin; harmnize advances in reprting that have been achieved in different jurisdictins; apprach new reprting issues n a cnsistent basis as they emerge acrss jurisdictins. Ecnmic market stability The recent glbal financial crisis has made it clear that risks can develp, be harbured be transmitted thrugh market participants practices that fall utside the traditinally prudentially regulated institutins. One imprtant tl in addressing these risks is greater transparency f market participants, which Integrated Reprting can facilitate. This, linked with the better internal decisin making behaviurs that Integrated Reprting encurages, as well as the lngerterm perspectives that it enables, may well deliver lwer vlatility in markets. Mrever, it permits plicy-makers regulatrs t identify such risks as they emerge s that they can be dealt with in a timely way, thus adding t greater ecnmic market stability. Stewardship f cmmn resurces Because f the brader perspective required by Integrated Reprting, bth in terms f the resurces relatinships that it takes int accunt the lnger timeframe ver which value creatin is cnsidered, it leaves rganizatins better placed t act, be mre accuntable, as stewards f the cmmunity s cmmn resurces, in particular human, natural scial capital. Access t infrmatin Integrated Reprting, by prviding decisin-relevant infrmatin, can supprt effective actin by plicy-makers regulatrs as users f that infrmatin. Challenges Revising legislatin, regulatin stards Mechanisms fr revising legislatin, regulatin stards require leadership, plitical will, crdinatin, time, resurces, cnsultatin due prcess. This is particularly s where prpsed changes invlve mre than ne subject area (e.g., envirnmental law securities law), mre than ne jurisdictin. Liability business cnfidentiality The scpe f Integrated Reprting will cver new evlving subjects will have a mre strategic fcus. The resulting cncerns f management, thse charged with gvernance assurance prviders abut liability, fiduciary duties business cnfidentiality will need t be addressed. Q9. Frm yur perspective as an investr: (a) D yu agree with the main benefits as presented in the Discussin Paper? Why/why nt? (b) D yu agree with the main challenges as presented in the Discussin Paper? Why/why nt? (c) D yu agree that Integrated Reprting will drive the disclsure f infrmatin that is useful fr integrated analysis? Why/why nt? Q9. Frm yur perspective as a plicy-maker, regulatr r stard-setter: (a) D yu agree with the main benefits as presented in the Discussin Paper? Why/why nt? (b) D yu agree with the main challenges as presented in the Discussin Paper? Why/why nt? 22 Twards Integrated Reprting 23

14 What Will Integrated Reprting Mean fr Me? (cntinued) Other Perspectives Civil Sciety Alignment f sustainable issues Organizatins that adpt Integrated Reprting will display their stewardship nt nly f financial capital, but als f human, natural, scial ther capitals, which is likely t align with the interests f many civil sciety interest grups. Stakehlder engagement Integrated Reprting s emphasis n stakehlder engagement is likely t result in greater cnsultatin with civil sciety interest grups. Supply chain Integrated Reprting will prvide greater visibility f hw an rganizatin impacts n the stakehlder grups acrss its supply chain. Fcus n specific issues The integratin f envirnmental scial issues with financial issues culd result in a reductin in fcus n sme issues f cncern t particular civil sciety interest grups. The IIRC is engaging with key civil sciety interest grups will utilize existing guidelines, cdes, etc. thrughut the develpment f the Framewrk. Emplyees Future prspects Current prspective emplyees will be able t gain an integrated perspective n the future prspects f their emplyer. They will als be better able t discern whether their emplyer s values are cnsistent with their wn. Cnnecting the rganizatin Integrated reprting facilitates the breaking dwn f reprting sils the intrductin f integrated thinking. This allws emplyees The IIRC Pilt Prgramme t gain a better understing f hw their perfrmance links t the bjectives f the rganizatin t