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Section III: Implementation report

This section of the Remuneration Report explains the implementation of the remuneration policy by providing details of the remuneration paid to members of the executive management team and non-executive directors for the financial year ended 31 December 2022.

Executive Management team pay

The remuneration of the executive management team is in accordance with the remuneration policy as defined in section 2.

The executive team and senior management pay is reviewed against a global benchmark on a biannual basis using Mercer who conduct a bespoke survey on the companies behalf. The comparator group is reviewed regularly and ranked in terms of a number of criteria that the Committee feels adequately aligns to AngloGold Ashanti. The table below summarises the 2022 comparator group:

2022 Comparator benchmark group
Agnico Eagle Mines Limited	Canada
Anglo American Platinum Limited	South Africa
Antofagasta plc	Chile
Barrick Gold Corporation	Canada
B2Gold Corporation	Canada
Gold Fields Limited	South Africa
Kinross Gold Corporation	Canada
Newcrest Mining Limited	Australia
Newmont Corporation	United States
Sibanye-Stillwater Limited	South Africa
South32 Limited	Australia
Yamana Gold Incorporated	Canada

Annual salary review 2022

The Committee decided that given the organisational restructuring that took place at the end of 2021 and beginning of 2022 there would be no salary increases for the executive management team (with one exception). It was further decided that senior management would also not receive increases. All other AngloGold Ashanti employees, who are not in a bargaining unit and who are not already at the maximum of their salary scales (these received no increase), received increases primarily based on CPI.

Increases awarded to our various bargaining units were determined through a collective bargaining process.

It is to be noted that a special salary increase adjustment was implemented effective 1 January 2022 for Ms Lizelle Marwick who received an increase of 12.85% on her South African contract and 5% on her offshore contract to align her closer to both the market and her internal peers.

Details are available in the single total figure reporting table below.

Executive movements

Ms Christine Ramon elected to take early retirement from her role as CFO and Executive Director of the Company with effect from 30 June 2022; her last day of employment was 31 December 2022. Mr Ian Kramer acted as Interim CFO from 1 July to 31 December 2022. Mr Kramer ceased acting with the appointment of the new CFO, Ms Gillian Doran, on 1 January 2023.

No payments were made to Ms Gillian Doran for the reporting period.

An allowance aligned to the Company’s acting allowance policy formed part of Mr Kramer’s remuneration to recognise the additional responsibilities associated with the role for the period.

Both Ms Christine Ramon’s and Mr Ian Kramer’s remuneration details for 2022 are reflected as follows below.

Ms Italia Boninelli assumed her role as Interim Group Human Resources Executive Consultant and a prescribed officer for the period 1 April 2021 to 31 March 2022. Ms Lisa Ali joined as Chief People Officer effective 1 April 2022. Their remuneration is reflected below.

Mr Vaughan Chamberlain assumed the role of Acting Chief Development Officer from 1 October 2021 until 31 March 2022. An allowance aligned with the Company’s acting allowance policy formed part of Mr Chamberlain’s remuneration to recognise the additional responsibilities associated with the prescribed officer role for the period. Mr Terry Briggs, Chief Development Officer, joined AngloGold Ashanti effective 1 April 2022. Their remuneration is reflected below.

The single total figure reporting in the Remuneration Implementation report provides the remuneration details of executive directors and prescribed officers who held office in the current year in line with the shareholder-approved standard conditions of employment.

The single figure remuneration comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2022.

Executive Directors’ and Prescribed Officers’ remuneration

The tables below illustrate the single total figure of remuneration and the total cash equivalent received reconciliation of Executive Directors and Prescribed Officers as prescribed by King IV. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2022

The following are definitions of terminology used in the adoption of the reporting requirements under King IV:

Reflected

In respect of the DSP awards, remuneration is reflected when performance conditions have been met during the reporting period

Settled

This refers to remuneration that has been included in prior reporting periods and has now become payable but may not yet have been paid to the executive in the current period

