Annual Report - cdn.fortescue.com
https://cdn.fortescue.com/docs/default-source/uncategorised/fy20-annual-report-and-4e.pdf?sfvrsn=80e80490_1
Our CultureDr Andrew Forrest AOThe Fortescue familyOur Board overviewCommittee memberships:Committee memberships: Value chainProcessingBlending and stockpilingExploration and discoveryExtraction and recoveryOverview of operationsExplorationLet’s show support for China12 months to 30 JuneFY20FY16 FY17 FY18 FY19 FY20FY12 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 0%Our approach to sustainabilityOverview of Corporate GovernanceTransparencyIntegrityEmpowermentCorporate accountabilityStewardshipSTAKEHOLDERSMANAGEMENT RESPONSIBILITYBUSINESS PROCESSApproach to climate change Climate Change StrategyMaximi opportuTransitional risksPhysical risks – acutePhysical risks – chronicStrategyEnvironmental regulation and complianceDirectors' and Oficers' indemnities and insuranceSignificant changes in state of afairsBasis for opinionOur audit approachAudit ScopeFor the year ended 30 June 2020ASSETSFor the year ended 30 June 2020(a) Compliance with IFRS(b) Historical cost convention(c) Functional and presentation currency(d) Critical accounting estimates(a) Geographical information2019 US$m(b) Reconciliation of earnings used in calculating earnings per share(c) Weighted average number of shares used as denominator09 Capital managementa) Borrowings and lease liabilities (continued)Working capital adjustments:(ii) Issued shares(iii) Treasury shares11 Financial risk management(a) Market risk(d) Fair valuesTotal current provisions(c) Reconciliation of income tax expense to current tax payable/(receivable)(b) Employee expensesAudit and other assurance servicesOther services23 Summary of significant accounting policies(i) Subsidiaries(ii) Joint arrangementsJoint operationsJoint ventures(b) Employee share trust(c) Foreign currency translation(i) Sale of products(ii) Services revenue(iii) Interest income(e) Deferred income(f) Income tax(g) Cash and cash equivalents(h) Trade and other receivables(i) Inventories(j) Financial assets(i) Financial assets held at amortised cost(iii) Financial assets held at fair value through profit or loss (FVPL)(i) Trade payables(ii) Borrowings(i) Recognition and measurement(ii) Subsequent costs(iii) Depreciation(l) Property, plant and equipment (continued)Units of production method(iv) Exploration and evaluation expenditure(v) Development expenditure(ii) Production stripping costs(n) Leases - accounting policy applied until 30 June 2019Leases – accounting policy applied from 1 July 2019(o) Rehabilitation provision(p) Impairment of non-financial assets(q) Finance costs(s) Share-based payments(t) Dividends(i) Basic earnings per share(v) Goods and Services Tax (GST)(w) Comparatives24 Critical accounting estimates and judgements(a) Iron ore reserve estimates(b) Exploration and evaluation expenditure(c) Development expenditure(d) Property, plant and equipment – recoverable amount(e) Rehabilitation estimatesResponse to shareholder feedbackChief Financial OficerRemuneration snapshotDrive the right culture and encourage high levels of share ownershipMarket competitive remunerationPerformance and outperformance focusFit for purposeStrategic alignmentShareholder and executive alignmentFortescue’s ValuesRemuneration framework componentsThe framework visualisedIssue raisedIssue raisedIron ore growthValuing awardsPerformance measuresTarget settingBoard discretionDelivery in share rightsPerformance measuresAROE performance measure: 33% weightingDescriptionPortion of tranche that vestsLTIP strategic measure target and vesting scheduleLTIPClawback PolicyTFR1 (A$)c. Non-Executive Director Salary Sacrifice Rights Plana. The Remuneration and People Committee (RPC)Human Resources Managementc. Board discretiond. Securities Trading PolicyUS$US$BeneficiationC1 CostCFRChichester HubCO2eContractorsDirect employeesFIFOIndigenous Land Use Agreement (ILUA)Indicated Mineral ResourceInferred Mineral ResourceInternational Financial Reporting StandardsKey Management PersonnelLOMMagnetiteMeasured Mineral ResourcePilbaraProbable Ore ReserveProved Ore ReserveReserves or Ore ReservesResources or Mineral ResourcesSenior ExecutiveSolomon HubTRIFRTotal global economic contributionUnderlying EBITDAUnderlying Net Profit After TaxChamber of Minerals and Energy (WA) Women in Resources AwardsAustralian Resources and Energy Group (AMMA)Chief Executive WomenChamber of Minerals and Energy (WA) Women in Resources AwardSecurities Exchange listingsLatest news, reports and presentations via emailTwitterWe are a values-based business, committed to our strategic goals of ensuring balance sheet strength and flexibility, investing in the long-term sustainability of our core business while pursuing growth and development options and delivering enhanced returns to our shareholders. On behalf of the Core Leadership Team, I would like to thank the entire...See more on cdn.fortescue.com We are a values-based business, committed to our strategic goals of ensuring balance sheet strength and flexibility, investing in the long-term sustainability of our core business while pursuing growth and development options and delivering enhanced returns to our shareholders. On behalf of the Core Leadership Team, I would like to thank the entire...
We are a values-based business, committed to our strategic goals of ensuring balance sheet strength and flexibility, investing in the long-term sustainability of our core business while pursuing growth and development options and delivering enhanced returns to our shareholders. On behalf of the Core Leadership Team, I would like to thank the entire...
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