Dear Shareholders,

I am pleased to present the AngloGold Ashanti remuneration report for the year ended 31 December 2022, which provides an overview of our remuneration and human resource practices, and their alignment with the Company’s strategic objectives. The Remuneration and Human Resources Committee aims to ensure that both the remuneration policy and its implementation direct the efforts and behaviours of employees and leaders to create safe and sustainable long-term value for stakeholders.

The principle of fair and responsible pay continues to guide our decision making, as does our aim to appropriately recognise the contribution of the Company’s employees. We recognise the dynamic nature of the remuneration and incentivisation field and, with the help of Deloitte, our newly appointed adviser, have continued to scrutinise our remuneration policy for its appropriateness, and to ensure it reflects both our pay philosophy and the current realities of our business and industry.

AngloGold Ashanti has experienced significant changes during 2022, with a great deal of restructuring needed to place performance on a more favourable long-term trajectory after especially challenging conditions in the prior two years. The beginning of the year saw the conclusion of an operating model revamp under Chief Executive Officer, Alberto Calderon and Lisa Ali, the new Chief People Officer who joined in April. This restructuring was accompanied by widespread and profound changes to the organisational structure, resulting in greatly reduced unnecessary duplication, and providing the operational business units with the necessary resources to safely deliver their budgets, as well as ensuring that accountability is more clearly located and defined.

The Committee reviewed and questioned the rationale for this restructuring and received frequent reports on its implementation. We are not only satisfied that the changes were necessary for the efficient delivery of our strategy, but also that those affected were appropriately compensated and treated with dignity and respect, in line with the organisation’s values. The Committee has also watched closely as the new organisational model has been embedded in the business, to ensure it is achieving the desired outcomes.

Business context and decision making

Several important considerations informed the Committee’s decisions in 2022, including financial and non-financial performance in both relative and absolute terms; the ongoing competition for scarce skills; the views and expectations of our stakeholders; our key environmental, social and governance objectives; and strains placed on the business, our employees and the broader operating environment by the highest level of inflation in more than four decades.

It is in this operating context and the restructuring that took place during the year, that the Committee elected not to award salary increases to the Company’s leadership team in 2022. Non-Executive Directors also elected not to receive a fee increase for 2022, to align themselves with the Executive and senior management teams.

Focus areas

Given the degree of change in the business during 2022, the Committee focused on the following important areas:

• Company performance – the operational, financial, safety and sustainability performance of the business were of great importance and focus of the Committee. As in prior years, it measured performance against a clear set of objective criteria
• Talent and succession review – the Committee was especially pleased with the efforts made to identify talent and potential successors across disciplines and geographies, ensuring improved visibility of opportunities for career progression. It was encouraging to see increased representation of women on these talent slates, particularly in the technical disciplines and at operations
• OneHR Project – to enable the new operating model, the organisation reviewed its global HR Systems and launched the OneHR Project instituted by the CEO under the umbrella of the Business Transformation Programme (Thrive). The Committee was satisfied that this project will ensure standardisation of people processes that are simplified and efficient thereby providing reliable data to facilitate global reporting and effective people management decisions
• Culture Assessment – the Committee was especially interested in the extensive work done with respect to the Culture Assessment. The results and qualitative feedback from the survey were reviewed across the organisation and areas of improvement were identified and implemented. A key outcome of this work has been the refreshed organisational values, which focus the priorities of the business in improving safety and promoting a culture of respect, integrity, sustainability, excellence and collaboration
• Sexual harassment awareness campaign – the Committee was very pleased with a Group-wide sexual harassment awareness campaign titled “Don’t Cross the Line” launched mid-year. This campaign was spearheaded by the CEO together with his executive team emphasising AngloGold Ashanti’s zero-tolerance approach to sexual harassment and assault. The launch came with the introduction of a careline, offering a range of employee assistance support, including specialised support for people seeking information or impacted by sexual harassment or assault. The promotion of the Speak-up line, formerly known as the Whistle Blowing channel, was launched as a safe and anonymous way to report misconduct

It was pleasing to see the continued and significant reduction in workplace injury rates, the establishment of new and clear greenhouse-gas reduction targets, the strong cost control demonstrated in a high-inflation environment, and a more predictable overall production performance with fewer negative surprises affecting the year’s results.

Disclosure and transparency

The remuneration policy and implementation report for the 2021 reporting period were tabled for two separate, non-binding advisory votes at the Annual General Meeting (AGM) held on 16 May 2022, in line with the JSE Listings Requirements and King IV recommendations.

The table below details the results of shareholder voting at the 2022, 2021 and 2020 AGMs.

Votes	For	Against	Withheld
Remuneration policy
16 May 2022	91.46	8.54	0.25
4 May 2021	95.30	4.70	0.22
10 June 2020	88.04	11.96	0.35
Remuneration implementation report
16 May 2022	91.78	8.22	0.25
4 May 2021	86.34	13.66	0.22
10 June 2020	87.52	12.48	0.35

There were no significant issues raised by shareholders. However, the Company proactively engaged with shareholders both individually and collectively.

As required by King IV guideline, AngloGold Ashanti’s remuneration policy and implementation report as detailed in this Remuneration Report will be tabled for separate nonbinding advisory votes by shareholders at the upcoming annual general meeting.