Single total figure remuneration

		Base salary		Pension Scheme benefits	Once off relocation costs	Cash in lieu of dividends	Other benefits ⁽²⁾	Awards earned during the period reflected but not yet settled		Other payments	Single total figure of remuneration
		ZAR denominated portion	USD/AUD denominated portion ⁽¹⁾	Pension Scheme benefits	Once off relocation costs	Cash in lieu of dividends	Other benefits ⁽²⁾	DSP awards ⁽³⁾	Sign-on awards granted	Other payments	Single total figure of remuneration
		ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	USD ‘000
Executive Directors
A Calderon ⁽⁴⁾	2022	–	26,185	6,481	–	–	162	83,180	–	–	116,008	7,089
	2021	–	7,821	2,066	–	–	156	20,481	10,289	–	40,813	2,761
KC Ramon ⁽⁵⁾	2022	3,052	2,336	430	–	435	3,524	4,551	–	13,082	27,410	1,675
	2021	6,104	4,324	864	–	67	525	7,652	–	22,974	42,510	2,875
Total Executive Directors	2022	3,052	28,521	6,911	–	435	3,686	87,731	–	13,082	143,418	8,764
	2021	6,104	12,145	2,930	–	67	681	28,133	10,289	22,974	83,323	5,636
Prescribed Officers
L Ali ⁽⁶⁾	2022	–	7,620	–	–	–	787	20,092	19,111	–	47,610	2,909
	2021	–	–	–	–	–	–	–	–	–	–	–
SD Bailey	2022	5,037	2,977	–	–	225	1,177	20,882	–	–	30,298	1,851
	2021	4,648	3,062	–	–	30	1,246	15,752	–	–	24,738	1,673
I Boninelli ⁽⁷⁾	2022	1,507	–	–	–	–	3	–	–	–	1,510	92
	2021	4,725	–	–	–	–	131	4,091	–	–	8,947	605
TJ Briggs ⁽⁸⁾	2022	–	5,073	374	–	–	677	13,060	14,437	–	33,621	2,054
	2021	–	–	–	–	–	–	–	–	–	–	–
VA Chamberlain ⁽⁹⁾	2022	1,058	225	137	–	124	18	2,664	–	321	4,547	278
	2021	1,047	252	137	–	–	29	7,228	–	264	8,957	606
L Eybers	2022	–	10,986	312	–	401	814	28,281	–	–	40,794	2,493
	2021	–	10,760	291	–	52	1,578	21,189	–	–	33,870	2,291
MC Godoy ⁽¹⁰⁾	2022	–	9,821	1,645	–	–	1,224	25,282	–	–	37,972	2,320
	2021	–	1,882	141	–	–	358	4,782	35,072	–	42,235	2,857
I Kramer ⁽¹¹⁾	2022	2,167	–	271	–	–	40	6,899	–	542	9,919	606
	2021	2,408	–	301	–	15	48	5,459	–	602	8,833	598
L Marwick	2022	5,310	2,148	713	–	84	520	19,220	–	–	27,995	1,711
	2021	4,706	1,828	629	–	13	271	13,735	–	–	21,182	1,433
Exited Prescribed Officers ⁽¹²⁾	2022	–	–	–	–	–	–	–	–	–	–	–
Exited Prescribed Officers ⁽¹²⁾	2021	6,999	15,052	1,289	–	137	5,290	11,717	–	22,005	62,489	4,226
Total Prescribed Officers	2022	15,079	38,850	3,452	–	834	5,260	136,380	33,548	863	234,266	14,314
Total Prescribed Officers	2021	24,533	32,836	2,788	–	247	8,951	83,953	35,072	22,871	211,251	14,289

Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR.
Other benefits include health care, Group personal accident cover, Group life cover, funeral cover, pension allowance and surplus leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over.
The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2022. The cash bonus is payable in February 2023 and the share awards are allocated in February 2023. Shares vest over either a three- or five-year period in equal tranches.
A Calderon was appointed as CEO and executive director with effect from 1 September 2021. All 2021 payments including salary, DSP awards, pension, and other benefits were pro-rated and aligned to the appointment period (1 September 2021 – 31 December 2021).
KC Ramon retired as Chief Financial Officer and executive director with effect from 30 June 2022 and her last day of employment was 31 December 2022. All payments including salary, pension and other benefits were pro-rated and aligned to 30 June 2022. Included in other payments is payment in lieu of unworked notice period from 1 July 2022 to 31 December 2022, as well as a waiver and restraint of trade payments.
L Ali was appointed as Chief People Officer and prescribed officer with effect from 1 April 2022. All payments including salary, DSP awards and other benefits were pro-rated and aligned to the appointment period. The sign-on awards of ZAR19.111m was awarded on appointment date, 1 April 2022, in lieu of forfeited remuneration and shares from previous employer, of which ZAR5.525m will be settled in cash over a period of two years and ZAR13.586m will be settled in shares vesting over a two year period in accordance with the JSE Listing Requirements.
I Boninelli stepped down as Executive Group Human Resources Consultant and prescribed officer effective 31 March 2022. All payments including salary, DSP awards (cash bonus only) and other benefits were pro-rated and aligned to the appointment period.
TJ Briggs was appointed as Chief Development Officer and prescribed officer with effect from 1 April 2022. All payments including salary, DSP awards, pension and other benefits were pro-rated and aligned to the appointment period. The sign-on awards of ZAR14.437m was awarded on appointment date, 1 April 2022, in lieu of shares forfeited from previous employer and will be settled in shares vesting over a three year period in accordance with the JSE Listing Requirements
VA Chamberlain stepped down as Interim Chief Development Officer and prescribed officer effective 31 March 2022. All payments including salary, DSP awards, pension and other benefits were pro-rated and aligned to the appointment period. The DSP awards (cash bonus only) were pro-rated and paid for the period until his retirement effective 31 October 2022 and were calculated based on his Senior Vice President salary and target bonus opportunity. Other payments reflect the acting allowance for the acting period from 1 January to 31 March 2022.
MC Godoy was appointed as Chief Technology Officer and prescribed officer effective 15 October 2021. All 2021 payments including salary, DSP awards, pension, and other benefits were pro-rated and aligned to the appointment period (15 October 2021 – 31 December 2021).
I Kramer was appointed as Interim CFO and prescribed officer from 1 July 2022 to 31 December 2022. All payments including salary, DSP awards, pension and other benefits were pro-rated and aligned to the acting period. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2022 (DSP awards were not pro-rated but were calculated based on his Senior Vice President salary and target bonus opportunity). Other payments reflect the acting allowance for the acting period from 1 July to 31 December 2022.
Exited prescribed officers include Mr. PD Chenard, who retired 31 January 2021, Mr. GJ Ehm, who retired 31 December 2021, Mr. S Ntuli, who separated from the Company due to the reconfigured Operating Model effective 31 December 2021, and Ms. TR Sibisi, who resigned effective 30 September 2021.
Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.3655 (2021: $1: R14.7842).