identify hw they cntribute t the ability f the rganizatin t create sustain value ver time. Assurance prviders Independent assurance The independent audit f financial statements currently plays a critical rle in the wrld s capital markets, independent assurance f sustainability reprts is recgnized as best practice. It is therefre reasnable t expect that when an Integrated Reprt is an rganizatin s primary reprt, investrs ther stakehlders will want that reprt t be subject t independent assurance. New techniques Sme infrmatin in an Integrated Reprt may be mre difficult t assure than infrmatin disclsed under traditinal reprting framewrks. This will require the develpment f new techniques, stards reprting mechanisms t supprt assurance n Integrated Reprts. Academics Research As researchers, academics will have a strng rle t play in the develpment f the initial Framewrk in researching emerging tpics as Integrated Reprting evlves ver time. Educatin As educatrs, academics will have a strng rle t play in educatin capacity building acrss the reprting system, which will be essential t Integrated Reprting s lng-term success. The IIRC is cnducting a tw-year Pilt Prgramme, cmmencing in Octber 211, t test further develp the Internatinal Integrated Reprting Framewrk. Wrking as a netwrk f peer-grup rganizatins investrs with whm knwledge can be exchanged experiences shared, the IIRC Pilt Prgramme aims t: encurage rganizatins t innvate in their reprting practices; infrm the future evlutin f reprting investr practices; drive cnvergence in internatinal reprting guidance. Fr mre details t express interest in participating, see FUTURE DIRECTION Key pints in this sectin The develpment f Integrated Reprting will require a change in established thinking abut decisin making reprting. Actins that the IIRC is planning include: develping an Expsure Draft f the Framewrk; wrking with thers n emerging measurement reprting practices; utreach, encuraging rganizatins t adpt cntribute t the evlutin f Integrated Reprting; explring pprtunities fr harmnizing reprting requirements within acrss jurisdictins; cnsultatin regarding the nging gvernance f Integrated Reprting. The develpment f Integrated Reprting is designed t enhance cnslidate existing reprting practices. Thrugh cllabratin, cnsultatin experimentatin, the IIRC plans t mve twards a reprting framewrk that prvides the infrmatin needed t assess rganizatinal value in the 21st century. There will be a perid f transitin. Sme jurisdictins will intrduce Integrated Reprting requirements ahead f thers. This is the case in Suth Africa fr example, where the Jhannesburg Stck Exchange has intrduced a listing requirement fr cmpanies t prepare, r publicly explain why they have nt prepared, an Integrated Reprt. In ther jurisdictins, rganizatins will experiment with Integrated Reprting within the existing reprting requirements. A number f rganizatins have already released Integrated Reprts in this cntext. The IIRC Pilt Prgramme will facilitate further experimentatin. Develping an effective Framewrk supprting mechanisms will require a cllabrative effrt frm all thse invlved in the reprting system. The IIRC is seeking t encurage facilitate that cllabratin. Actins that the IIRC is currently planning relate t the fllwing. Pilt Prgramme Run a tw-year Pilt Prgramme, cmmencing in Octber 211 t test the prpsals set ut in this Discussin Paper prvide practical examples f Integrated Reprting. Cmpanies, investrs thers participating in the IIRC Pilt Prgramme will prvide a key cntributin t the Framewrk s develpment ver the next tw years (see page 24 fr mre details). Framewrk Develp the Internatinal Integrated Reprting Framewrk n the basis f: respnses received t this Discussin Paper; the insights emerging frm the IIRC Pilt Prgramme; additinal research cnducted by the IIRC thers; nging engagement with investrs ther key stakehlders. It is anticipated that an Expsure Draft f an Internatinal Integrated Reprting Framewrk will be published fr cmment in 212. The intentin is t ensure that the Framewrk has the scpe flexibility t supprt the future develpment f reprting fr several decades, recgnizing