Anglo American AGM Transcript

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Anglo American AGM Transcript ANGLO AMERICAN AGM 21st APRIL 2011 SIR JOHN PARKER: Well a very good morning ladies and gentlemen and welcome to the Anglo American AGM and especially to those of you who may have travelled some distance to be with us. Before we start the meeting properly, I need to give you some safety information. Please listen carefully to the following emergency instructions, look for your nearest marked fire exit now. In the unlikely event of an emergency during the AGM, a warning sign will be given and an announcement will be made over the public address system and if an immediate evacuation is necessary, trained staff in highly visible jackets, will be available to assist you. You should leave the building by the nearest available fire exit stairs, as in an emergency you will not be able to use the passenger lifts. Make your way to the assembly point which is across the road and near the column outside Westminster Abbey, opposite the front of this conference centre’s main entrance. Anyone requiring special evacuation assistance because of impaired mobility should make themselves known to one of the marshals if they haven’t already done so. Thank you. Notice of this meeting was sent to shareholders on the 21st March 2011 and a quorum is present and I therefore declare this meeting duly constituted. The Notice convening the meeting has been in your hands for the prescribed period and I propose that it be taken as read. Is this agreed? Thank you. In accordance with best practice, we’re going to hold a poll on each resolution and you should have been given a handset at registration for the purpose of voting your shares. If you have not been provided with a handset as a shareholder, or you experience any difficulties with it, would you please raise your hand and one of the marshals will assist you. You’re all equipped? Good. Thank you very much. Before I mention some of the many achievements of your company over the last year, I would like to say just a few words about what I believe a board of directors should do in terms of leading and guiding companies. Speaking from my own experience of a large number of boardrooms – with Anglo American being my 5th FTSE 100 chairmanship – I cannot lay too much emphasis on how important it is to have a team of directors with a blend of skill sets and experience that can provide quality leadership in the boardroom. As your Chairman, I take considerable care in leading the process to build the highest quality Board here at Anglo American, and one where we create the professional openness and culture of transparency and respect that encourages lively internal debate. It is in that vein that we endeavour to seek constant improvement in all our Board management and administrative processes, with the aim of keeping at the forefront of best boardroom practice. We are also aiming to increase the proportion of women on the Board from today’s 20 per cent to around 30 per cent (excluding the Chairman) by the end of 2012 – well ahead of the 2015 25 per cent target date recommended in the recently issued Davies Report, on which committee I served. At this juncture, I should like to take the opportunity to acknowledge and thank all the members of the Board team, who collectively are making a significant contribution to our Board debates, while also serving individually on the Board’s vitally important underlying committees. You will notice a new face here today. I am pleased to welcome Phuthuma Nhleko, who was appointed a non- executive director last month. Under Phuthuma’s leadership over the past nine years, MTN has been transformed from a highly successful South African mobile operator into a very considerable international force in mobile telecommunications services in emerging markets. His broad international business experience and his civil engineering background will lend further strength to our Board. 1 It is to our longest-standing member, however, that I especially want to pay tribute today. Nicky Oppenheimer notified the Board some months ago of his wish to retire from his position as a non-executive director, at the end of today’s AGM, after 43 years with the Anglo American Group. On behalf of the Board, I would like to express our thanks to Nicky for his significant contribution to the Group over such a long period. Anglo American’s origins in South Africa more than 90 years ago lay in the hands of Nicky’s grandfather, and that legacy lives on. Sir Ernest Oppenheimer’s commitment that Anglo American should make a positive and sustainable difference to the communities around its mining operations, and to wider society, is deeply embedded in the way we do business today. Personally, I have greatly valued Nicky’s advice and wise counsel since I became chairman 21 months ago and we will all miss these qualities, as well as his sound business sense and integrity. We wish him well and look forward to a continued strong and productive relationship through our respective interests in De Beers. I would also like to pay tribute to the management team under Cynthia Carroll’s leadership as our chief executive. Cynthia has worked tirelessly, with a great focus on executing the Board’s strategy. We not only have a top-class team, with an impressive record of innovation and leadership in exploration, in engineering and in our mining operations, but highly skilled employees across the world who are making a real difference every day. I have now had the privilege of visiting all our global business units and major projects and I am not only deeply impressed by the commitment of our people, wherever they work, but by their dedication and professionalism in living out Anglo American’s values. This was brought home to me on a recent visit to the disastrous flood areas in Queensland in Australia. Our people at Metallurgical Coal carried out heroic acts just after Christmas in evacuating an entire community threatened with exceptional flood levels. They took over the local airfield to co-ordinate more than 90 helicopter flight movements and used trucks from the mine to evacuate 328 residents, put them into Anglo American’s temporary accommodation, and fed and clothed them for the following two weeks. We witnessed similar involvement of our Chilean management and employees in the 2010 Chilean earthquake, where not only was all possible assistance offered in the rescue operations, but where our management took responsibility to rebuild the local schools that had been devastated in the earthquake. I speak for the entire Board in saying we are really proud that the management teams there cared enough and felt empowered to help the community because they worked with the right Anglo American values. Turning to Anglo American’s performance last year. Let me start with Safety. 2010 was marked by yet another major improvement in our safety performance. Over the past four years, under Cynthia Carroll’s leadership, the number of deaths recorded across our Group has been reduced by two-thirds. However, our ultimate aim of zero harm is not just attainable, but is now being seen to be possible. All of us in this industry need to remain very committed to this goal. Now, to touch on a subject that is very dear to us all,.. the dividend. As you know, last year we restored dividend payments. The Board believes that it is prudent to provide shareholders with a dividend they can rely on through the cycles. Against this background, the Board has proposed a final dividend to this meeting of 40 cents per share, thereby establishing a new base annual dividend of 65 cents per share. From a financial standpoint, we experienced a strong resurgence, with steadily rising demand and higher prices for all of the commodities in our mining portfolio, though the strength of local currencies, and particularly the South African rand, somewhat dampened our overall performance. In 2010, Group operating profit almost doubled to $9.8 billion, while cash flow generation from our operations improved from $4.1 billion to $7.7 billion. In addition, our balance sheet position improved significantly on the back of the excellent progress we made in our orderly disposal programme. Looking ahead, we have one of the strongest near-term project pipelines in the mining industry, which is set to grow our production by around 50 per cent by 2015. 2 I am delighted to report that one of our four largest current investment projects – the Barro Alto nickel operation in Brazil – produced its first metal at the end of last month. Furthermore, our biggest current project, the Minas- Rio iron ore project in Brazil, has been significantly de-risked by the receipt of the key mining permit and primary installation licence, as well as the securing of a long-term port tariff agreement. At Anglo American, we have now implemented a single, integrated Group project-management system, including a risk-based method of capital approval for new projects; this is bringing greater rigour to the project delivery process. Operating our businesses in a socially and environmentally responsible way, and earning trust, are fundamental to our licence to operate and to delivering long term value to our investors. Thus, a key focus area in 2010 was the launching of a major Group-wide project to facilitate greater local procurement by our operations. Aside from the significant numbers we employ, we firmly believe that our procurement budget of around $13 billion this year represents one of our most important opportunities to help further develop local communities.
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