Total cash equivalent received reconciliation

		Single total figure of remuneration	Awards earned during the period reflected but not yet settled		DSP 2021 cash portion settled	DSP share awards settled			Sign-on cash settled			Sign-on shares settled			Total cash equivalent received reconciliation
		Single total figure of remuneration	DSP awards ⁽¹⁾	Sign-on awards granted		Grant fair value ⁽²⁾	Market movement since grant date ⁽²⁾	Vesting fair value ⁽²⁾	Grant fair value ⁽²⁾	Currency movement since grant date ⁽²⁾	Settlement fair value ⁽²⁾	Grant fair value ⁽²⁾	Market movement since grant date ⁽²⁾	Vesting fair value ⁽²⁾	Total cash equivalent received reconciliation
		ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	ZAR ‘000	US$ ‘000 ⁽³⁾
Executive Directors
A Calderon	2022	116,008	(83,180)	–	7 557	–	–	–	–	–	–	–	–	–	40,385	2,468
A Calderon	2021	40,813	(20,481)	(10,289)	–	–	–	–	10,289	–	10,289	–	–	–	20,332	1,375
KC Ramon	2022	27,410	(4,551)	–	9,951	12,666	3,174	15,840	–	–	–	–	–	–	48,650	2,973
KC Ramon	2021	42,510	(28,907)	–	11,479	7,751	1,596	9,347	–	–	–	–	–	–	34,429	2,329
Total Executive Directors	2022	143,418	(87,731)	–	17,508	12,666	3,174	15,840	–	–	–	–	–	–	89,035	5,441
Total Executive Directors	2021	83,323	(49,388)	(10,289)	11,479	7,751	1,596	9,347	10,289	–	10 289	–	–	–	54,761	3,704
Prescribed Officers
L Ali	2022	47,610	(20,092)	(19,111)	–	–	–	–	–	–	–	6,246	(1,377)	4,869	13,276	811
L Ali	2021	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
SD Bailey	2022	30,298	(20,882)	–	4,965	7,101	1,376	8,477	–	–	–	–	–	–	22,858	1,397
SD Bailey	2021	24,738	(15,752)	–	6,793	3,892	504	4,396	–	–	–	–	–	–	20,175	1,365
I Boninelli	2022	1,510	–	–	4,091	–	–	–	–	–	–	–	–	–	5,601	342
I Boninelli	2021	8,947	(4,091)	–	–	–	–	–	–	–	–	–	–	–	4,856	328
TJ Briggs	2022	33,621	(13,060)	(14,437)	–	–	–	–	–	–	–	–	–	–	6,124	374
TJ Briggs	2021	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
VA Chamberlain	2022	4,547	–	–	2,944	7,908	(147)	7,761	–	–	–	–	–	–	15,252	932
VA Chamberlain	2021	8,957	(7,228)	–	–	2,099	425	2,524	–	–	–	–	–	–	4,253	288
L Eybers	2022	40,794	(28,281)	–	6,516	11,177	2,776	13,953	–	–	–	–	–	–	32,982	2,015
L Eybers	2021	33,870	(21,189)	–	9,402	6,683	1,375	8,058	–	–	–	–	–	–	30,141	2,039
MC Godoy	2022	37,972	(25,282)	–	1,594	–	–	–	–	–	–	13,720	4,400	18,120	32,404	1,980
MC Godoy	2021	42,235	(4,782)	(35,072)	–	–	–	–	4,583	–	4,583	–	–	–	6,964	471
I Kramer	2022	9,919	(6,899)	–	2,184	2,196	205	2,401	–	–	–	–	–	–	7,605	465
I Kramer	2021	8,833	(5,459)	–	2,434	1,772	340	2,112	–	–	–	–	–	–	7,920	536
L Marwick	2022	27,995	(19,220)	–	4,273	3,151	364	3,515	–	–	–	–	–	–	16,563	1,012
L Marwick	2021	21,182	(13,735)	–	4,760	1,543	262	1,805	–	–	–	–	–	–	14,012	948
Exited Prescribed Officers	2022	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Exited Prescribed Officers	2021	62,489	(11,717)	–	30,884	21,213	4,086	25,299	–	–	–	6,513	3,644	10,157	117,112	7,922
Total Prescribed Officers	2022	234,266	(133,716)	(33,548)	26,567	31,533	4,574	36,107	–	–	–	19,966	3,023	22,989	152,665	9,328
Total Prescribed Officers	2021	211,251	(83,953)	(35,072)	54,273	37,202	6,992	44,194	4,583	–	4,583	6,513	3,644	10,157	205,433	13,896

