Creating enduring value beyond mining
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GOLD FIELDS LIMITED INTEGRATED ANNUAL REPORT 2021

How Board governance adds value

SETTING FAIR REMUNERATION

  • Ensures executive remuneration is fair, equitable and responsible, and informed by Exco’s achievement of Gold Fields’ strategic objectives
  • Determines remuneration principles in line with King IV
  • Ensures remuneration practices align with shareholder interests and supports the achievement of a sustainable business by:
    • Helping to attract, motivate, retain and reward employees
    • Driving achievement of strategic objectives through incentives and rewards
  • Approves a remuneration policy that includes disclosures on implementation to ensure transparent reporting of CEO and CFO remuneration

SUPPORTING STRATEGY THAT DELIVERS VALUE AND SUSTAINABILITY

  • Approves strategic goals and direction following Exco’s presentation of strategy, business plans and risk register for input
  • Ensures strategy drives a sustainable business agenda and considers the interests of stakeholders by balancing how risks and opportunities might impact the achievement of objectives
  • Agrees upon performance targets
  • Monitors implementation of strategy through quarterly Board meetings
  • Quarterly CEO reports on performance against operational targets
  • Performs on-site visits to operations and projects and, on occasion, interacting with individual executives on strategic and operational performance

DRIVING INCLUSIVE STAKEHOLDER ENGAGEMENT

  • Approves Stakeholder Relationship and Engagement Policy to ensure that stakeholder engagement allows for collaborative and informed decision-making
  • Oversees transparent reporting so stakeholder groups can make informed assessments of Gold Fields’ ability to deliver sustainable value
  • Drives ongoing evolution of inclusive stakeholder engagement and relationship building to balance the interests, needs and expectations of stakeholders with the best interests of the Company

BUILDING AN ETHICAL CULTURE

  • Sets the tone for a culture of ethics that underpins commitment to compliance, and voluntarily adopted rules, codes and standards, where practical
  • Upholds an ethos of good governance and sustainability
  • Ensures business decisions are carried out with due care, skill and diligence to protect reputation and maintain licence to operate
  • Promotes a culture of ethics and responsible corporate citizenship
  • Carries out its fiduciary duties

CREATING A SAFE AND HEALTHY WORKING ENVIRONMENT

  • Upholds the primary value of “If we cannot mine safely, we will not mine”, thereby supporting the practice of stopping mining in areas or situations that are deemed unsafe
  • Supports minimising potential negative impacts on employees and contractors, maintaining operational continuity and protecting reputation
  • Together with management, drives a stringent safety and health culture
  • Oversees adherence to safety, health and environmental legislations, standards and compliance requirements, and approves adoption of various voluntary leading safety principles

ENSURING REGULATORY COMPLIANCE AND SOUND GOVERNANCE

  • Ensures compliance with all relevant laws, regulations and adopted rules, codes and standards, and the highest levels of corporate governance
  • Supports Exco decisions to drive governance in line with leading practices
  • Reviews corporate governance and compliance systems and frameworks to align these with increasingly stringent and far-reaching obligations imposed by laws, regulations, rules, codes and standards

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

  • Ensures alignment with good corporate citizenship, assessment and speedy response to any negative impacts operations may have on communities and the environment
  • Through the SET Committee, focuses on, among others, impact on, and benefits to, communities, while the SHSD Committee deals with, inter alia, issues of environmental stewardship as well as the safety and wellbeing of employees and contractors
  • Ensures that the business integrates ESG fully into its business operations and addresses relevant ESG concerns raised by stakeholders and society at large