that it will need t be revised peridically t cntinue t meet the evlving needs f the market sciety. Measurement reprting practices Mnitr, where apprpriate, cntribute t r ptentially lead develpment f emerging measurement reprting practices relevant t Integrated Reprting. This may include the develpment f techniques t enable thse areas f business impact interdependence that are currently treated as externalities t be better quantified integrated int decisins reprting whether as risks pprtunities r as part f perfrmance statements. Outreach Cnduct reginal rundtables ther engagement cmmunicatin activities t raise awareness f Integrated Reprting amng investrs ther key stakehlders, t encurage rganizatins t adpt cntribute t the evlutin f Integrated Reprting. Harmnizatin Explre with natinal, reginal glbal plicy-makers, regulatrs stard-setters, pprtunities fr harmnizing reprting requirements within acrss jurisdictins, help t develp a cmpatible regulatry lscape. Gvernance Develp, thrugh public cnsultatin, institutinal arrangements fr the nging gvernance f Integrated Reprting. Q9. Frm yur perspective as a key stakehlder: (a) D yu agree with the main benefits as presented in the Discussin Paper? Why/why nt? (b) D yu agree with the main challenges as presented in the Discussin Paper? Why/why nt? Q1. (a) D yu agree that the actins listed in the Discussin Paper shuld be the next steps undertaken by the IIRC? Why/why nt? Are there ther significant actins that shuld be added? (b) What pririty shuld be affrded t each actin? Why? Q11. D yu have any ther cmments that yu wuld like the IIRC t cnsider? 24 Twards Integrated Reprting 25

15 SUMMARY OF CONSULTATION QUESTIONS ABOVE ALL, INTEGRATED REPORTING IS ABOUT GOOD BUSINESS The IIRC welcmes cmments n all aspects f the Discussin Paper frm all stakehlders, whether t express agreement r t recmmend changes. Yur answers t the Cnsultatin Questins, any ther cmments yu wuld like t make, shuld be submitted t r nline at Fr the purpse f analysis, yu are asked t identify the rganizatin t which yu belng where it is lcated. All cmments received will be cnsidered a matter f public recrd will be psted n Cmments shuld be submitted by Wednesday 14th December 211. The Wrld has Changed Reprting Must T (page 4) Q1. (a) D yu believe that actin is needed t help imprve hw rganizatins represent their value-creatin prcess? Why/why nt? (b) D yu agree that this actin shuld be internatinal in scpe? Why/why nt? Twards Integrated Reprting (page 6) Q2. D yu agree with the definitin f Integrated Reprting n page 6? Why/why nt? An Internatinal Integrated Reprting Framewrk (page 8) Q3. D yu supprt the develpment f an Internatinal Integrated Reprting Framewrk? Why/why nt? Q4. (a) D yu agree that the initial fcus f Integrated Reprting shuld be n reprting by larger cmpanies n the needs f their investrs? Why/why nt? (b) D yu agree that the cncepts underlying Integrated Reprting will be equally applicable t small medium enterprises, the public sectr nt-fr-prfit rganizatins? Business Mdel Value Creatin (page 1) Q5. Are: (a) the rganizatin s business mdel; (b) its ability t create sustain value in the shrt, medium lng term, apprpriate as central themes fr the future directin f reprting? Why/why nt? Q6. D yu find the cncept f multiple capitals helpful in explaining hw an rganizatin creates sustains value? Why/why nt? Guiding Principles (page 13) Q7. D the Guiding Principles identified in the Discussin Paper prvide a sund fundatin fr preparing an Integrated Reprt are they cllectively apprpriate; is each individually apprpriate; are there ther Guiding Principles that shuld be added? Why/why nt? Cntent Elements (page 14) Q8. D the Cntent Elements identified in the Discussin Paper prvide a sund fundatin fr preparing an Integrated Reprt are they cllectively apprpriate; is each individually apprpriate; are there ther Cntent Elements that shuld be added? Why/why nt? What Will Integrated Reprting Mean fr Me? (Reprting rganizatins page 21, Investrs page 22, Plicymakers, regulatrs stard-setters page 23, Other perspectives page 24) Q9. Frm yur perspective: (a) D yu agree with the