The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2022. The cash bonus is payable in February 2023 and the share awards are allocated in February 2023. Shares vest over either a three- or five-year period in equal tranches.
Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested DSP 2019, DSP 2020, DSP 2021 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award.
Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.3655 (2021: $1: R14.7842).

Details of the share incentive scheme awards are reflected in the tables that follow.

Number of unvested awards and movement during the reporting period


Sign-on share awards		Balance at 1 January	Granted	Vested, deemed settled	Forfeited/ lapsed	Balance at 31 December	Fair value of granted awards ⁽¹⁾	Fair value of vested awards ⁽²⁾	Fair value of unvested awards at 31 December ⁽³⁾
							ZAR ‘000	ZAR ‘000	ZAR ‘000
Prescribed Officers
L Ali	2022	–	44,233	20,337	–	23,896	13,586	4,869	7,867
L Ali	2021	–	–	–	–	–	–	–	–
TJ Briggs	2022	–	47,004	–	–	47,004	14,437	–	15,475
TJ Briggs	2021	–	–	–	–	–	–	–	–
MC Godoy	2022	107,353	–	48,309	–	59,044	–	18,120	19,439
MC Godoy	2021	–	107,353	–	–	107,353	30,489	–	35,287
Total Prescribed Officers	2022	107,353	91,237	68,646	–	129,944	28,023	22,989	42,781
Total Prescribed Officers	2021	–	107,353	–	–	107,353	30,489	–	35,287
Other management ⁽⁴⁾	2022	4,553	–	2,500	–	2,053	–	631	676
Other management ⁽⁴⁾	2021	120,415	5,449	120,415	896	4,553	1,415	37,434	1,497
Total sign–on share awards	2022	111,906	91,237	71,146	–	131,997	28,023	23,620	43,457
Total sign–on share awards	2021	120,415	112,802	120,415	896	111,906	31,904	37,434	36,784

The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date. The share awards were granted on start date and will vest over a two- or three-year period in equal tranches in accordance with the JSE Listings Requirements.
The fair value of vested awards represents the value received on settlement date.
The fair value of unvested awards is calculated using the closing share price as at 31 December.
The awards for other management for the 2021 comparatives include awards for Mr PD Chenard who retired as a prescribed officer on 31 January 2021.

Number of unvested awards and movement during the reporting period

DSP awards		Balance at 1 January	Granted	Vested, deemed settled	Forfeited/ lapsed	Balance at 31 December	Fair value of granted awards ⁽¹⁾	Fair value of vested awards ⁽²⁾	Fair value of unvested awards at 31 December ⁽³⁾
							ZAR ‘000	ZAR ‘000	ZAR ‘000
Executive Directors
A Calderon	2022	–	41,601	–	–	41,601	13,938	–	13,696
A Calderon	2021	–	–	–	–	–	–	–	–
KC Ramon	2022	183,487	58,442	46,383	–	195,546	19,580	15,840	64,380
KC Ramon	2021	134,421	79,541	30,475	–	183,487	24,576	9,347	60,312
Total Executive Directors	2022	183,487	100,043	46,383	–	237,147	33,518	15,840	78,076
Total Executive Directors	2021	134,421	79,541	30,475	–	183,487	24,576	9,347	60,312
Prescribed Officers
SD Bailey	2022	90,037	33,127	24,712	–	98,452	11,099	8,477	32,413
SD Bailey	2021	52,433	51,929	14,325	–	90,037	16,045	4,396	29,595
VA Chamberlain ⁽⁴⁾	2022	27,159	12,986	26,547	13,598	–	4,351	7,761	–
VA Chamberlain ⁽⁴⁾	2021	19,889	15,498	8,228	–	27,159	4,788	2,524	8,927
L Eybers	2022	162,348	43,252	40,818	–	164,782	14,491	13,953	54,251
L Eybers	2021	115,886	72,734	26,272	–	162,348	22,473	8,058	53,364
MC Godoy	2022	–	10,180	–	–	10,180	3,411	–	3,352
MC Godoy	2021	–	–	–	–	–	–	–	–
I Kramer	2022	17,824	9,776	6,942	–	20,658	3,275	2,401	6,801
I Kramer	2021	12,892	11,816	6,884	–	17,824	3,651	2,112	5,859
L Marwick	2022	41,821	28,814	10,043	–	60,592	9,654	3,515	19,949
L Marwick	2021	11,482	36,223	5,884	–	41,821	11,192	1,805	13,747
Total Prescribed Officers	2022	339,189	138,135	109,062	13,598	354,664	46,281	36,107	116,766
Total Prescribed Officers	2021	212,582	188,200	61,593	–	339,189	58,149	18,895	111,492
Other management ⁽⁵⁾	2022	1,581,013	555,777	788,105	150,099	1,198,586	186,208	234,197	394,610
Other management ⁽⁵⁾	2021	1,759,320	917,607	773,100	322,814	1,581,013	283,513	237,928	519,678
Total DSP awards	2022	2,103,689	793,955	943,550	163,697	1,790,397	266,007	286,144	589,452
Total DSP awards	2021	2,106,323	1,185,348	865,168	322,814	2,103,689	366,238	266,170	691,482

