Good morning, ladies and gentlemen, and welcome to the 2020-2025 Annual General Meeting of Anglo American Platinum Limited. I'm pleased that you're able to join us today, whether in person or online. Those participating online will be able to watch the meeting and ask questions live via their telephone lines. We hope this will facilitate greater shareholder engagement for those who cannot attend in person today. For those in the room, may I ask you to ensure that your mobile devices are set to silent mode, please? Also, in the event of an emergency, a voice alarm will direct you to evacuate the building if required. No emergency drill is planned this morning, so if the alarm does sound, please leave via the exit on my right, indicated by the exit sign, as quickly and safely as possible. A safety representative will be there to guide you further.
The notice of the meeting was published to shareholders on 20 March 2025, and the quorum is present, whether in person or virtually. I therefore declare this meeting duly constituted. Do I have your permission to take the notice of the meeting as read and formally propose the resolution set out in the notice? Thank you. Board members and executives this morning, and I would like to introduce them before I reflect on the year under review. I think about this and think, shall we go in order by—Craig Miller, our CEO, is over here, and next to him is Sayurie Naidoo, our CFO. Suresh Khanna, Chairman of the Audit and Risk Committee, and our lead independent director, Tevendri Brewer. Where are you, Tevendri? Chairman of our Remco. Dorian Emmett, Chairman of our Safety and Sustainable Development Committee. Henny Paul, a newly minted independent non-executive director.
Pathmita Petersen Cook, another independent non-executive director. Roger Dixon, another independent non-executive director. Lwazi Bam, Chairman of our Social Ethics and Transformation Committee, and Steve Peary, independent non-executive director, are attending online. We have our executive committee members here with us: Willie Terrum, Martin Pujorini, Virginia, Rebecca, Yvonne Fuller, and Hilton Ingram is on the line. I was told that he had run away, but as you see, he's here. Thank you. In 2024, we tragically lost three of our colleagues at our managed operations. Our commitment to eliminating fatalities and achieving zero harm in the workplace is our most important priority. Hence, we deeply regret these tragic work-related fatalities at Amandelbult Mine. Our thoughts and prayers remain with the families, friends, and colleagues of Shepiso Mokale, Yusman Ndlovu, and Basanda Langen, who lost their lives under our care.
I'd like to ask all of us to observe a moment of silence to pay our respects to these colleagues and all who lost their lives across the mining industry over the last year. Thank you. Safety. Given that safety underpins everything we do and is our top priority, allow me to begin with our response to what was a very regrettable setback in our recent safety improvements at Valterra Platinum Limited. We've undertaken a comprehensive systems, standards, procedures, and behavioral analysis so that we can really understand what happened, to learn from the incidents, and improve our ways of working. We've also prioritized controls in high-risk work, undertaking studies to fully understand material risks at each site.
Our data analytics and reporting have been bolstered while visible fault leadership and critical control compliance monitoring have been developed and embedded to support proactive evaluation of both leading and lagging indicators in order to enable us to respond quicker and to prevent injury or harm. In short, we are learning from incidents to prevent repeats, and our self-imposed safety stoppages in 2024 are a testament to our commitment that safety comes first, and that's shared across all our senior management team. We are being innovative in our safety leadership practices and in developing a culture of safety that is driven by KPI-based reward and recognition systems. I'm confident that our relentless focus on safety improvement and safety risk management across both permanent and contracted employees will drive us steadily closer to our goal of zero harm. Operating context.
Before going into how we've delivered against our strategic objectives in 2024, let me address our current operating context. The most important matter the company and board have dealt with in the last 12 months is the demerger of Anglo American PLC of its majority interest in Anglo American Platinum. The decision by Anglo American to undertake this corporate transaction was in response to the outcome of its strategic review, resulting in its portfolio simplification and focus on copper, premium iron ore, and crop nutrients. As Anglo American has articulated, the decision was not in response to the outlook for the PGM market or the quality of the assets in Anglo American Platinum, but an opportunity to realize the full value of its portfolio of assets in their portfolio.
With both parties committed to an orderly separating process, we're focused on creating a sustainable and fit-for-purpose independent company to more effectively generate value for our stakeholders. The demerger provides us a fantastic opportunity to remain the world's leading PGMs miner, with one of the largest mineral endowments in the precious metals industry. We'll build upon our track record of profitability by leveraging our outstanding asset base with investments to support steady production. We also continue to benefit from a global marketing function that is delivering tailored solutions for our customers to maximize the value from what we mine. Our strong balance sheet and disciplined capital allocation translate into consistent shareholder returns, creating value for all stakeholders. As I mentioned earlier, we are committed to zero harm while integrating sustainability into everything that we do.