main benefits as presented in the Discussin Paper? Why/why nt? (b) D yu agree with the main challenges as presented in the Discussin Paper? Why/why nt? (c) D yu agree that Integrated Reprting will drive the disclsure f infrmatin that is useful fr integrated analysis (frm the perspective f investrs)? Why/why nt? Future Directin (page 25) Q1. (a) D yu agree that the actins listed in the Discussin Paper shuld be the next steps undertaken by the IIRC? Why/why nt? Are there ther significant actins that shuld be added? (b) What pririty shuld be affrded t each actin? Why? Q11. D yu have any ther cmments that yu wuld like the IIRC t cnsider? In Tata Grup the cre belief is what we d must benefit sciety this is why we supprt the develpment f Integrated Reprting. Sustainability must be in yur DNA. Ishaat Hussain, Finance Directr, Tata Sns Limited Managing pensin assets means that we have a respnsibility twards millins f peple t ensure they receive decent pensins; we therefre need t generate decent returns in a respnsible manner ver the lng term. Integrated Reprting helps us get the full picture f a cmpany s perfrmance make sund investment decisins. Prfessr Angelien Kemna, Chief Investment Officer, APG Chief Executive Officer, APG Asset Management The case fr glbally cnsistent financial reprting stards is well understd accepted. It is apprpriate t apply the same glbal apprach t ther aspects f crprate reprting. This initiative represents an imprtant step n that jurney. Hans Hgervrst, Chairman, Internatinal Accunting Stards Bard It is abut time that we stpped printing tgether financial sustainability reprts withut any visible cncrete links between them. Prfessr Nelsn Carvalh, Universidade de Sã Pal If yu are a cmpany cmmitted t the lng term, ne f yur ambitins is t be trusted, yu have n chice Integrated Reprting is the way t cmmunicate. Jim Singh, Chief Financial Officer, Nestlé The gal f the IIRC is nt t increase the reprting burden n cmpanies ther entities. Rather, it is t help them all their stakehlders make better resurce allcatin decisins. All f us have a stake in a sustainable sciety. Göran Tidström, President, Internatinal Federatin f Accuntants Integrated Reprting builds n the practice f financial reprting, envirnmental, scial gvernance reprting. It equips cmpanies t manage their peratins, br reputatin strategically t manage better any risks that may cmprmise the lng-term sustainability f the business. Prfessr Mervyn King, Deputy Chairman, IIRC Chairman, GRI 26 Twards Integrated Reprting 27

16 ACKNOWLEDGEMENTS AND ENDNOTES IIRC members Sir Michael Peat, Principal Private Secretary t TRH The Prince f Wales The Duchess f Crnwall (Chairman) Prfessr Mervyn King, Chairman, King Cmmittee n Crprate Gvernance Chairman, Glbal Reprting Initiative (Deputy Chairman) Helen Br, Chief Executive, ACCA Prfessr Nelsn Carvalh, Universidade de Sã Paul, Brazil Chairman, 25th Sessin f UNCTAD s ISAR Paul Clements-Hunt, Head f Unit, UNEP Finance Initiative Arn Cramer, President CEO, Business fr Scial Respnsibility Rbert Eccles, Prfessr f Management Practice, Harvard Business Schl Gerald Edwards, Senir Advisr n Accunting Auditing Plicy, Financial Stability Bard (Observer) Jhn Elkingtn, Funding Partner & Executive Chairman, Vlans Dr Wlfgang Engshuber, President, Crprate Centers, Munich Re America UNPRI Tim Flynn, Chairman, KPMG Internatinal Hans Hgervrst, Chairman f the Internatinal Accunting Stards Bard (frm July 211) Ishaat Hussain, Chief Financial Officer, Tata Michael Izza, ICAEW Chief Executive Glbal Accunting Alliance Prfessr Angelien Kemna, Chief Investment Officer, APG Chief Executive Officer, APG Asset Management Thmas Kusterer, Chief Financial Officer, EnBW Energie Baden-Württemberg AG Huguette Labelle, Chair, Transparency Internatinal Mindy Lubber, President f Ceres Directr f INCR Charles A. McDnugh, Vice President Cntrller, The Wrld Bank Sir Mark Mdy-Stuart, Chairman f the Fundatin fr the Glbal Cmpact Dennis Nally, Chairman, PricewaterhuseCpers Internatinal Limited Jeremy Newman, Chief Executive Officer, BDO Internatinal Edward Nusbaum, Chief Executive Officer, Grant Thrntn Internatinal