Strong and effective governance is essential to the long-term success of our Group. Our governance structures are designed to enable us to focus on the matters and issues that will shape our future.
Antofagasta plc Board
The Board’s role is to promote the long-term, sustainable success of the Company, generating value for shareholders and contributing to wider society. The Board has established the Company’s purpose, values, strategy and risk appetite and monitors the culture of the Group as well as its performance against defined measures.
The Board has delegated authority to these Committees to perform certain activities as set out in their terms of reference, which are available on the Company’s website at antofagasta.co.uk. The Chair of each Committee reports to the Board following each Committee meeting, allowing the Board to understand and, if necessary, discuss matters in detail and to consider the Committee’s recommendations.
The Board is assisted in discharging its responsibilities by five Board Committees:
- Nomination and Governance
- Audit and Risk
- Sustainability and Stakeholder Management
- Remuneration and Talent Management
CEO and Executive Committee
The Board has delegated day-to-day responsibility for implementing the Group’s strategy and fostering the corresponding organisational culture to the Company’s CEO, Iván Arriagada. Mr Arriagada is not a Director of the Company but is invited to attend all Board and Committee meetings and is supported by the members of the Executive Committee, each of whom has executive responsibility for his or her respective function.
Mr Arriagada chairs the Executive Committee. The Executive Committee reviews significant matters and approves expenditure within designated authority levels. The Executive Committee leads the annual budgeting and planning processes, monitors the performance of the Group’s operations and investments, evaluates risk and establishes internal controls, promoting the sharing of best practices across the Group.
Subcommittees of the Executive Committee
Members of the Executive Committee also sit on the boards of the Group’s operating companies and report on the activities of those companies to the Board, Mr Arriagada and the Executive Committee.
The Board has delegated to the Disclosure Committee primary internal responsibility for identifying information that may need to be disclosed to the market and for managing its disclosure in line with the Group’s current Disclosure Procedures Manual.
The Executive Committee is assisted in its responsibilities by the following Subcommittees:
- Business Development
- Climate Change
- Operating Performance Review
- Project Steering
- Water, Energy & Emissions Management