Management have also implemented a new target operating model and organizational structure, strengthening technical capabilities, and new teams have been built to replace activities previously performed by Anglo American. The new structure with the leading corporate center responsible for strategy and our operations being responsible for execution. This provides greater accountability, clarity of expectations, and agility, while ensuring that we'll continue to operate at the highest standards and not compromise on our commitments to our host communities, to governments, to employees, to customers, and to shareholders. As part of the demerger, the company has taken the decision to maintain its primary listing on the Johannesburg Stock Exchange and to ensure that a high number—to ensure that a high number of Anglo American's existing non-South African shareholders will not be prevented from holding or continuing to hold shares on the demerger.
The company will have a secondary listing on the London Stock Exchange. The details of this and other important information about the company are set out in the prospectus, which was issued on 8th of April and is available on our website. On 30th April, Anglo American PLC shareholders voted in favor of the demerger and a dividend and also a dividend in specie to its shareholders comprising Anglo American Platinum shares. As a result, we are now in the final stages of the demerger. In less than one month, the company would trade on both the Johannesburg and London Stock Exchanges, and investors globally will be able to benefit from the way we have organized ourselves for success going forward. We hope to start life as an independent company under the name Valterra Platinum Limited.
We're counting on your vote today so that we can put a new name to the independent company we are becoming. To support this voting process, I would quickly like to explain what Valterra means. A, val. This comes from the word value and represents the value we create, not just what we mine, but in the way we work, the opportunities we create, and our influence on society. B, terra. In Latin, this means earth. Picks to our foundation, our responsibility, and our commitment. D, we retain the word platinum in our name, demonstrating the focus of the organization and brand's clear brand distinction and differentiation as one of the world's largest platinum producers. Being part of the Anglo American group has brought many benefits, from technical expertise to global operating practices.
I believe our company has captured its operations, its work, and its balance sheet for a bright future. Our single-minded focus on capital allocation for the PGM business will bring positive returns for all our stakeholders. Now that I've spoken about the emergence of Valterra Platinum, I would also like to emphasize that as much as we live in a hugely unpredictable world, our minds are long-term confidence in the—in navigating this complex environment, our focus has been on what we can control through decisive and effective interventions to deliver on our production and sustainability commitments, improve our operational effectiveness, increase our cost and capital efficiencies, and invest in the PGM market demand. These actions have enabled us to remain cash flow generative across the portfolio without compromising the integrity and reliability of our assets, even in this challenging operating environment.
With that, I will now address some of the strategic initiatives and execution thereof throughout the past year. Advanced safety and health. The safety, health, and well-being of our employees is and will continue to be of great importance to our business. I've touched on the fatal incidents we had in 2024 and once again reiterate the board and management team's unwavering commitment to eliminating work-related injuries and deaths at our operations. Our safety and health programs go further than eliminating fatal incidents. In the past year, we have seen a reduction in total injuries compared to the prior period. With regards to health, we've also seen a decrease in the workers exposed to inhalable hazards, occupational carcinogens, and noise above the occupational exposure limits. We have further made progress in our health initiatives with marked improvements in our HIV and TB prevention programs.
Pursuing operational excellence focused on improving productivity, reducing costs, and optimizing competitiveness. We delivered on our priorities in 2024 despite the prevailing headwinds associated with the operating context, including an uncertain global macroeconomic outlook, geopolitical tensions, a changing South African political landscape, and the demerger from Anglo American, which I've spoken at length to earlier. We have sought to improve the company's competitive position and protect cash flow generation and returns through commodity price cycles. This we achieved through focusing on safe and stable production, focused on value over volume, as well as increasing our cost efficiencies and improved productivity levels to ensure all assets are in the first half of the PGM cost curve.
Given the prevailing macroeconomic environment, there's no doubt in my mind that we have made the correct decision to step up the agility of this business, one that is more capable of adapting to both challenges and to opportunities. The cost of our program delivered ZAR 12 billion in cost and capital savings, significantly exceeding our reduction target, which was ZAR 10 billion. The South African Labor Relations Act, Section 189A, restructuring that has been completed with approximately 3,400 roles reduced at the end of December 2024. That is completed and done. We have finalized the new process of our contracting companies, resulting in the offboarding of approximately 400 companies. These measures resulted in a 2024 cash operating unit cost of ZAR 17,540 per PGM ounce, more than offsetting inflation and the 7% decline in production.