The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date, 24 February 2022.
The fair value of vested awards represents the value deemed received on settlement date.
The fair value of unvested awards is calculated using the closing share price as at 31 December 2022.
Share awards lapsed due to retirement.
The awards for other management for the 2021 comparatives include awards for Mr PD Chenard, who retired 31 January 2021, Mr GJ Ehm, who retired 31 December 2021, Mr S Ntuli, who separated from the Company due to the reconfigured Operating Model effective 31 December 2021, and Ms TR Sibisi, who resigned effective 30 September 2021.

Minimum Shareholding Requirements

For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR

Executive	Six-year target achievement date	MSR holding as at 31 December 2022 as a percentage of net base pay	Three-year MSR target achievement percentage	Six-year MSR target achievement percentage
Executive Directors
A Calderon	September 2027	38%	150%	300%
Prescribed Officers
L Ali ⁽¹⁾	April 2028	56%	100%	200%
SD Bailey	January 2025	298%	100%	200%
TJ Briggs ⁽¹⁾	April 2028	0%	100%	200%
L Eybers	March 2023	491%	100%	200%
MC Godoy	October 2027	206%	100%	200%
I Kramer ⁽²⁾	July 2028	4%	100%	200%
L Marwick	July 2026	144%	100%	200%

Appointed prescribed officer with effect from 1 April 2022 and the three-year MSR achievement is due in April 2025.
Appointed prescribed officer with effect from 1 July 2022 to 31 December 2022. The MSR holding is not required subsequent to the appointment period.

2022 DSP performance outcomes

The Committee approved the 2022 DSP metrics Company performance achievement of 94.86%. This was an important year for the Company and the results demonstrate re-alignment of the strategic priorities and focused delivery. Key highlights included:

Incorporating a diverse new executive team and making significant changes at the Senior Vice President and critical skills level in the areas of Supply, Projects, Digital Technology and Operations
Achieving an unprecedented safety performance which positions the Company well below the industry average in key metrics and demonstrates significant progress in resetting the safety culture
Surpassing the production budget for the first time since 2017 and delivering Obuasi targets
Reducing real cash costs which were less than 1% above the top end of guidance, rising by 6% year on year, which was roughly half the inflation rate experienced for the Company’s basket of goods and services
Consolidating Nevada as a multi-decade, cost competitive new growth project

The table below summarises AngloGold Ashanti’s remuneration metrics, their weightings, and performance against these metrics applicable to the DSP during 2022:

DSP performance measure		Weighting	Threshold measures	Target measures	Stretch measures	2022 achievement %
Financial measures	Relative total shareholder return (measured in US$)	12.50%	Median TSR of comparators	Halfway between median and upper quartile	Upper quartile TSR of comparators	0.00%
	Absolute total shareholder return (measured in US$)	7.50%	USD COE (6%)	USD COE + 2% (8%)	USD COE + 6% (12%)	11.25%
	Normalised cash return on equity (nCROE)	15.00%	USD COE (6%)	USD COE + 9% (15%)	USD COE + 18%(24%)	22.50%
	Production	15.00%	2,550 oz (000)	2,734 oz (000)	2,837 oz (000)	15.60%
	Total cash cost	10.00%	$1,015/oz	$963/oz	$915/oz	0.00%
	All-in sustaining costs	5.00%	$1,425/oz	$1,355/oz	$1,285/oz	4.00%
Future optionality	Mineral Reserve additions (pre-depletion, asset sales, mergers and acquisitions)	5.50%	Plus 1.6Moz	Plus 3.2Moz	Plus 4.8Moz	5.98%
	Mineral Resource (pre-depletion, asset sales, mergers and acquisitions)	5.50%	Plus 4.2Moz	Plus 8.3Moz	Plus 12.5Moz	4.10%
Safety	All injury frequency rate (AIFR) – one year	8.00%	≥2.5% performance improvement (2.07)	≥5% performance improvement (2.01)	≥7.5% performance improvement (1.96)	11.24%
Safety	Major hazard control compliance	8.00%	95% critical control compliance	99% critical control compliance	99.5% critical control compliance	11.24%
Health, Environment and Community	Health (2.5%): Reduction in workforce exposed to high respirable crystalline silica dust	12.00%	4% reduction	7% reduction	13% reduction	17.33%
	Environment (7.5%): Greenhouse gas emissions management		110% of budgeted carbon emission intensity (37.91)	100% of budgeted carbon emission intensity (34.46)	95% of budgeted carbon emission intensity (32.74)
	Community (2%): Business disruptions as a result of community unrest		2	1	0
People	Gender diversity	4.00%	21% female representation	23% female representation	25% female representation	2.86%
People	Key staff retention	4.00%	85% pa	90% pa	95% pa	2.86%
	Total	100%				94.86%