David Nussbaum, WWF-UK Chief Executive, WWF Internatinal Rbert Pedte, Senir Vice President f Financial Legal Affairs, Natura Russell Pict, Grup Chief Accunting Officer, HSBC James H. Quigley, Senir Partner, Delitte LLP René Ricl, General Cmmissiner fr Public Investment (France) Atsushi Sait, President & CEO, Tky Stck Exchange Grup, Inc Rick Samans, Managing Directr, WEF Chairman, Climate Disclsure Stards Bard Maria Helena Santana, Chairman f the Executive Cmmittee f the Internatinal Organizatin f Securities Cmmissins Leslie Seidman, Chairman, Financial Accunting Stards Bard Jim Singh, Chief Financial Officer, Nestlé Björn Stigsn, President, Wrld Business Cuncil fr Sustainable Develpment Göran Tidström, President, Internatinal Federatin f Accuntants Charles Tilley, Chief Executive, CIMA Jim Turley, Chairman Chief Executive Officer, Ernst & Yung Dug Webb, 1 Grup f Finance Directrs Christy Wd, Chair, Internatinal Crprate Gvernance Netwrk (ICGN) Li Yng, Vice Minister f the Ministry f Finance, P.R. China President f CICPA (frm July 211) Wrking Grup members Paul Druckman, Executive Bard Chairman, The Prince s Accunting fr Sustainability Prject (C-Chairman) Ian Ball, Chief Executive Officer, Internatinal Federatin f Accuntants (C-Chairman) Dr Nelmara Arbex, Deputy Chief Executive, Glbal Reprting Initiative Frank Curtiss, Head f Crprate Gvernance, Railpen Bard member ICGN Peter Dart, Directr, WPP Jessica Fries, Directr, The Prince s Accunting fr Sustainability Prject (Secretary) James Giffrd, Executive Directr, United Natins Principles fr Respnsible Investment Eric J. Hespenheide, Partner, Delitte & Tuche LLP Kiyshi Ichimura, Executive Bard Member, The Japanese Institute f Certified Public Accuntants Alan Knight, Independent Stards Advisr Claudia Kruse, Head f Sustainability Gvernance, APG Chair, ICGN Integrated Business Reprting Cmmittee Bb Laux, Directr, Accunting Reprting, Micrsft Jerme Lavigne-Delville, Special Advisr, UN Glbal Cmpact Office Ernst Ligteringen, Chief Executive, Glbal Reprting Initiative Steve Maslin, Partner, Grant Thrntn Dr. Rbert Kinlch Massie, Senir Fellw, Initiative fr Respnsible Investment, Kennedy Schl f Gvernment, Harvard University David Matthews, Partner, KPMG Dr Anthny Miller, Accunting Crprate Gvernance Prgramme, UNCTAD Dr Jeanne Ng, Directr, Grup Envirnmental Affairs, CLP Hldings Limited David Phillips, Partner, PricewaterhuseCpers Janet Ranganathan, Vice President fr Science Research, WRI Prfessr Rger Simnett, Assciate Dean, Research, University f New Suth Wales Susanne Strmer, Vice President, Glbal Triple Bttm Line Management, Nv Nrdisk Alan Teixeira, Directr f Technical Activities, Internatinal Accunting Stards Bard Graham Terry, Strategy & Thught Leadership, SAICA Senir Executive, Suth African Institute f Chartered Accuntants Dr Steve Waygd, Head f Sustainability Research Engagement, Aviva Investrs Yuki Yasui, Deputy Head, UNEP Finance Initiative Additinal Task Frce Advisry Grup members Marjlein Baghuis, Cmmunicatins Netwrk Relatins Directr, Glbal Reprting Initiative Bastian Buck, Manager Technical Develpment, Glbal Reprting Initiative Ralf Frank, Managing Directr, DVFA Rbert Giglietti, Deputy Cntrller-Financial Reprting, GE Gavin Grant, Chairman, Bursn-Marsteller UK Lis Guthrie, Secretary, Climate Disclsure Stards Bard Jnathn Hanks, Funding Directr, Incite Sustainability Yichi Mri, Technical Directr, The Japanese Institute f Certified Public Accuntants Jhn Paluszek, Chair, Glbal Alliance fr Public Relatins Cmmunicatin Management Sallie Pilt, Directr f Research & Strategy, Black Sun Peter Prestakes, Assistant Directr, Financial Accunting Stards Bard Nick Ridehalgh, Senir Directr, KPMG Sydney Tm Rtherham, Assciate Directr, Hermes Equity Ownership Services (EOS) Neil Stevensn, Br Executive Directr, ACCA Alan Willis, Independent Stards Advisr Secretariat Jessica Fries, Directr, The Prince s Accunting fr Sustainability Prject (A4S) Directr, PricewaterhuseCpers Lisa French, Directr Reprting Framewrk, Glbal Reprting Initiative Superna Khsla, Head f Cmmunicatins Engagement, A4S Senir Manager PricewaterhuseCpers Mike Krzus, President, Mike