{"id":111,"date":"2023-01-05T14:25:35","date_gmt":"2023-01-05T14:25:35","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/22\/?page_id=111"},"modified":"2023-03-27T14:08:10","modified_gmt":"2023-03-27T14:08:10","slug":"section-iii-implementation-report","status":"publish","type":"page","link":"https:\/\/reports.anglogoldashanti.com\/22\/ir\/rewarding-delivery\/section-iii-implementation-report\/","title":{"rendered":"Section III: Implementation report"},"content":{"rendered":"\n
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Home<\/a><\/span> \u00bb Integrated Report<\/a><\/span> \u00bb Rewarding delivery<\/a><\/span> \u00bb Section III: Implementation report<\/span><\/span><\/div>\n\n

Section III: Implementation report<\/h1>\n\n\n

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.<\/p>\n<\/div>\n\n\n\n

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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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

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Executive Management team pay<\/h3>\n\n\n\n

The remuneration of the executive management team is in accordance with the remuneration policy as defined in section 2.<\/p>\n\n\n\n

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:<\/p>\n\n\n\n

2022 Comparator benchmark group<\/strong><\/th><\/th><\/tr><\/thead>
Agnico Eagle Mines Limited<\/td>Canada<\/td><\/tr>
Anglo American Platinum Limited<\/td>South Africa<\/td><\/tr>
Antofagasta plc<\/td>Chile<\/td><\/tr>
Barrick Gold Corporation<\/td>Canada<\/td><\/tr>
B2Gold Corporation<\/td>Canada<\/td><\/tr>
Gold Fields Limited<\/td>South Africa<\/td><\/tr>
Kinross Gold Corporation<\/td>Canada<\/td><\/tr>
Newcrest Mining Limited<\/td>Australia<\/td><\/tr>
Newmont Corporation<\/td>United States<\/td><\/tr>
Sibanye-Stillwater Limited<\/td>South Africa<\/td><\/tr>
South32 Limited<\/td>Australia<\/td><\/tr>
Yamana Gold Incorporated<\/td>Canada<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Annual salary review 2022<\/h3>\n\n\n\n

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.<\/p>\n\n\n\n

Increases awarded to our various bargaining units were determined through a collective bargaining process.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Details are available in the single total figure reporting table <\/mark>below<\/a><\/em><\/strong>.<\/p>\n\n\n\n

Executive movements<\/h3>\n\n\n\n

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.<\/p>\n\n\n\n

No payments were made to Ms Gillian Doran for the reporting period.<\/p>\n\n\n\n

An allowance aligned to the Company\u2019s acting allowance policy formed part of Mr Kramer\u2019s remuneration to recognise the additional responsibilities associated with the role for the period.<\/p>\n\n\n\n

Both Ms Christine Ramon\u2019s and Mr Ian Kramer\u2019s remuneration details for 2022 are reflected as follows below<\/a><\/em><\/strong>.<\/p>\n\n\n\n

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<\/a><\/em><\/strong>.<\/p>\n\n\n\n

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\u2019s acting allowance policy formed part of Mr Chamberlain\u2019s 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<\/a><\/em><\/strong>.<\/p>\n\n\n\n

The single total figure reporting<\/a><\/em><\/strong> 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.<\/p>\n\n\n\n

The single figure remuneration comprises an overview of all the\npay elements available to the executive management team for\nthe year ended 31 December 2022.<\/p>\n\n\n\n

Executive Directors\u2019 and Prescribed Officers\u2019 remuneration<\/mark><\/h3>\n\n\n\n

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<\/p>\n\n\n\n

The following are definitions of terminology used in the adoption of the reporting requirements under King IV:<\/p>\n\n\n\n

Reflected<\/h4>\n\n\n\n

In respect of the DSP awards, remuneration is reflected when performance conditions have been met during the reporting period<\/p>\n\n\n\n

Settled<\/h4>\n\n\n\n

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<\/p>\n\n\n\n

Single total figure remuneration<\/mark><\/h4>\n<\/div>\n\n\n\n