Company: SCCO
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001558370-25-004735
Chunk: 16

Company: SOUTHERN COPPER CORP/
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 16
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 and the related Affidavit.

Audit Committee Pre-Approval Policies and Procedures

Our management defines and submits formal requests to the Audit Committee for pre-approval of specific projects and service categories to be performed by the independent accountants. The Audit Committee reviews these requests and advises management if it approves the engagement of the independent accountants.

On July 19, 2010, the Audit Committee decided that management could engage the services of the independent accountants for special projects in amounts up to $30,000, provided they would be approved at the next scheduled Audit Committee meeting. Management could only engage the services of the independent accountants for up to two special projects each calendar year, not exceeding $60,000. For services between $30,000 and $60,000, the services would have to be approved by the Chairman of the Audit Committee and would have to be reported to the full Audit Committee at the next scheduled Audit Committee meeting. For services in excess of $60,000, the approval of the entire Audit Committee would be required prior to the engagement. On January 21, 2025, the Audit Committee revised its policy and decided that given the Corporation's size, operational complexity, and scope of special projects, Management would be granted the authority to engage external auditors for special projects up to $100,000. This authority is subject to subsequent approval by the Audit Committee at its next meeting. The Audit Committee specified that Management could engage independent accountants for a maximum of two special projects each calendar year, with total fees not exceeding $200,000. Additionally, any fees between $100,000 and $200,000 must be approved by the Chairman of the Audit Committee and reported to the full Audit Committee at the following meeting. For services exceeding $200,000, prior approval from the Audit Committee is required before engagement. All services provided by DTT in 2024 were approved in advance by the Audit Committee.

<div align='center'>COMPENSATION COMMITTEE REPORT</div>

Our Company was acquired in late 1999 by Grupo Mexico, our indirect majority stockholder, which owns 88.9% of our Common Stock as of December 31, 2024. Because we are a “controlled company,” as defined by the NYSE, we are not required to and we do not have a Compensation Committee comprised entirely by independent directors. Moreover, because we are a controlled company, as defined under Rule 10C-1(c)(3) of the Securities Exchange Act of 1934, as amended