Krzus Cnsulting Marik Mishir, Research Fellw, Wrld Intellectual Capital Initiative (WICI) Charltte Masiell-Rime, Cmmunicatins Strategy Advisr, A4S Michael Nugent, Senir Technical Manager, Internatinal Federatin f Accuntants Dr. Jeremy Osbrn, Prject Manager, CIMA Mike Reid, Prject Manager, A4S Manager, Grant Thrntn Beth A. Schneider, Directr, Delitte & Tuche LLP Bethan Walker, Cmmunicatins Officer, A4S Jris Wiemer, Senir Crdinatr External Relatins, Glbal Reprting Initiative Victria Windmill, Prject Manager, A4S Manager, Delitte Other acknwledgements Members f the Accunting Bdies Netwrk f The Prince s Accunting fr Sustainability Prject Rbert Bruce, Jurnalist Rbert Bunting, Past President, Internatinal Federatin f Accuntants (frmer member f the IIRC) Lauren Dalley, Grup Accunt Directr, Black Sun Jane Diplck, Frmer Chairman f the Executive Cmmittee f IOSCO (frmer member f the IIRC) Alan Fisk, Technical Editr, Internatinal Accunting Stards Bard Rbert H. Herz, Frmer Chairman, Financial Accunting Stards Bard (frmer member f the IIRC) Dnald Hill, Design Directr, Black Sun Britt Keay, Accunt Manager, Black Sun Mitsuru Kmiyama, Frmer Executive Bard Member, The Japanese Institute f Certified Public Accuntants (frmer member f the Wrking Grup) Richard Reid, Lndn Chairman, KPMG (frmer member f the Wrking Grup) Victria Sctt, Research Analyst, Black Sun Takayuki Sumita, Chairpersn, Wrld Intellectual Capital Initiative (WICI) Sir David Tweedie, Frmer Chairman f the Internatinal Accunting Stards Bard (frmer member f the IIRC) In additin, the IIRC wuld like t thank the many hundreds f peple arund the wrld wh have cntributed t the develpment f Integrated Reprting this Discussin Paper thrugh participatin in meetings, rundtables, seminars, nline discussin ther events Endntes 1 Ocean Tm (21), Ocean Tm s Intangible Asset Market Value Study 2 Management cmmentary is als knwn as management discussin analysis, business review narrative reprting 3 Sustainability reprting is als knwn as triple bttm line reprting, envirnmental, scial gvernance (ESG) reprting, crprate respnsibility reprting crprate scial respnsibility reprting 4 See, fr example, Bstn Cllege Carrll Schl f Management (28), The Use f Nn-Financial Infrmatin: What D Investrs Want?, Arnld, V., Bedard, C., Phillips, J. Suttn, S. (), Understing Prfessinal Nn- Prfessinal Investrs Infrmatin Requirements, Financial Services Cuncil The Australian Cuncil f Superannuatin Investrs (211), ESG Reprting Guide fr Australian Cmpanies Building The Fundatin Fr Meaningful Reprting, Haigh, M. Shapir, M.A. (211), Financial Institutins: taking greenhuse gases int accunt prduced by the Climate Disclsure Stards Bard fr the Department fr Envirnment, Fd Rural Affairs, UK 5 UN Glbal Cmpact-Accenture (21), A New Era f Sustainability, UN Glbal Cmpact-Accenture CEO Study 21 6 Blmberg (21), The Sustainability Edge, Sustainability Reprt 21 7 See, fr example, Financial Reprting Review Panel Accunting Stards Bard (211), Cutting the Clutter. Cmbating clutter in an annual reprt 8 These surces include White, A.L (21), The Five Capitals f Integrated Reprting Tward a Hlistic Architecture fr Crprate Disclsure Frum fr the Future (), The Five Capitals Mdel a framewrk fr sustainability 9 See, fr example, Eccles, R.G. Krzus, M.P. (21), One Reprt: Integrated Reprting fr a Sustainable Strategy Hpwd, A.H., Unerman, J. Fries, J. (21), Accunting fr Sustainability: Practical Insights 1 CIMA, PwC Tmrrw s Cmpany (211), Tmrrw s Crprate Reprting A critical system at risk 28 Twards Integrated Reprting 29

17 Yur cmments requested Please jin us in this unique effrt t develp an verarching framewrk fr Integrated Reprting by prviding feedback n this Discussin Paper. Yur answers t the Cnsultatin Questins in this Discussin Paper, any ther cmments yu wuld like t make, shuld be submitted t r nline at Fr the purpse f analysis, yu are asked t identify the rganizatin t which yu belng where it is lcated. All cmments received will be cnsidered a matter f public recrd will be psted n Cmments shuld be submitted by Wednesday 14th December 211.

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