Our efforts placed all of our assets in the first half of the cost curve, and our performance indeed underscores our readiness for our transition to a standalone company. Our goal was and remains to ensure that Valterra Platinum Limited is resilient and cash generative through the cycle. We therefore continue to enhance our operating model and maintain the integrity of our assets to transform performance, increase operational resilience, and create value. Looking at our production performance during the year, our unmanaged mines' production of 2.2 million PGM ounces was at the midpoint of our methylene concentrate production guidance. Our total refined production of 3.9 million PGM ounces was up 3% from 2023's 3.8 million ounces due to the release of work in progress inventory and the robust performance of our well-invested processing assets.
For this year, our guidance for concentrate production from our unmanaged mines is between 2.1-2.3 million PGM ounces, and refined production guidance is 3.0-3.4 million PGM ounces. We also resequenced growth investments and prioritized higher margin production from our own operations through our processing facilities and continued with the twin exploration decline at Sand Sloot at Mogalakwena. The Sand Sloot underground affords us the opportunity to extract further value from the 80-plus year reserve base at Mogalakwena, enabling the company to extract high-grade ore to blend with the open-pit ore, thereby potentially increasing PGM ounces and ensuring the leading position on the cost curve. Drive PGM demand for long-term success.
Speaking of driving demand, while our core product revenue, such as from gold and nickel, while this has been growing in recent years and helps to cushion the business against price volatility, PGMs remain at the heart of our business, accounting for up to 95% of our revenue over the last five years. From a PGM pricing perspective, we continue to experience pricing pressure leading to a 13% deterioration in the ZAR basket price for PGMs. While the fundamentals for demand remain solid, the timing of a price recovery is unknown. As you know, our metals are present in applications as diverse as catalytic converters, smartphones, wind turbines, and healthcare products. Our approach is to discover, nurture, scale, and sustain a diverse set of segments to secure sustainable long-term demand for our metals. The success of this approach is evident in the growing list of potential uses for our metals.
We remain optimistic about the outlook for demand in the automotive sector because global trends show auto demand volumes beating consensus forecasts. The market still overwhelmingly favors internal combustion engines as vehicle sales trend back towards historical levels. In addition, hybrid vehicles, which also use PGMs, increase their share in the market. Importantly, battery electric vehicle adoption progresses more slowly than previously expected. To add to the momentum, emission standards continue to tighten, which will likely lead to increased catalytic loadings. In short, more PGMs in each ICE or hybrid vehicle produced. On the other hand, both primary and secondary supply are likely to remain constrained as ongoing uncertainty and the lack of investment incentives limit the development of new supply as well as extensions of current life of mines in order to maintain current industry production levels.
Across the board, the prospects for PGM demand in existing applications are good. We are not a company that takes anything for granted. If we look at the stimulation of new revenue streams and applications to ensure long-term sustainability of the metals we produce, we see significant potential in the hydrogen economy, sustainable aviation, e-fuels, carbon neutral feedstock, and artificial intelligence, as well as cloud computing. Integrating sustainability in everything we do. Importantly, even through our strategy and the delivery thereof, is integrating sustainability into everything that we do to protect and to create value for all our stakeholders, focusing on climate and energy challenges, building relationships with our local communities, and maintaining ethical supply chains. We are pleased with the progress in our decarbonization journey, particularly the finalization of agreements for 460 megawatts of renewable energy supply to power 30% of our energy requirement from 2026 onwards.
By investing in renewable energy and enhancing security of supply, we will also position ourselves as the preferred supplier in a carbon-conscious global market. While the reduced carbon footprint means lower emissions, it also means that we will have access to cost-effective and reliable power supply once the facilities are commissioned. We remain committed to reaching our target of a 30% carbon reduction by 2030 and being carbon neutral on scope one and two emissions by 2040. We also attained 98% conformance with the Global Industry Standard on Tailings Management and no level four or five environmental. We achieved certification from the Initiative for Responsible Mining Assurance, or IRMA, as we call it, which is the world's most stringent assurance standard. This places our mines ahead of all PGM competitors in Southern Africa. Unki and Mototolo have achieved IRMA 75 certification, while Amandelbult and Mogalakwena attained IRMA 50.
Moving on to our financial performance during 2024, the realized PGM rand basket price was 13% lower at ZAR 26,695 per PGM ounce sold due to declining realized palladium and rhodium metal prices, which were 24% and 30% lower respectively. We have seen a continuation of price fluctuations in the first quarter of 2025 owing to trade war narratives. Despite the decline in the PGM basket prices, we produced an adjusted EBITDA of ZAR 19.8 billion. Our headline earnings were ZAR 8.4 billion or ZAR 32.05 per share. Total capital expenditure for the year was ZAR 18.6 billion at an all-in sustaining cost of $986 per 3E ounce sold, well below the target we had set ourselves.
