Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 241

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 241
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2024 for all remuneration services provided to Rio Tinto. The Code is available online at remunerationconsultantsgroup.com. The Committee is satisfied that the Deloitte team is independent. During 2024, Deloitte’s services also included attending Committee meetings, providing support on the 2024 Remuneration Policy and giving advice in relation to management proposals and shareholder consultations. Deloitte was paid $490,922 (2023: $504,507) for these services. Fees were charged on the basis of time and expenses incurred. We received other services and publications relating to remuneration data from a range of sources. During the year, Deloitte also provided internal audit, tax compliance and other non-audit advisory services. These services were provided under separate engagement terms and the Committee is satisfied that there were no conflicts of interest. How the Committee spent its time in 2024 During 2024, the Committee met 5 times. We fulfilled our responsibilities as set out in our terms of reference, including the expanded scope on the broader People agenda. Our work in 2024 included: – reviewing culture maturity metrics – reviewing people development and talent management – determining any base salary adjustments and LTIP grants for executives – reviewing performance against the 2023 STIP and 2019 PSA targets, including assessing applicable adjustments – determining the targets for the 2024 STIP – reviewing performance of the accountable executives for Global Industry Standard on Tailings Management (GISTM) implementation – consulting with shareholders and proxy advisers on our new Policy proposals and a base salary review for the Executive Committee – finalising terms for the retirement of Alf Barrios, Chief Commercial Officer and James Martin, Chief People Officer – setting terms of appointment of Katie Jackson, Chief Executive, Copper, Bold Baatar, Chief Commercial Officer and Georgie Bezette, Chief People Officer – reviewing executives’ progress towards the Group’s share ownership requirements – reviewing the strategy and annual reports on the Group’s global benefit plans. Performance review process for executives We conduct annual performance reviews for all executives. Our key objectives for the performance review process are to: – improve organisational effectiveness by creating alignment between the executive’s objectives, Rio Tinto’s strategy, the individual’s leadership behaviours and the company’s values – provide a consistent, transparent and balanced approach to measure, recognise and reward executive performance. The Chief Executive conducts the review for members of the Executive Committee and recommends the performance outcomes to the Committee. The Chief Executive’s performance is assessed by the Chair of the Board