Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 224

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 224
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arbon product to help reduce carbon emission s in large-scale industrial processes. Across our existing portfolio, copper production at Oyu Tolgoi continues to ramp up, the first lithium production from Rincon in Argentina was delivered in November 2024, and progress at the world-class Simandou iron ore project in Guinea continues at pace, with first high-grade iron ore production scheduled during 2025. Remuneration Policy Our 2024 Remuneration Policy (Policy) received strong support with over 97% of shareholders voting in favour. Throughout this process, I was able to meet with many of our shareholders and the key UK and Australian advisory bodies to discuss and shape our proposals. The open dialogue with investors and advisory bodies was welcomed and I would like to again thank those who took part in this consultation. One of the asks from investors was to provide transparency on our progress against the new decarbonisation scorecard for our long-term incentive plan (LTIP). While we are only 12 months into the first 3-year performance period, we have provided an update on our progress against each measure. We do not expect progress against the scorecard to be linear, and some volatility for one or more measures throughout the performance period is likely, but we will provide annual updates on progress, noting that specifics may be subject to confidentiality. Overview of pay and performance in 2024 The single total figure of remuneration for the Chief Executive in 2024 is 57% lower than the equivalent figure for 2023. This is primarily driven by lower outcomes under the LTIP. Short-term incentive plan For 2024, we made a change to the financial measures, replacing underlying earnings with underlying EBITDA but retaining STIP free cash flow. These measures, assessed on a flexed and unflexed basis, account for half of the outcome against the STIP scorecard. Outcomes against the other half of the STIP scorecard are linked to a range of strategic measures covering performance around safety, carbon reduction, diversity and inclusion, and progress on our objectives to excel in development and strengthen our licence to operate. An individual multiplier is in place to be used sparingly in cases of exceptional performance.

| Annual Report on Form 20-F 2024 | 120 | riotinto.com |

Directors’ report | Remuneration report STIP fatality deduction During 2024 there were 2 tragic incidents in which 5 colleagues lost their lives which were the first work-related fatalities since 2018. Accordingly, it was