We ended the year with a net cash position of ZAR 17.6 billion, from which, in addition to the final dividend declared of ZAR 3 per share, representing 40% of headline earnings, the board declared an additional cash dividend of ZAR 15.7 billion or ZAR 59 per share. This brought the full year dividend to ZAR 19.1 billion or ZAR 71.75 per share. ZAR 521 million of this was distributed to Togo Employee Ownership Trust and to community trusts. While the Section 189 restructuring process did result in the loss of jobs, we remain an employer of more than 29,000 people, paying ZAR 17.7 billion in wages and related payments to employees in the last year. ZAR on procurement in host communities, as well as almost ZAR 1 billion across corporate social investment, social and labor plans, and community dividends, as I mentioned earlier.
We paid ZAR 3 billion in taxes and royalties in 2024. Altogether, overall, our economic contribution to society in 2024 was ZAR 72 billion. Finally, I wish to address changes made to the board since the last meeting. As I mentioned earlier, with the demerger of our company into a standalone entity expected to be completed at the end of this month, we have restructured the executive leadership into a cohesive unit to optimally manage and lead an independent company. The decision of the Anglo American board nominees to step down was aimed at fostering greater independence within the board in anticipation of the demerger. I would like to thank Nolita Fakude, Themba Mkhwanazi, and Matt Daley for their invaluable service to this company during their tenure on the board.
The appointments of Dorian Emmett, Henny Paul, and Pathmita Petersen Cook as independent non-executive directors on 13 February 2025 ensures the appropriate balance of knowledge, skills, and experience, diversity, and independence on the board for it to discharge its governance role and responsibilities objectively. In May 2024, Sayurie Naidoo was appointed Chief Financial Officer and Executive Director. She had served in an acting capacity after Craig Miller was appointed Chief Executive Officer in October 2023 and has been with Anglo American for over 15 years, some of that time with me in another organization. As part of our normal ongoing board review process, we have further reviewed the diversity of our board, including with reference to expertise, gender, and age. We are already in a process of addressing gaps, which we hope to finalize very soon.
Once complete, we are confident that our board will meet the recommendations of Team 4 and the LSE regarding diversity. In 2024, our company secretary, Elisner Fillion—I had to practice that pronunciation, Fillion—resigned having received a good offer from another JSE-listed entity. After serving as interim company secretary, Fiona Edmondson was appointed as company secretary in March of this year. Fiona also leads our legal and compliance teams. We are also looking at the structure and membership of the board committees. However, given the transition period we're in and the ongoing board recruitment process that I've just talked about, this review process will only be completed following the demerger. I believe the expertise of my fellow directors is a competitive advantage for our company, and I deeply appreciate their diligence in fulfilling their responsibilities.
A lot of work has happened in this demerger period, and I'd like to thank you. I also thank our excellent leadership team and all our people for their unwavering commitment to our strategic goals as we, together with the rest of the directors, are looking forward to the future which lies ahead of Valterra Platinum as an independent company, realizing the opportunities before us and ensuring we create enduring value for all our stakeholders. I invite all shareholders to read our annual financial statements and our integrated report, as well as the following reports: Sustainability, Climate Change, All Reserves and Mineral Resources, and Governance Report. These are available on our website and will allow you to gain greater insight into this critical journey of our business as we embark on an independent future. I will now move on to the business of this annual general meeting.
Presentation of annual financial statements. The audited group and company annual financial statements, including the independent auditor's report, the Audit and Risk Committee report, and the Director's report for the year ended 31 December 2024, were made available on our website. Furthermore, the Companies Act requires a member of the Social Ethics and Transformation Committee to report on matters within its mandate at the annual general meeting. A written report summarizing the matters over which the Social and Ethics Committee presided during the year is included in the governance report. As introduced to you earlier, the chairs of the Audit and Risk Committee, Social Ethics and Transformation Committee, and the Remuneration Committee are present to answer any questions you may have. Voting. Voting will be done electronically, the results of which will be automatically tallied and reflected on the screen after all voting has been completed. Procedure for voting.
Registered shareholders would have received the requisite online shareholders' user guide and web link from ComputerShare to access the voting platform. Voting will take place on a poll on all the resolutions set out in the Notice of AGM, which I formally proposed at the beginning of this meeting. Voting will remain open during the duration of the meeting until I declare the voting closed. Solutions have been tabled, but prior to the closing of voting, shareholders may ask questions on the various platforms, telephonically, online, or in person. I will start with questions from the telephonic platform, followed by any questions on the ComputerShare platform, and thereafter any questions from anyone in the room.
