Integrated stakeholder engagement

Effective management of stakeholder relationships has a direct bearing on our ability to deliver on our strategy and create value.

Our approach to and rationale for engagement

We are committed to collaborative stakeholder engagement. Our stakeholder engagement process is integrated and inclusive, and seeks to balance the needs, interests and expectations of stakeholders with those of AngloGold Ashanti. It is critical at every stage of our business, from exploration through to mine closure.

Our engagement structures aim to help us navigate the political, regulatory and legislative environments in which we operate, to provide insights into potential risks, opportunities and key issues, enabling us to better manage and act on these potential risks, opportunities and issues in order to maintain our social licence to operate.

Oversight and accountability

The board has ultimate responsibility for stakeholder engagement. The Social, Ethics and Sustainability Committee assists with oversight of our stakeholder engagement framework and structures. The committee reviews the framework and engagement annually.

Key stakeholders

Investment community

Employees, including unions

Governments and regulators

Communities

Suppliers

Industry partners and peers


Engaging key stakeholders

We have identified our key stakeholders, the significance of our engagement with each, their primary concerns and expectations, and our response to those concerns and expectations. In addition, we have conducted self-evaluations of the quality and nature of our relationship with each stakeholder grouping as follows:

  • Strong = collaborative
  • Cordial = sufficiently
  • Weak = requires some

Investment community

Quality of engagement: Strong

Includes: Shareholders, current and future investors, debt funders and other providers of capital.

This stakeholder group represents the principal providers of financial capital. Engagement is with both international and local institutional and private investors and fund managers as well as investment and ESG analysts and financial media.

Transparent and consistent engagement on our performance, delivery on our strategy, and managing expectations can enhance investor sentiment and our reputation and improve access to capital and our market valuation. The CEO, CFO and Chief Corporate Affairs and Sustainability Officer, supported by the investor relations team, are responsible for shareholder engagement. Such engagement, which is regular and done through a variety of channels, is conducted in line with our listing and exchange requirements.

Key issues of engagement

Appointment of CEO and new approach

Our response
  • Maintained engagement with shareholders, analysts, debt holders and other lenders throughout the year via set-piece quarterly market reporting, trading statements, conference calls and investor conferences
  • Board engagement with shareholders, including the Annual General Meeting, regarding the process to appoint a new CEO
  • Once appointed, the new CEO engaged with investors and analysts on results calls, meetings and through presentations at both the FT Mining Summit and Denver Gold Forum, where he outlined his strategy and the planned new Operating Model

Financial and operating performance

Our response
  • Provided detail on financial and operating performance
  • Continued strengthening of the balance sheet to better weather short- and mediumterm volatility in gold price and the general operating environment
  • Debt consolidation
  • Communicated areas of delivery on strategy

Cash lock-up challenges

Our response
  • Provided detail on strategy for dealing with cash lock-ups in DRC, Tanzania and Argentina

Obuasi suspension of underground activities and restart

Our response
  • Communicated the causes of the Obuasi underground production stoppage and timing of the subsequent restart

Climate approach

Our response
  • Developed a new Climate Change Strategy and presented our first Climate Change Report outlining our approach to dealing with the risks and opportunities that come with climate change and extreme weather – see <CCR>
  • Recommitted to the ICMM’s target of net zero Scope 1 and 2 GHG emissions by 2050; revising our medium-term targets to cut GHG emissions further by 2030

ESG performance

Our response
  • Delivered regular feedback on ESG-related performance

COVID-19: first- and second-order impacts, namely, public health impacts (absenteeism, quarantines, lockdowns) and the consequent effects of labour shortages and accelerating inflation on economies

Our response
  • Provided information on impact of the pandemic on the business and our response in managing it

Employees and unions

Quality of engagement: Cordial

Includes: All employees as well as their representative labour unions at certain operations

Employees, our human capital, provide the labour, knowledge, skills and expertise necessary for the efficient operation of our business and successful delivery on our strategy. Constructive employee engagement promotes stable employee relations, enhances productivity and ensures alignment on our strategic objectives.

Line management, supported by the human resources function, is the main point of engagement. Engagement is frequent and ongoing, formal and informal and includes official communications issued by the business, regional and company-wide town hall meetings, in-house presentations and awareness campaigns on various topics such as safety, health, business performance, the new Operating Model and COVID-19 updates. Communication media used includes email, newsletters, employee briefs, WhatsApp, the intranet and personal communication with line management. Union engagement is more formal and structured.

