Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 230

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 230
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IP eligible participants. How do the bonus outcomes reflect the Everyday Respect Progress Review ? The public release of the 2022 Everyday Respect Report was a catalyst for cultural change at Rio Tinto and marked a significant step towards greater transparency. We have an ongoing commitment to transparency, and in November 2024 published the Everyday Respect Progress Review. The Board and our employees were disappointed and, naturally, saddened to see that some colleagues are still experiencing behaviours and attitudes that are unacceptable and harmful. Changing a company’s culture to be ahead of the societies in which our employees live is a challenge and change will need our continued commitment and attention every day. The 2024 Everyday Respect Progress Review also showed, while not as much as we hoped and worked very hard for, that change is being achieved. Under the STIP framework, we have People & Culture metrics which seek to measure the progress we are making. The way in which we measure our progress will evolve. In 2023, the People & Culture targets were linked to gender diversity and completion rate of an employee training program following the publication of the 2022 Everyday Respect Report. For 2024, we applied ambitious gender diversity targets, and measured this alongside targets for scores under our employee engagement survey which seek to capture how our culture is changing. While both metrics showed progress during the year, overall performance fell short of our ambitions and therefore outcomes under the People & Culture component of the STIP scorecard were below target, with payouts of 12.5% of maximum. While similar metrics will apply in respect of 2025, we expect that the objectives will further evolve in future years. As part of the holistic assessment of our performance, the Committee carefully considered the contents of the 2024 Everyday Respect Progress Review and the actions that have been taken during the year. Ultimately, the Committee concluded that the outcomes provided a fair assessment of performance. Rio Tinto remains more committed than ever to transforming our culture, but it is recognised that this will be a multi-year journey, and the Board firmly believes that the response to the 2022 Everyday Respect Report has established a solid foundation for building a more diverse workforce and inclusive culture. This will continue to be an area of focus.

| Annual Report on Form 20-F 2024 | 123 | riotinto.com |

Directors’ report | Remuneration report

Remuneration at a glance Our Remuneration Policy applies to our Executive and Non-Executive Directors and to the Chair. In accordance with Australian law, it also sets out the