Could I ask that when asking your question, out of courtesy to your fellow shareholders, please try to keep it as brief as possible so that we can allow as many shareholders as possible to ask a question in the time that we have available? There may be questions of a very detailed or specific nature or indeed lengthy statements that we will, of course, hear in the meeting, but to which I may provide a fairly high-level response and suggest that a meeting be arranged with the appropriate experts to discuss such detail and share perspectives in the interest of reaching greater understanding and perhaps resolution. In other instances, we may suggest that we treat the issue being raised as an official grievance and progress it through our formal grievance mechanism in an effort to find a resolution.
Furthermore, in fairness to the other shareholders present, if you have any specific questions relating to your shareholding, please speak to our company secretarial team in the refreshment area after the meeting, who will be able to assist you, or contact the registrar directly if you are joining us virtually. This will enable us to concentrate on questions regarding the company's performance in the last financial year and the business of this AGM. I will now read out all the resolutions to be voted. Ordinary Resolution Number One. Ordinary Resolution Number One deals with the re-election of directors retiring by rotation. Myself, Craig Miller, Lwazi Bam, and Tevendri Brewer retire by rotation and are eligible and willing to stand for re-election. Each director will be voted on separately as to re-elect Norman Mbazima as a director. That is me. 1.2 to re-elect Craig W. Miller as a director.
1.3 to re-elect Lwazi Bam as a director. 1.4 to re-elect Tevendri Brewer as a director. Who have been appointed since the previous annual general meeting. Each director will be voted on separately as proposed. 2.1 to elect Sayurie Naidoo as a director of the company. 2.2 to elect Dorian Emmett as the director of the company. 2.3 to elect Henny Paul as the director of the company. 2.4 to elect Pathmita Petersen Cook as the director of the company. Ordinary Resolution Number Three. The election of the Audit and Risk Committee members will also be done by way of separate resolutions. The following resolutions are proposed. 3.1 Election of Lwazi Bam as a member of the committee. 3.2 Election of Tevendri Brewer as the member of the committee. 3.3 Member of the committee. Ordinary Resolution Number Four. The election of the Social Ethics and by way of separate resolutions.
The following resolutions are proposed. 4.1 Election of Lwazi Bam as a member of the committee. 4.2 Election of Tevendri Brewer as a member of the committee. 4.3 Election of Roger Dixon as a member of the committee. 4.4 Election of Norman Mbazima as a member of the committee. Ordinary Resolution Number Five. Reappointment of the independent external auditors. It is proposed that PricewaterhouseCoopers be appointed as the independent registered external auditors of the company for the ensuing year until Mr. Oswald Wentworth is appointed as the designated auditor. Ordinary Resolution Number Six. General authority to allot and issue authorized but unissued ordinary shares. I now move that the unissued ordinary shares, limited to 3% of the issued share capital of the company, be placed under the control of the directors until the next AGM to allot and issue at their discretion.
I would like to note that the directors have no current plans to make use of this authority, but wish to ensure that by having the facility in place, they will have the flexibility to allow the company to take advantage of business opportunities that may arise aligned with our strategy. Ordinary Resolution Number Seven. Directors' authority to implement special and ordinary resolutions. I propose that authority to implement the resolutions of this meeting be granted to any director of the company. Ordinary Resolution Number Eight. Approval of the Anglo American Platinum Share Incentive Plan. Ordinary Resolution Number Eight deals with the approval of the Anglo American Platinum Share Incentive Plan in accordance with Schedule 14 of the JSE Listings Requirements. The Share Incentive Plan replaces the Anglo American Platinum Long-Term Incentive Plan and Bonus Share Plan as the main share incentive as in the notice.
It is proposed that 8.1 Valterra Platinum Limited Share Incentive Plan be approved and adopted. 8.2 The board be authorized to acquire shares, cause any subsidiary of the company to deliver treasury shares, and/or issue new shares as needed for the shares. 8.3 Any director be authorized to take all necessary or desirable actions to implement the Valterra Platinum Limited Share Incentive Plan. Advisory Vote. Endorsement of the remarks. This is an advisory vote of a non-binding nature only. However, the board will take cognizance of the outcome of the vote when considering the company's remuneration policy, the implementation report, and the remuneration. One and 9.2 is to elicit the view of shareholders on our remuneration policy and our implementation of that policy. Advisory Vote 9.1. Endorsement. Endorsement of the company's remuneration implementation report. Okay, now I will move to the items of special business. Special Resolution Number One.
Non-Executive Directors' Remuneration. The proposed remuneration of non-executive directors is detailed in the notice of the meeting. I now move that the company be and is hereby authorized to remunerate its directors for their services as directors in accordance with the fee structure as detailed. The authority shall be valid until the next AGM. Special Resolution Number Two. Authority to provide financial assistance. The second item of special business is a special resolution to grant the company to provide financial assistance in the circumstances contemplated in Sections 44 and/or 45 of the Companies Act. The purpose of this resolution is to allow the company to provide financial assistance to certain of its subsidiaries, associates, and joint ventures as and when required. Special Resolution Number Three. General Authority to Repurchase Shares.