Key issues of engagement

Implications of new operating model and organisational restructuring

Our response
  • Focused employee engagement across all levels
  • CEO held several employee town halls, one-on-one and small group meetings, issued numerous briefs to communicate revised priorities and the importance and benefits of the new Operating Model

Safety

Our response
  • Three-year work plan introduced in 2021 to revitalise safety strategy and performance

Organisational culture

Our response
  • Culture survey, conducted in line with the Barrett model, indicated current culture is concentrated at the evolutionary phase, indicating employees are experiencing a significant degree of transformation and change, and are willing to continue changing and growing. See <SR> and Culture survey case study

Obuasi suspension of underground activities and restart

Our response
  • Communicated the causes of the Obuasi underground production stoppage, remediation steps taken, and timing of the subsequent restart

COVID-19 – response and management

Our response
  • Implemented COVID-19 protocols tailored to each operation – accompanied by a focused communications plan
  • Ensured no employee lost wages or benefits related to COVID-19 lockdowns and other disruptions

Productivity, maintaining focus on strategy and meeting guidance on production and other performance metrics

Our response
  • New Operating Model implemented – focused communication by line managers to reinforce delivering in line with strategy

Governments and regulators

Quality of engagement: Cordial

Includes: National, regional, local governments as well as various regulators and departments (mining, environmental, social, labour, taxation)

Government and regulators develop and implement legislation and associated regulations that can significantly affect AngloGold Ashanti or one or more of our operations. Ongoing engagement aims to communicate the state of the business and its challenges and opportunities, to mitigate regulatory and political risks, encourage certainty, strengthen our social licence to operate and generally promote an environment conducive to investment and development. Proactive engagement with governments includes regulatory submissions, formal and informal discussions on significant issues, and service delivery collaborations.

Direct engagement by corporate and site teams with national, regional and local governments in each jurisdiction continued through the year, alongside engagement with those parties through industry bodies.

The subject matter covered in these engagements spanned a variety of issues, from updates on our operating performance to the status of various projects and communication about the benefits of our operations to local communities and value chains. These meetings also allowed our teams to remain abreast of changing political and regulatory dynamics.

Key issues of engagement

Compliance

Our response
  • Group Compliance plays an essential role in co-ordinating compliance with laws and regulations, standards and contractual obligations and in assisting and advising the board and management on designing and implementing appropriate compliance policies and procedures
  • Ongoing monitoring of compliance with laws, regulations and legal registers by country – this includes self-certification processes

Regulatory changes

Our response
  • Improved internal systems and activities to meet requirements of regulatory changes

Political changes

Our response
  • Developed system to track political changes across the group. Engaged with current and new governments on matters relating to mining agreements and tax matters

TSF management

Our response
  • Committed to implement the Global Industry Standard on Tailings Management (GISTM) at all facilities by August 2025. TSFs at our Brazilian operations are currently being converted to dry stacking to comply with federal requirements in Brazil
  • Engagement ahead of the approval of the Beposo TSF at Iduapriem

Project development updates – Ghana and Colombia

Our response
  • Continued to engage with regulators and governments on progress being made on and status of projects in respective countries
  • Continued to engage with ANLA (the licensing authority) in Colombia on the environmental permit for the Quebradona project

Regulatory compliance – safety, local economic and community development and taxation

Our response
  • Engaged regularly with governments and relevant regulators to provide updates on regulatory compliance

Dispute resolution – repatriation of funds (DRC) and tax refunds (Tanzania)

Our response
  • Maintained dialogue in the DRC on the repatriation of funds held through joint venture partner and operator, Barrick
  • Maintained dialogue with Tanzanian authorities
  • Continued timeous payment of taxes, royalties and duties

Mitigation of political and regulatory risk

Our response
  • Engaged with governments and relevant regulators to ensure channels of communication remain open

Communities

Quality of engagement: Cordial

Includes: Those communities located in the vicinity of our operations, in which many of our employees reside, on whose goodwill we depend and who are directly impacted by mining operations.

We are accountable to host communities to be a responsible corporate citizen. Communities can directly affect our social licence to operate. In line with our values, we aim to leave a positive legacy for those communities.

Engagement aims to manage expectations, uphold human rights and ensure community and asset security. Its focus is local socioeconomic development programmes, developed and run in partnership with local governments and host communities. These contribute to economic growth, stimulate income-generating opportunities, create employment, and aim to nurture sustainable livelihoods beyond the life of mine. Mutually beneficial community partnerships enhance shared value creation and support our social licence to operate.

Our community engagement strategy identifies potential areas of interest and concern within local communities. Engagement is largely directed through various community forums that include representatives from AngloGold Ashanti, the community and local authorities. Grievance mechanisms, together with accompanying resolution procedures, enable communities to lodge complaints which can be resolved.

Key issues of engagement

Employment and procurement opportunities and local enterprise and economic development programmes

Our response
  • Ensured Obuasi redevelopment is in line with commitments made to the Government and the community in Ghana (see Suppliers)
  • Continued to include local suppliers in our database. More than 80% of relevant expenditure spent with local suppliers
  • As part of our localisation policies and procedures, and in line with country specific legislation, we work to promote and ensure the employment of local people
  • Optimised participation by local companies and the transfer of skills in the Obuasi redevelopment project
  • In line with our socio-economic contribution standard, we support alternative livelihoods and local economies though community development projects in our host communities
  • Ensured implementation of corporate social responsibility plan for Geita and continued to roll out development initiatives working with communities and governments across all our sites

Environmental and social impact of mining activities on communities (noise, dust, water issues)

Our response
  • Responded, followed up and resolved complaints received via the community grievance mechanism

Social licence to operate

Our response
  • Engaged with key stakeholders regarding new mining projects and mine expansion projects to ensure community support

Potential business interruptions

Our response
  • Maintained engagement with host communities on socio-economic contributions accrued to communities across the group

Legacy issues (social and environmental), post asset sale in South Africa

Our response
  • Continuing to honour financial obligations to former employees in South Africa
  • Studying options for legacy social projects in South Africa to benefit former employees and their families

For more information on work undertaken to establish self-sustaining communities, see <SR>.