Comparator group ranking and achievements for the TSR metrics for FY2022

Relative TSR measures the Company’s share price performance compared to the peer group on a relative basis. It is measured on a three-year trailing average. A total of seven peers (Agnico Eagle Ltd, Barrick Gold Corp, Gold ETF, Gold Fields Ltd, Kinross Gold Corp, Newcrest Mining Ltd and Newmont Mining Corp) are measured and numerically ranked, the positioning of AngloGold Ashanti in the ranking determines the bonus achievement.

Based on the criteria below for 2022, AngloGold Ashanti was ranked seventh and was therefore positioned below the median at a growth percentage of 13.00%; therefore, the achievement was calculated at below threshold (0%).

Criteria table for relative TSR

Threshold achievement (50%)	33.93%	Median
Target achievement (100%)	49.05%	Halfway between median and upper quartile
Stretch achievement (150%)	64.17%	Upper quartile

Absolute TSR measures the Company’s share price performance on a three-year trailing average and compares it to a percentage increase relating to US cost of equity (US COE). The stretch target is achieved if US COE plus 6% is exceeded based on this calculation. Currently the US COE is 6%, resulting in the stretch target to be 12%.

Criteria table for absolute TSR

Threshold achievement (50%)	US cost of equity (COE)	6.00%
Target achievement (100%)	COE + 2%	8.00%
Stretch achievement (150%)	COE + 6%	12.00%

AngloGold Ashanti’s growth percentage of 13.00% places them above the US COE plus 6% (12%); therefore, the achievement is on stretch (11.25%). Refer to the TSR ranking table above.

Malus and clawback

No malus or clawback provisions were applied for the Executive Committee members in 2022.

Total remuneration outcomes – Alberto Calderon

Chief Executive Officer

Start date:	1 September 2021
Notice period:	12 months
Change in control (as described in the Remuneration Policy, “Change in control”):	12 months

Total actual pay for Mr Calderon in 2022, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
Maximum DSP cash bonus opportunity: 150%	Final cash bonus results: 105.89%
Maximum DSP share awards opportunity: 300%	Final share award results: 211.78%
Total DSP opportunity: 450% (as % of base pay)	Final DSP result for 2022: 317.67%

CEO: Key objectives and achievements 2022

Scorecard	Weighting	Comments
Health, safety, environment and community Safety – 12.5% Health, environment and community – 12.5% Results aligned to Company DSP outcome	25%	AngloGold Ashanti’s safety performance improved year-on-year All injury frequency rate improved 41% to a record 1.26 in 2022 – less than half the 2021 ICMM member average of 2.90 Lost-time injury frequency rate fell 40% to 0.65 year on year Visible leadership on Major Hazard Critical Controls programme Set new greenhouse gas reduction targets for 2030, including detailed programme of projects and capital estimates
Financial and production Achieve budget production and cash cost Significantly advance Project Full Potential: Identify the full potential of 5-6 operations and the measures to close the gap during following 24 months Build major projects for the Company’s longterm future inclusive of significant progress made on: Obuasi – 5% Colombia project – 5% Nevada project – 5% Support the move of major capital projects through development phases	55%	Exceeded budgeted production for first time since 2017. Achieved real cash cost reduction of 6% in volatile, inflationary environment, closing the gap vs peer group, where costs increased above inflation: Improvement projects helped offset significant exogenous factors, including flooding in Brazil and Covid impact on labour in Australia Siguiri management intervention helped exceed planned production amid challenging operating conditions Obuasi production met market expectations Initiated Full Asset Potential Programme: Six sites underwent FP programme; potential cost reductions identified Workbooks in place to realise efficiencies over c.24 months Growth Projects: Quebradona optimised feasibility study progressed; Environmental Impact Assessment is in progress North Bullfrog feasibility study expected now in first half of 2023; Feasibility study for Silicon rescheduled to include Merlin and other orebodies
Individual KPIs Embed Operating model changes Effective stakeholder management through: Good corporate governance and risk management Effective relationships with shareholders and investors Good relations with governments in operating countries Effective regular communication with Board, Executive Committee, operations, projects and employees	20%	Implemented new Operating Model; achieved planned personnel efficiencies in corporate functions and business units, with commensurate cost benefits Corporate governance – simplified Delegation of Authority framework and implemented review of Group policies and standards Worked to develop relationship with shareholders and analysts through industry conferences, roadshows and roundtable meetings. Improved market understanding of overall strategy and Full Asset Potential process, aided by engagement during results reporting and set-piece engagements Government relations strengthened – increased personal interactions with key officials, including high-level meetings with governments of Ghana and Tanzania to strengthen relationships and discuss issues of mutual interest Employee townhalls, site visits and visible leadership on mental wellbeing and sexual harassment campaigns. Culture survey results and subsequent workshops and feedback sessions have effectively boosted employee morale and engagement Implemented an integrated new Exco and significant changes at senior management level to ensure robust capability to deliver the business plan Global implementation of the anti-discrimination and sexual harassment standards
Total	100%