I move that the company or a subsidiary be and is hereby authorized by way of a general authority to acquire ordinary shares issued by the company. I would like to note that the directors currently have no specific intention to repurchase share schemes, but the board will, however, continuously review the company's position having regard to prevailing circumstances and market conditions in considering whether to effect the provisions of this resolution. Special Resolution Number Four. Change of name of the company. I'm going to be really slow on this one. The fourth item of special business is a special resolution to change the name of the company from Anglo American Platinum Limited to Valterra Platinum Limited. The proposed name change aligns with the company's strategic objectives and branding initiatives, including the proposed demerger of the company from the broader Anglo American Group.
I propose that subject to the passing of Special Resolution Number Five and the amendment to the company's MOI becoming effective, the company's name be changed from Anglo American Platinum Limited to Valterra Platinum Limited. Special Resolution Number Five. Amendment to the company's MOI. I move to the fifth and last item, which is the special resolution to amend the company's MOI. This is in accordance with Section 16, Subsection 1, Subsection C, Subsection 2 of the Companies Act. The proposed amendments are set out in the notice of this meeting. 5.1. It is proposed that subject to the passing of Resolution Four, the words Anglo American Platinum Limited are hereby substituted by the words Valterra Platinum Limited. 5.2, certain provisions be deleted from the amended Companies Act and any applicable legislation. Right. Return to questions and answers.
I would like to pause to see if there are any questions on the proposed resolutions or any other questions. Please could I ask that when asking the question, give your name clearly and indicate whether you are a shareholder, proxy holder, or corporate representative. Are there any questions on the telephone line?
To ask a question on the phone, please press Star followed by One on your telephone and wait for your name to be announced. That is Star One to ask a question on the phone. Currently, there are no questions on the phone.
Thank you. Thank you very much. Are there any questions in the ComputerShare platform?
Yes, Mr. Chairman. We've got five questions from Mr. Nukubi from ESG Insight SA. I'll start with the first one, which is about job losses versus executive and shareholder gains.
How does the board justify the decision to implement mass retrenchments and social investment programs while simultaneously delivering record dividends and maintaining exorbitant executive remuneration? What balance sheet or shareholder engagement considerations informed this capital allocation?
I'm going to look to you to add to the answer, but let me set the scene here. Repeatedly throughout my speech, I've talked about us being a company in transition. We're setting ourselves up for the future. We want to make sure that our structure, our remuneration, our assets, everything that we do is set up so that we can be successful in the future as a stand-alone company. It's always regrettable when you have to lose colleagues that you've worked with for many years. I've always said it's always necessary to ensure that we can have jobs that are strong, that are decent, that can continue into the future.
The processes that we have followed were designed to do just that. Perhaps you'd like to add, oh, there's a microphone there.
Thank you, Mr. Chairman, and thank you for the question. I think our Chairman has very well sort of gone through the articulation of all the work that we've done on repositioning the company as a stand-alone business going forward. I think with that, ensuring that we have set for ourselves scorecards and the ability to measure performance of strategic delivery going forward, and as we have done so in the past. I can give you the assurance that the Remuneration Committee applies a significant amount of diligence to ensuring that all of these strategic objectives are delivered against, trying and testing KPIs within the business, and we'll ensure that this is implemented going forward as well.
I think importantly, when we look at executive remuneration, we ensure that our remuneration is very much in line with industry benchmarks. We are not in any way, I believe, out of line with what it is the industry is paying executives who are fulfilling similar roles both in South Africa and across our global peer group. Thank you very much.
Next question.
Okay. Question number two relates to executive remuneration versus safety failures. Given the rising TRIFR, how does the board justify the full 100% safety bonus payout? What governance changes will be made to ensure that ESG failures, particularly loss of life, are more transparently and materially reflected in executive remuneration going forward? Thank you. Again, I'll ask the chair of the report to comment.
Once again, this is something that we've had for many, many years, that our executives are responsible for safety as well as a plethora of other things that they need to do to meet the objectives of this company. Always, when we have fatalities, we do reduce the bonuses that executives get. I just want to emphasize that point, that if you read the documentation that we have in the reports, you will have seen a reduction in the amounts of incentives that were paid to executives in recognition of the fatalities that we experienced.
Thank you, Chair. I think you've dealt with the actual question, but I think just to reiterate that safety continues to be a core value of the business, and we take it very seriously.