Suppliers

Quality of engagement: Strong

Includes: AngloGold Ashanti has many suppliers, ranging from established multi-national corporations, local strategic partnerships (such as joint ventures) to smaller, more localised businesses – and labour contractors.

Our suppliers provide those vital inputs – raw materials, products and services – required to conduct our business activities. We endeavour to ensure suppliers are aligned with our business ethics and values, internal policies and standards, and codes of behaviour.

Key issues of engagement

Responsible sourcing

Our response
  • As a condition of working with AngloGold Ashanti, suppliers must comply at a minimum with all relevant laws and industry regulations, and must be aligned with our business code of ethics, values, and codes of behaviour, including responsible sourcing
  • Our responsible sourcing programme enables us to identify risks relating to human rights violations to help our suppliers make ethical decisions when purchasing goods and services
  • Published a Modern Slavery Statement to comply with Australian regulations and integrated supply chain modern slavery risks into our broader Human Rights Framework to improve governance. See <MMS>

Local content and procurement opportunities

Our response
  • Designed programmes to promote local procurement and to build in-country mining skills bases to empower local communities and reduce reliance on expat labour through sustainable skills transfer and capacity building programmes

Community capacity building and localisation

Our response
  • Geita contributed to capacity building of its host communities by partnering with the National Economic Empowerment Council of Tanzania (NEEC) to encourage participation by Tanzanians in the procurement of local goods and services in mining. More than 300 local businesses have been trained and we see increased participation of local vendors in bidding and tender processes

Supply chain risks

Our response
  • Proactively monitored global supply chains to ensure resilience and continuity of supply, threatened by the COVID-19 pandemic. Measures put in place to address the sustainability of our strategic supplier base. For example, timely payment to and support for small, medium, and micro enterprises (SMMEs) to create business opportunity and growth, and extended rosters for contractor expats that are subject to longer quarantine periods due to border closures and restrictions

Industry partners and peers

Quality of engagement: Strong

Includes: National or local mining/industry bodies, the ICMM, World Gold Council (WGC), among others, providing a joint platform foraddressing industry-related developments and concerns, as well as initiatives for sharing lessons learnt and best practice.

Engagement aims to garner support and promote collaboration with other shared stakeholders – governments, regulators, employees,unions and communities – on matters of mutual concern, to work together to reduce regulatory and political uncertainty, and to promotelong-term partnerships. These include joint efforts to find solutions to sector or industry challenges, and on any new developments topromote the future of the industry. Engagement, which is led by the CEO and designated area leads, involves various platforms includingconferences, meetings and other industry forums.

We continued to engage with our peers through various forums, both through industry organisations in our operating jurisdictions andat a global level through various bodies including the ICMM and the WGC, among others. These connections with our peers across thelocal and global mining sectors help ensure we stay abreast of developing trends, allow us to provide input on major issues affectingmining companies in general and AngloGold Ashanti in particular, allowing us to contribute to a collective voice for the sector. Much of thediscourse in these forums is centred on the broader environmental, social and governance topics, including the ongoing development ofbest practices and how best to communicate the significant amount of good work being done by the industry in each area.We continued implementation of the ICMM’s Performance Standards and the WGC’s Responsible Mining Principles.

Key issues of engagement

Climate change

Our response
  • In 2021, we developed a new Climate Change Strategy and presented our first Climate Change Report (See <CCR>), outlining our approach to dealing with the risks and opportunities that come with climate change and severe weather. We are fully commited to the ICMM’s target of net zero Scope 1 and 2 GHG emissions by 2050; and we are working on a medium-term target to cut GHG emissions by 2030

Evolution of ESG

Our response
  • We view our ESG performance as crucial to the broader financial and operational success of our business, and our ability to generate value for all of our stakeholders. We continue to work closely with our community and government stakeholders to align our social and environmental investments with their own needs and aspirations

Making clear the benefits of mining

Our response

Regulatory uncertainty

Our response
  • Collaborated with industry bodies to manage and improve regulatory and political certainty

TSF management

Our response
  • We have, along with our peers in the ICMM, committed to implement the Global Industry Standard on Tailings Management (GISTM) at all facilities by August 2025

Engaging with media

Media engagement facilitates improved understanding of AngloGold Ashanti’s business among government stakeholders, the investment community and the general public, promotes transparent and accurate reporting, and contributes to constructive relationships with other stakeholders. It aids reputation management, improves transparency and credibility, supports our social licence to operate, and can address speculation and misinformation in the public domain.

See the section Value for stakeholders for further detail on value created in relation to each of these stakeholders