CEO: Performance incentive outcome 2022

2022 DSP performance outcome	Weighting	DSP award outcome
Financial performance targets
Relative total shareholder return	12.50%	0.00%
Absolute total shareholder return	7.50%	11.25%
Normalised cash return on equity (nCROE)	15.00%	22.50%
Production	15.00%	15.60%
Total Cash Costs	10.00%	0.00%
All-in sustaining costs	5.00%	4.00%
Mineral Reserve pre-depletion	5.50%	5.98%
Mineral Resource additions pre-depletion	5.50%	4.10%
Safety	8.00%	11.24%
Health, Environment and Community	12.00%	17.33%
Core value: People	4.00%	2.86%
Total % for Company performance:	100.0%	94.86%

Organisational performance weighting:		80.00%
		=
A – Organisational performance weighted outcome:		75.89%
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets.
Individual performance weighting:		20.00%
		X
Performance rating award correlation:		150.00%
		=
B – DSP opportunity based on individual performance:		30.00%
Total % of DSP pay opportunity (A+B)		105.89%
		x
On-target total cash bonus opportunity (as % of base pay)		100.00%
On-target total deferred share award opportunity (as % of base pay)		200.00%
		=
Final cash bonus result (as % of base pay)		105.89%
Final deferred share award result (as % of base pay)		211.78%
Base pay as at 31 December 2022 (all offshore payments converted to ZAR at exchange rate of ZAR16.3655: USD1)		x
		26,184,800
		=
Annual cash portion of DSP:		27,726,561
Annual deferred share portion of DSP (to vest over five years):		55,453,122
Total 2022 deferred share plan award:		83,179,683

Total remuneration outcomes – Christine Ramon

Chief Financial Officer – six months (January – June 2022)

Start date:	1 October 2014
Notice period:	6 months
Change in control (as described in the Remuneration Policy, “Change in control”):	6 months

Total actual pay for Ms Ramon for January to June 2022, which could result from the remuneration policy stated above, is shown in relation to target and maximum earning potential.
Maximum DSP cash bonus opportunity: 127.5%	Final cash bonus results: 83.63%
Maximum DSP share awards opportunity: 277.5%	Final share award results: 0%
Total DSP opportunity: 405% (as % of base pay)	Final DSP result for 2021: 83.63%

CFO: Personal KPIs and performance 2022 (January to June 2022)

CFO Personal KPIs	Weightings	Comments
Leadership and stakeholder engagement	5%	Maintained effective relationships with equity and debt investors, banks, ratings agencies, auditors and joint venture partners Continued to provide input at relevant stakeholders’ forums on financial, tax and regulatory matters
Liquidity, credit ratings and balance sheet management	15%	Refinanced $1.4bn multi-currency RCF by mid-June 2022 at favourable terms, for a five- year tenure with two one-year extensions Proactively engaged the ratings agencies on the Company’s strategy, operational performance, and cost initiatives. AngloGold Ashanti’s credit ratings were maintained by all three credit ratings agencies
Cost discipline and cash preservation measures	50%	Production and cost guidance remained on track for the year in the first half of 2022 Maintained focus on optimising corporate costs, as well as non-essential expenditure Proactively managed supply chain risks across the business amidst challenging market conditions resulting from COVID-19-related impacts and the Russia/Ukraine war Adequate levels of consumables and spares (3-6 months) have been maintained across the operations to maintain business continuity. Targeted supply chain savings remained on track despite inflationary pressures due to stocking and pricing strategies and ensured that the full asset potential programme was adequately supported
Governance and risk management	15%	Ensured that a strong culture of compliance and consistency of accounting practices prevailed through regular interaction with business units Ensured a strong focus on the Tanzanian tax matters and that there is appropriate disclosure of all tax exposures Assessed oil hedging at various intervals earlier in the year
Implementation of the Operating Model	15%	The approved operating model structures for the Finance and Supply functions were embedded well before the end of June 2022; appropriate transition plans developed identified risks Ensured that the business process optimisation initiatives had been progressed and that projects have been put in place to address the recommendations
Total	100%