I think in your opening remarks, Chairman, you dealt with all of the various changes that the business has implemented to deal or to add some additional work around the safety failures that we had and ensuring that we are continuing to promote safe production within our business. You have correctly pointed out that we had a 20% reduction, actually, in our incentives for the 2024 year to take into account the safety failures that we had, the fatalities. Thank you.
Thank you very much. You said five questions, did you? Yes. Okay. Number three.
Sorry. The questions have just suddenly disappeared. Perhaps, Chair, we can take some questions in the room while we sort.
Okay. While we sort out the remaining three questions, let's take some questions in the room. Shall we start with you, Sahir? Do we have my roving mics? Oh, thank you. Is that on?
We did not do a black box. We did a blue box. We did a blue box. Yeah, that is right. I am not used to this. Good day, everyone. My name is Victor, Victor Balloy. I am in a position of one ordinary shareholder that gives me a power to attend and vote. Now, if I may be allowed to ask two questions or three through you, Chairperson, I was moved by your opening remarks when you say the company is committed to zero harm. I am from Gopan. I am from Mapela. I am from Malagueima. Now, what do you do? Come again? What do you do with the possible failure of the tailings? Them that a household in Mulegana Village is 30 meters away from that possible tailings failure. That is number one.
Number two, what do you do with the women's rights violation that you conducted into the forced relocation of the three villages, namely Kabila, Takaulelo, and Rabuka? Now you are embarking on legal litigations against the remaining of Mototolo eight villages, eight households who are harmless to you. After the community attempted to raise concerns to you, all the platforms, I think the correct media is here, even you, Mr. Chairperson, you received the emails from there. Now, the share that I'm sitting here, I don't feel proud of having that because my community, right now when we are in this house, in this meeting, there is possibility of that tailings to be too faint. Why don't you release the EMR report that you are having? Please. I'm no longer proud because my people, as I'm standing here, we might lose, we might wipe Mulegana Village out.
Or two shares or a million shares, you're most welcome to the AGM. Every mine has to have a tailings dam around the world. The amount of we mine grades of three grams per ton. The rest of that has to go somewhere and this goes into tailings dams. Therefore, it's a serious commitment by the company to ensure that those tailings dams are maintained to the highest safety standards. I believe that we've done that and we'll continue to do that. Recently, because of failures of tailings dams in other countries, specifically in Brazil, the industry got together and came up with improvements on the standards that already existed to make sure that as an industry, we do not experience the kind of failures that we saw in Brazil.
We, as a board, in 2024, spent a considerable amount of time going into what are the things that are required to be done. Those things have been done, certainly at Mogalakwena, including spending many, many, many millions, perhaps even hundreds of millions, making sure that they are properly batterized, etc., etc., etc. This global standard that we are aspiring to also includes ensuring, like I did here this morning, about what happens if there is something happening in the room, which way do we go out, which way, who do you look for, where do we send drills to say, "Should something happen, how should we react and what do we do?" You have seen those drills. We will continue to adhere to the very highest standards in managing our tailings dams. I would like to refute the issue of forced relocations.
Relocations are something that we go to each and every family and say, "We would like to relocate you because of how mine is going to happen," etc., etc., etc. Can we agree? In each case, to my knowledge, there were agreements signed between the family and the company for that relocation before that relocation. Having said that, moving a family from where they've been for decades to a new place, no matter how nice that place is, is a big thing. We have to be cognizant that no matter how hard you try, you're going to miss this or miss that, etc., etc. You have a continuing requirement and continuing commitment to dialoguing with those families and saying where things happen. There are times, as in some of the families you are talking about, where we do not see eye to eye on the final outcome.
We have to find ways and means of resolving those issues in some of the manners that you have. What is the commitment that we have? The commitment that we have is to work to the very highest standards of safety. Zero harm is an ambition that we have. Even if what is zero harm changes, for us, it started off with zero harm as just to eliminate fatalities. For two years, we did not have fatalities, and we need to get back to that. Once we do that, zero harm will say eliminate LTIs. Zero harm will say eliminate even first aid cases. Zero harm is that ambition that we continue to have and that we are committed to continuing to implement. 2024 was not a good year. Thank you.
Thanks. Greetings. My name is Philip Osdolo.
I'm from Mapela, at Mogalakwena Complex Mine. Chairman, I want to make follow-ups on what Mr. Baloy was positioning with regard to the tailings dam. Chairman, I wonder if you know personally, if you know the village called Mulegana in the Mapela area. Secondly, Chairman, I wonder if you know what you regarded as Falco Patterson Project, which you regarded as a preventative measure to prevent the tailings failure. I'm from the Mapela area. I want to attest to you today here that the edge of the tailings dam is above the rock which was surrounded through the tailings dam by the name of Falco Patterson Project. Chairman, the tailings dam was constructed for the past 26 years ago. The tailings dam is failing your own engineering standard which you applied for the past line with climate change and global warming. That tailings dam is going to fail.
