Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 296

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 296
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 2024 Integrated Report |     | M133 |

Management’s Discussion and Analysis Governance and Risk Management

Our business activities expose us to a variety of risks and opportunities including, but not limited to, regulatory changes, rapidly changing market dynamics and increased volatility in our key commodity markets. Our goal is to manage these risks and opportunities so that we are in a position to develop our business and achieve our goals while remaining reasonably protected from an unacceptable level of risk or financial exposure. We use a multi-level risk management oversight structure to manage the risks and opportunities arising from our business activities, the markets in which we operate and the political environments and structures with which we interact. Governance The key elements of our governance practices are:

| • |     | Employees, management and the Board are committed to ethical business conduct, integrity and 
 honesty;                                                                                     |

| • |     | We have established key policies and standards to provide a framework for how we conduct our 
 business;                                                                                    |

| • |     | The Chair of our Board and all directors, other than our President and CEO, are independent within 
 the meaning of National Instrument 58-101 — Disclosure of Corporate Governance Practices;          |

| • |     | The Board includes individuals with a mix of skills, knowledge and experience that are critical for 
 our business and our strategy;                                                                      |

| • |     | The effectiveness of the Board is achieved through robust annual evaluations and continuing 
 education of our directors; and                                                             |

| • |     | Our management and the Board facilitate and foster an open dialogue with shareholders and community 
 stakeholders.                                                                                       |

Commitment to ethical conduct is the foundation of our corporate governance model. We have adopted the following codes of conduct to guide our business decisions and everyday business activities:

| • |     | Corporate Code of Conduct, which applies to all employees and officers of TransAlta and its 
 subsidiaries;                                                                               |

| • |     | Directors’ Code of Conduct; |

| • |     | Supplier’s Code of Conduct; |

| • |     | Finance Code of Ethics, which applies to all financial employees of the Company; and |

| • |     | Energy Trading Code of Conduct, which applies to all of our employees engaged in energy marketing. |

Our Corporate Code of Conduct outlines the standards and expectations we have for our employees, officers, directors, consultants and suppliers with respect to, among other things,

the protection and proper use of our assets. The codes also provide guidelines with respect to securing our assets, avoiding conflicts of interest, respect in the workplace