Summarised corporate governance
Corporate governance overview
Strong leadership and good governance support the achievement of our vision to be the global leader in sustainable gold mining. By protecting and enhancing our reputation and licence to operate, and ensuring compliance with legislation and industry standards, good governance ensures we continue to enjoy the support of stakeholders and allows us to deliver sustained value. The long-term, capital-intensive nature of our mining operations, as well as the often challenging social and political contexts in which we operate, make it even more important that we leverage good governance to ensure the long-term sustainability of our business.
In addition to the international standards and guidelines to which we voluntarily subscribe (outlined in the Corporate governance report (AFR)), we are committed to entrenching the principles of the King IV Report on Corporate Governance
(King IV) in our operations.The application of King IV within the Company can be found in the full corporate governance report on Performance against strategic targets of the AFR.
KEY DELIBERATIONS AND DECISIONS TAKEN BY THE BOARD
| Strategic area |
Board deliberations |
Strategic goals supported by Board deliberations |
SAFE OPERATIONAL
DELIVERY
- Review of Gold Fields’ operational
plans and strategies
- Deliberation on South Deep’s
performance and approval of
restructuring
- Meet guidance by following mine plan which
aligns with strategic plan
- Safely deliver strategic projects
MANAGE BALANCE
SHEET AND MAXIMISE
CAPITAL RETURNS
- Approval of additional oil price and
gold production hedges
- Approval of debt refinancing
and extension of debt
maturity
- Manage balance sheet and maximise returns
- Maintain healthy net debt:adjusted EBITDA ratio
PORTFOLIO
MANAGEMENT
- Completion of acquisition of 45% of
Asanko gold mine (AGM)
- Deliberation and approval of
Gruyere project scope and budget
changes
- Overseeing the implementation
of Tarkwa contractor mining
- Improve the quality of our portfolio
- Reduce Group life-of-mine All-in Costs (AIC)/oz
and increase Reserve life per region through
organic growth, brownfields exploration and
optimisation of existing mines
- Deliver life extension, cost reduction, revenue
enhancement and improved health and safety
through innovation and technology and business
improvement initiatives
PROTECT LICENCE
TO OPERATE AND
ENHANCE REPUTATION
- Recomposition of a number of Board
committees
- Deliberation on increases in host
community employment and
procurement targets
- Approved the following policy
statements: Stakeholder
Relationship and Engagement,
Environmental, Occupational
Health and Safety
- Approved implementation and
alignment to International
Council on Mining & Metals
(ICMM) tailings
and water
position statements
- Deliver and manage a robust and transparent
Group governance and compliance programme
- Drive Shared Value creation with impacted
communities
- Align management practices with ICMM tailings
and water position statements