Operational context and performance

The gold sector was confronted with the complexities caused by accelerating inflation during 2022, with the rapid pace of price increases across much of the world, including in the US where inflation was at the highest level in 40 years. These rapidly increasing prices affected almost all inputs, from explosives, grinding media and cyanide, to fuel, contract mining, tyres and heavy mining equipment.

It was therefore noteworthy that the leadership team managed to end the year with production, capital expenditure and all-in sustaining costs all within the original guidance range provided at the beginning of 2022. Against this inflationary backdrop, total cash costs were less than 1% above the top end of guidance, rising 6% year on year, which was roughly half the inflation rate experienced for the Company’s basket of goods and services.

In the context of this steady operating performance, the leadership team also achieved several important objectives to unlock shareholder value such as:

1. The continued improvement in the overall safety performance, taking the period to end December 2022 without fatalities at Company operated mines to 581 days and lowering injury rates for the year to well below industry average at 1.26 injuries per million hours worked. See Safety and health
2. An ambitious but detailed plan to lower Scope 1 and 2 GHG emissions by 30% (as compared to 2021) by the turn of the decade. See Environment and Climate change disclosure
3. The reduction by more than half of cash locked up in various jurisdictions – most notably the Democratic Republic of Congo, which unlocked cash balances of $459m. See CFO’s report and outlook
4. The continued ramp-up of production from the Obuasi Gold Mine. See Regional performance – Africa
5. Continued growth in Mineral Reserve net of depletion. See Mineral Resource and Mineral Reserve – Summary in this report and the <R&R>
6. The consolidation of the Beatty district in southern Nevada which now, through a combination of prudent acquisitions and industry-leading exploration success, provides us a dominant position in one of North America’s most promising gold districts – See Maintain long-term optionality

Further explanation of AngloGold Ashanti’s achievements during the year, can be seen in more detail in the CEO’s review and outlook and Regional performance. Of interest too, is the Full Potential Programme work which brings our subject-matter experts in a number of disciplines and our site operating teams together to objectively understand the potential of every aspect of each site. The Board continues to monitor this important programme through 2023, as the business works to close the margin gap with that of our peers.

The overall DSP annual performance achievement result for 2022 was 94.86%, compared with the previous year’s 70.73%.

Leadership team

The Chief Executive Officer, Alberto Calderon has worked with the senior management team to stabilise and improve AngloGold Ashanti’s operating performance. There is also now stability in the executive leadership team, with Chief Financial Officer (CFO) Gillian Doran being the newest addition as of January 2023.

Gillian joins us from Rio Tinto where her most recent role was CFO of the Aluminium division. Gillian rounds out an executive team infused with new talent from across the best of the mining industry, bringing valuable experience and new perspectives to the business at a time when it most needs it. I would like to convey the Committee’s gratitude for the immense contribution of Ian Kramer, who stood in as Interim CFO for a period of six months during the reporting period, showing his steady hand, immense experience and inscrutable professionalism.

Remuneration and Human Resources Committee’s areas of achievement in 2022 and focus for 2023 are:

2022	2023
Focus on results and actioning our organisational culture and values survey outcomes particularly in relation to gender and diversity	The launch and embedding of refreshed organisation values prioritising safety and promoting a culture of respect, integrity, sustainability, excellence and collaboration
Continued focus on gender equality in remuneration	Continue to focus on equitable remuneration
Continued engagement with shareholders	Continue to engage with shareholders
Continued focus on succession planning, talent management and development	Ensuring a sustainable pipeline of diverse talent through acquisition of critical skills, development and deployment
Ensuring training on all key human resource policies at all levels of the organisation including the Board	Implementation of the OneHR system which allows for further standardisation and global reporting
Review of the DSP scheme which resulted in minor changes to the metrics	A comprehensive review of the overall remuneration policy with a view to amend or modify the DSP scheme as necessary
Revitalisation of the Company’s health, safety and security culture with a continued focus on employee health and well-being	Embedding of the “Don’t Cross the Line” campaign to create a psychologically safe workplace
Implementation of the Group-wide sexual harassment awareness campaign titled “Don’t Cross the Line”	Continue embedding a proactive safety culture, visible safety leadership at all levels in the Company and global standards
Review of the Committees’ terms of reference to ensure continued best practice and governance

Thanks and welcome

A special welcome to Deloitte, our new remuneration adviser. They have made an important contribution to our deliberations this year as we’ve sought to deepen our understanding of the incentive and benefits landscape globally.

Thanks to Rhidwaan Gasant, Albert Garner and Alan Ferguson my fellow Committee members for their hard work, dedication, support, robust engagement in all areas and delivering on all our intended objectives. Their commitment to ensuring ethical, fair and transparent remuneration practices is unwavering and greatly appreciated.

I would also like to extend a special thanks to the shareholders of AngloGold Ashanti for their engagement, support and valuable feedback through the course of the year.

Finally, to the executive leadership team, and especially Lisa Ali, thank you for bringing a new sense of purpose and professionalism to the business, which will stand us in good stead as the work is done to improve AngloGold Ashanti’s position relative to its peers.

Sincerely,

Maria Richter
Chairperson: Remuneration and Human Resources Committee
15 March 2023