Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 210

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 210
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into.com |

Directors’ report | Audit & Risk Committee report

Committee remit The Committee’s objectives and responsibilities are set out in our Terms of Reference (see riotinto.com/corporategovernance ). These follow the relevant best practice recommendations in Australia, the UK and the US. Our main duties Financial reporting – we review the key judgements needed to apply accounting standards and to prepare the Group’s financial statements. We also review the narrative reporting that goes with them, with the aim of maintaining integrity in the Group’s financial reporting. And we monitor exclusions made in deriving alternative (non- GAAP) (Generally Accepted Accounting Principles) performance measures such as underlying earnings. – External audit: We oversee the relationship with the external auditors and review all the non-audit services they provide and their fees, to safeguard the auditors’ independence and objectivity. We also assess the effectiveness of the external audit and, when necessary, carry out a formal tender process to select new auditors. – Framework for internal control and risk management: We monitor the effectiveness of the Group’s internal controls, including those over financial reporting. We also oversee the Group’s risk management framework. – Group Internal Audit (GIA): We oversee the work of GIA and its head, who reports functionally to the Committee Chair. – Mineral Resources and Mineral Reserves: We oversee the reporting and assurance of Mineral Resources and Mineral Reserves, and consider the impact on financial reporting. – Distributable reserves: We provide assurance to the Board that distributable reserves are sufficient, and in the correct corporate entities, to support any dividend proposals. These duties feed into an annual work plan that ensures we consider issues on a timely basis. The Committee has authority to investigate any matters within its remit. We have the power to use any Group resources we may reasonably require, and we have direct access to the external auditors. We can also obtain independent professional advice at the Group’s expense, where we deem necessary. No such advice was required during 2024. The Committee Chair reports to the Board after each meeting on the main items discussed, and the minutes of Committee meetings are circulated to the Board. We had 6 Committee meetings in 2024. Attendance at these meetings is included in the table on page 110 . The Committee has met twice to date in 2025. The Chair of the Board, the Chief Financial Officer, the Group Financial Controller and the heads of GIA and Risk regularly attend Committee meetings, as does the Chief Legal Officer, Governance &