Further, the Board is pleased with the progress that has been made on our response to climate change, with commitments to the expanded solar farm and energy storage system at Nova, placing the business on a path toward achieving our aspiration to be carbon neutral by 2035. Looking ahead, we are focused on IGO’s continuing transformation. The first phase of our transformation has delivered a very different IGO today in terms of the complexity of our business and our market size compared to three years ago and we are planning for it to be very different again in three years’ time. Recognising that, and as set out in our Remuneration Report, we have aligned executive remuneration with where IGO is today and where we are going, and are in the process of strengthening our executive team. As part of this process, the Board has engaged with our Managing Director and CEO, Peter Bradford, to understand his medium-term plans and I am delighted to report that Peter has no current plans to retire for at least three years and remains committed to IGO’s continuing transformation and evolution. We have accordingly worked to ensure that Peter’s remuneration package appropriately recognises the Company’s increased scale and complexity and incentivises him for the next phase of our journey. Near term, the Board is focused on the successful integration of Western Areas into IGO, the development of Cosmos through to first production in mid-2023 and the continued expansion of the lithium business at Greenbushes and Kwinana. I would like to welcome everyone who has joined IGO from Western Areas and to acknowledge the work of the Western Areas Board in building the company, and thank the Directors for the highly professional way in which the transfer of ownership was conducted. We continue to review the combined skills and experience of our Board to ensure we are prepared for the challenges ahead. As part of that process, we recently welcomed to the Board Trace Arlaud, a highly experienced mining executive with strong technical skills. In closing, I would like to thank the executive team and everyone at IGO for their efforts during a challenging and highly productive year, and my fellow directors who have provided excellent guidance and support to the business over the last 12 months. I would also like to extend a personal thank you to Peter Bilbe who provided invaluable advice and counsel as he transitioned off the Board during the year. Finally, I wish to thank our suppliers, host communities and of course, our shareholders, for your ongoing support for IGO, as we continue our important work toward Making a Difference. Michael Nossal Chair FY22 was another highly successful year, during which IGO delivered strong operating and financial results and established itself as a leading provider of products critical to clean energy. During this exciting period of transformation, IGO formally commenced its involvement in the TLEA joint venture and expanded its nickel business via the acquisition of Western Areas. These transactions have positioned IGO with a diverse portfolio spanning production, development, feasibility and exploration, with a focus on nickel, copper, cobalt and lithium. Importantly, the success we have delivered in the past 12 months has been achieved without compromising on safety, health and wellbeing. The Board takes safety incredibly seriously, and while we have achieved consistent improvements in our lead safety indicators, the Board is disappointed in the deterioration of some of our lag safety indicators, with Total Reportable Injury Frequency Rate (TRIFR) at 30 June 2022 of 14.1, representing a slight increase from 13.2 at 30 June 2021. As always, we can do better, and the Board is ensuring high levels of oversight in this critical area. Most importantly, the number of serious incidents has decreased, as has the severity of injuries recorded. Our emphasis on health and wellbeing and level of care has helped IGO proactively manage the increasing prevalence of COVID-19 with minimal impact on the business. In FY22, the Board has focused on several key work areas designed to ensure oversight of IGO’s environment, social and governance (ESG) performance, and our sustainability programs in general. These included improved workplace culture, continued development of our relationships with Traditional Owners and our response to climate change. The concepts of inclusivity and diversity have long been part of IGO’s unique culture and something we are all proud of. However, recent independent and government led reports have highlighted the broader mining industry has a lot more work to do in this area. IGO has had an ongoing program of work to ensure that our culture is one that creates a safe and inclusive environment for all of our people. Our employee surveys and other similar data provide comfort to the Board that IGO has the systems in place to ensure our people feel empowered to report any behaviour that is not aligned with our values. However, like safety more broadly, the Board looks for continuous improvement in this area. We have also remained focused on our relationships with Traditional Owners given the high levels of ongoing exploration activity across our broad portfolio. In particular, through formal and informal training and education programs, we seek to ensure that every IGO employee understands their responsibilities to not act against the interests and concerns of the host communities in which we operate. Focus on a sustainable future Chair’s Message FY22 was another highly successful year, during which IGO has established itself as a leading provider of products critical to clean energy. Acknowledgements We acknowledge the Traditional Owners of the land on which we operate and on which we work. We recognise their connection to land, waters and culture, and pay our respects to their Elders past, present and emerging. Nova Solar Farm IGO ANNUAL REPORT 2022— 5
RkJQdWJsaXNoZXIy MjE2NDg3