Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 191

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 191
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| Remuneration report                                          |     |
| Annual statement by the People &Remuneration Committee Chair | 119 |
| Implementation report                                        | 127 |
| Additional statutory disclosure                              | 146 |

Chair’s introduction As a Board, we have spent a lot of time in 2024 focusing on Rio Tinto’s strategy to ensure we have the right portfolio of commodities, clear milestones for success, and are building capacity to meet the demand for our products. In an increasingly volatile world, having a well-defined strategy, strict capital allocation and good governance is essential for success. In this report, we describe some of the well- established governance processes that support effective decision-making at the Board. Like everyone at Rio Tinto however, it is important that we continuously review and improve our structure and processes to make sure we are efficient and effective. The report explains how we assessed our effectiveness and the results of the 2024 review. Our Board members have diverse backgrounds, and each brings their unique and valuable experience to our work. Directors are encouraged to challenge each other’s assumptions and push to understand different perspectives to reach an objective view. This has been especially important in a year in which we made several significant decisions related to the execution of Rio Tinto’s strategy, for example, the decision to proceed with the proposed acquisition of Arcadium Lithium. The Board has also reviewed and approved the proposed Climate Action Plan, which will be put to shareholders for approval at our 2025 AGMs. We are retaining our commitments to decarbonise our assets and work with customers and suppliers to reduce our value chain emissions. We are doing this in a way that creates value for shareholders and the Board recommends it for approval. The Board also studied the Everyday Respect Progress Review in 2024, which was another significant step in Rio Tinto’s culture journey. As the Board oversees and monitors our organisational culture, it was valuable to understand where the challenges remain in aligning our culture with our purpose, values and strategy. The findings of the Progress Review and People Surveys have informed our view that Rio Tinto is heading in the right direction, but still has significant work to do to improve its culture. Half of the Non-Executive Directors have been appointed within the last 2 years. In recognition of this, the Board held 2 dedicated sessions where we got to know each other more deeply to accelerate our team forming and dynamic, alongside our regular meetings. In addition, Board members made a series of individual and group site visits to help deepen our understanding of