CFO: DSP performance incentive outcome 2022

2022 DSP performance year outcome	Weighting	DSP award outcome
Financial performance targets
Relative Total Shareholder Return	12.50%	0.00%
Absolute Total Shareholder Return	7.50%	11.25%
Normalised cash return on equity (nCROE)	15.00%	22.50%
Production	15.00%	15.00%
Total Cash Cost	10.00%	0.00%
All-in Sustaining Costs	5.00%	4.00%
Mineral Reserve pre depletion	5.50%	5.98%
Mineral Resource additions pre depletion	5.50%	4.10%
Safety	8.00%	11.24%
Health, Environment and Community	12.00%	17.33%
Core value: People	4.00%	2.86%
Total % for Company performance:	100.00%	94.86%
Organisational performance weighting:		80.00%
		=
A – Organisational performance weighted outcome:		75.89%
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets.
Individual performance weighting:		20.00%
		X
Performance rating award correlation:		112.50%
		=
B – DSP opportunity based on individual performance:		22.50%
Total % of DSP pay opportunity (A+B)		98.39%
		x
On-target total cash bonus opportunity (as % of base pay)		85.00%
On-target total deferred share award opportunity (as % of base pay)		185.00%
		=
Final cash bonus result (as % of base pay)		83.63%
Final deferred share award result (as % of base pay)		0.00%
Base pay for six months as at 30 June 2022 (all offshore payments converted to ZAR at exchange rate of ZAR16.3655: USD1)		x
		5,441,578
		=
Annual cash portion of DSP:		4,550,781
Annual deferred share portion of DSP (to vest over five years):		0
Total 2022 deferred share plan award:		4,550,781

Non-Executive Directors’ fees and allowances

For 2022 the Non-Executive Directors elected not to receive a fee increase to align with the executives and senior management teams who did not receive a salary increase due to the Company reorganisation.

The table below details the 2022 fees and allowances paid to non-executive directors during the year as approved by shareholders.

	Director fees ⁽¹⁾	Committee fees	Travel allowance	Total	Total
	2022 (USD)				2021 (USD)	2020 (USD)
MDC Ramos (Chairperson)	308,800	56,000	8,750	373,550	451,350	202,375
R Gasant (Lead Independent Director)	166,700	104,500	10,000	281,200	296,400	222,500
KOF Busia	125,900	86,500	26,250	238,650	240,300	103,250
AM Ferguson	125,900	89,000	33,750	248,650	254,800	197,000
AH Garner	125,900	50,500	13,750	190,150	201,550	173,500
SP Lawson ⁽²⁾	125,900	50,500	18,750	195,150	0	0
NVB Magubane ⁽³⁾	95,300	30,000	8,750	134,050	177,800	170,500
MC Richter	125,900	85,500	18,750	230,150	249,800	208,750
JE Tilk	125,900	110,000	23,750	259,650	278,550	205,875
Total	1,326,200	662,500	162,500	2,151,200	2,150,550	1,483,750

Includes the annual base fee paid to NEDs as well as fees paid for special Board meetings.
SP Lawson appointed as an independent non-executive director with effect from 1 December 2021.
NVB Magubane passed away on 30 October 2022. Includes fees paid up to last working day.

Non-Executive Directors’ MSR

Policy requirements

Non-Executive Directors (NEDs) are required to hold a minimum shareholding in AngloGold Ashanti equivalent to 150% of their annual base fee, valued on the basis of the greater of:

Original purchase price
Share price on the date on which the policy was adopted being 21 February 2022
Prevailing market price on 31 December each year

Achieve 75% of annual base fee within two years of the approval of the policy for existing NEDs (i.e. 21 February 2024), and from the effective date of appointment for new NEDs
Achieve 150% of annual base fee within four years of the approval of the policy for existing NEDs (i.e. 21 February 2026), and from the effective date of appointment for new NEDs
If a decline in the share price causes a NED to fall below MSR on the basis of the prevailing market price, the NED is not required to purchase further shares although must refrain from disposing of any shares
Where increases to a NED’s base fee occurs, NEDs are provided four years from the date of the increase to purchase further shares to close any shortfall

For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR.

	Four-year target achievement date	31 December 2022 as a percentage of annual base fee	Two-year MSR target achievement percentage	Four-year MSR target achievement percentage
Non-Executive Directors
MDC Ramos (Chairperson)	February 2026	0%	75%	150%
R Gasant (Lead Independent director)	February 2026	0%	75%	150%
KOF Busia	February 2026	36%	75%	150%
AM Ferguson	February 2026	90%	75%	150%
AH Garner	February 2026	400%	75%	150%
SP Lawson	February 2026	51%	75%	150%
MC Richter	February 2026	200%	75%	150%
JE Tilk	February 2026	50%	75%	150%