Introducing our Integrated Report 2022
Our integrated report 2022 provides a concise overview of AngloGold Ashanti’s overall performance and prospects to enable informed decision making regarding our ability to create, preserve and/or erode value in the short, medium and long term, and thus on AngloGold Ashanti’s future viability and sustainability.
Our 2022 reports
communicate the progress made in delivering on our strategic objectives and in creating value, in a dynamic and volatile operating environment.
We are committed to transparent, informed, consistent reporting to a broad range of stakeholders. Our 2022 reports communicate the progress we have made in delivering on our strategic objectives and in creating value, in a dynamic and volatile operating environment.
This report covers the financial year ended 31 December 2022 and the performance of AngloGold Ashanti and its subsidiaries during this period. Any significant events occurring between this date and the date of approval of this report by the Board on 15 March 2023 are also included.
While this report primarily addresses the information requirements of long-term investors, shareholders and other providers of financial capital, it also presents information on value creation relevant to the interests of other stakeholders such as employees, suppliers and business partners, communities and governments.
Basis of preparation – reporting frameworks and compliance
This integrated report is produced in compliance with the South African Companies Act, 71 of 2008 (as amended), the JSE Listings Requirements and in line with the recommendations of the King Report on Corporate Governance for South Africa, 2016 (King IV). In compiling this report, we applied the guiding principles and content elements as recommended by the IFRS Foundation’s Integrated Reporting Framework (formerly the IIRC’s International Integrated Reporting Framework).
Financial data was prepared in accordance with the International Financial Reporting Standards (IFRS) and non-financial data is aligned with the Global Reporting Initiative (GRI) Standards, SASB, the Task Force on Climate-related Financial Disclosures (TCFD), and the United Nations Sustainable Development Goals (SDGs) and Global Compact (UNGC).
In addition, we considered the World Gold Council’s Responsible Gold Mining Principles (RGMPs), the principles of the International Council on Mining and Metals (ICMM) and the guidelines of various sustainability indices prepared by ESG ratings agencies, such as the FTSE/Russell Responsible Investment Index (FTSE4Good), the S&P Global Corporate Sustainability Assessment (CSA) and the Bloomberg Gender-Equality Index (GEI).
Report scope and boundary
The information provided is considered relevant and material to current and future stakeholders. We focus primarily on those matters with the potential to materially affect our ability to create and preserve sustained value or to minimise its erosion.
This is a Group-level report covering the entire Company, its joint ventures and investments. All managed operations are fully reported. Our joint venture, Kibali*, is partially reported.
- More detailed information on Kibali (AngloGold Ashanti: 45%) is provided on the corporate website of our joint venture partner, Barrick Gold Corporation (Barrick), which manages the operation.
Materiality and material sustainability issues
As the primary audience for this report is our stakeholders, including our shareholders, employees, suppliers and business partners, communities and governments, its focus is those issues that may be considered relevant to our ability to create value in the short, medium and long term.
Shareholders invest in AngloGold Ashanti to earn dividends and for capital appreciation, measured in aggregate by total shareholder returns. In light of this, we consider our most significant issue to be sustaining profitability and growing our business, as measured by all-in sustaining costs, free cash flow, adjusted EBITDA and normalised cash return on equity (nCROE). These metrics are acknowledged in our remuneration policy – see Rewarding delivery. Access to capital to fund future growth and development is also influenced by our long-term outlook for profitability.
While the information presented in this report may be considered relevant to the interests of current and future investors and/ or other stakeholders, inclusion of such information is not an indication that we deem such information to be material to an investment decision related to our securities.
The primary focus is those matters with the potential to materially affect our ability to create and preserve sustained value or to minimise its erosion, while also taking into consideration the various perspectives of our stakeholders.
Double materiality – financial and non-financial reporting
This report covers both financial and non-financial (social, environmental and governance) information relating to our performance, risks, opportunities and outcomes. We consider the impact of society and the environment on AngloGold Ashanti (risks, opportunities and material sustainability issues) and our business activities as well as AngloGold Ashanti’s impact on society and the environment (outcomes), in line with the concept of double materiality.
Integrity of integrated reporting process
Initial steps in the integrated reporting process included an evaluation of the previous year’s report to identify areas for improvement and enhanced disclosure as well as benchmarking and gap analyses to improve alignment with best practice. The report content is based on Board reports, presentations, written submissions and discussions with key Executives and Board members.
Disclosure is overseen by a working group comprising executive management and subject specialists that is led by the Chief Financial Officer. All Executive Committee and Board members participate in the approval process while internal audit, together with external auditors and independent assurance providers, also has oversight of the report and related process.
The report was reviewed by the working group on 6 March 2023, prior to its submission to the Audit and Risk Committee, which approved and recommended the report to the Board for final approval.
Approval and assurance
While this integrated report is not independently assured as a whole, certain information was subject to either an internal or external audit as follows:
- Annual financial statements – includes all financial information in this report
- External financial audit (Ernst & Young (EY))
- Sustainability (non-financial) data
- External assurance* of selected sustainability metrics (IBIS Consulting)
- Operating and other financial and non-financial data, compliance and risk management
- Internal audit (overseen by the Audit and Risk Committee)
- In 2022, the AA1000 Assurance Standard (AS) for external assurance was used, replacing the ISAE 3000 Standard used previously. The following assurance comparisons apply:
Reasonable (ISAE 3000) = High (AA1000AS)
Limited (ISAE 3000) = Moderate (AA1000AS)
- For those metrics assured by IBIS, see their independent assurance report in the <SR>.
The Audit and Risk Committee, on behalf of the Board, approves and monitors the auditing and assurance of all reporting and related processes. See our <AFS> for the Audit and Risk Committee’s chairperson’s report.
Internal audit and related approval processes include, among others, regular management reviews of information and data published. Management also verifies the processes that determine all non-financial information.
Our operations are subject to risk-based, integrated, combined assurance reviews of the financial, safety, compliance and sustainability aspects of our business. The outcomes of these internal processes and external assurance, as well as of any independent technical reviews, provide reasonable assurance to allow the Board, on the recommendation of the Audit and Risk Committee, to determine the effectiveness of our internal control systems and procedures, and thus help to ensure the accuracy of the information presented in our reports.