Last year, we experienced the tailings pipeline failure, which failed, and the river is full of spillage. Greg Sanders is still there last year to go and witness the spillage into the river. Up to date, that spillage is still in the river, was not removed. Now, my question is, when are you going to remove that spillage into the river? Secondly, the domestic animals which consumed water on a daily basis in that river are dying. What are you going to do with the cattle which are dying? You have servitude pipelines from Mogalakwena Mine. They failed last year in one of the farms called Baldon Fountain Farm. More than 17 cattle have died after they have consumed industrial or groundwater from Pologwana's sewage system. And we reported this amongst board of directors.
Yourself, Chairperson, you also received emails complaining about the pipeline tailings failure and the threat by the Falco Tailings Facility storage, including the failure of the Pologwana servitude pipeline. Now, let's go to Mototolo, where some females are remaining. Last year, about seven houses were demolished, possibly so by Anglo American Platinum, and old Mototolo and old Rapila where people refused to go to Starkwater and also refused to go to Armude. Why are you forcefully vandalizing the houses of poor people? To an extent, you were not satisfied. You took the route of litigation. You are litigating our people at Mototolo at Rambeck Land High Court. Why are you doing so?
Do you think litigation is the last resort, or does your people not having enough capacity at Mogalakwena, starting with the GM and corporate, whereby they are unable to engage with poor people at Mototolo rather than taking the matter to Rambeck High Court? This is a simple question. Are you unable to engage rather than take the litigation route? Now, before the mine came in Mulegana, our water, our environment was not contaminated, was not degraded. Today, your commission to Holco Water is provisioning water in the Mapela area, which is contaminated, is rich with nitrates and high level of sulfate. When are you going to stop Holco Water to provision a contaminated water to our people in the Mapela area? Thank you.
Mr. Dhowla, I'm pleased to see you.
You remember that we have met for many, many years over the time, and especially the London Anglo American AGMs that we both used to attend. I do admire your tenacity in following issues that affect communities over so many years. I think it's commendable. I would like to say that it's probably not possible to answer specific issues in this AGM, and therefore it's probably better for us to put a process that deals with this thing. Generally speaking, as I said before, there is a global industry standard on tailings management. It's very important that the communities understand what is that industry say, what level of safety does it afford when it says batterizing, why is batterizing being done in this way rather than in this way? What engineers have looked at this batterizing and what have they said about this batterizing? How was it designed?
What are the engineering precepts? By the way, I wouldn't know them either, but I would need people who can show me their qualifications and experience and have signed off to say, "This is the way to do this," or "This is not the way to do this." If any member of the community is concerned, "This is the engineering answer," or whatever it is. The amount of monitoring technical equipment that has gone into Volco now compared to before is just chalk and cheese and shows that we have a way of being able to say, "Are we doing this to the best possible standards that we could do?" What else could we do? I'm sorry to hear about the livestock. Most of my youth was spent following livestock and looking after them and so forth. I have a special heart for livestock.
Once again, we have a process to deal with losses that the community has suffered. Which livestock died? When did it die? What did it die of? We need to put that together so that we can then go through the process to be 100% sure with each other that we're doing the right thing and we're seeing those things right to the end. I've got the staff who will take a note of this so we can deal with it in a proper manner that brings the matter to a resolution. I think that our monitoring of water quality, of what water is coming from Polokwana and what is the quality of it, etc., is pretty good. What I hear you saying is that what we do when we find out that it's not as good.
At least we have a base that says, "On such and such a day, the water that passed through to go to the concentrator, what quality was it?" Then we can go ahead and say, "Okay, what do we do about it?" The issue of nitrates has been discussed quite a lot in the board, including who produces nitrates, who puts nitrates, how much nitrates are put in there, etc., etc. These are things that I'd like to put into a process so that when we get to the end of specific issues, we can have specific answers too. You will be aware, Mr. Dhowla, that I was here in 2007 when that relocation started, when the first trucks and buses came to move people from one area to another.
I am also aware that we will have that engagement with those communities and with those families for several years before that. We are not talking about 2007. Today is 2025. I think to say that we have not engaged with those people would probably not be factual. As I said earlier on, things change. In a relocation, things are emotive. Things are personal. Things are lost sometimes. Things are not done properly sometimes out of hand. There will be a few that will have gone awry. We will be committed to rectifying those things that did go awry. We have not stopped engaging, even with those people that have gone to the magistrate's court that will take it to magistrate. We are still engaging to this date. We are happy to reach settlements out of court.
We are not happy to have settlements being done in court. We would rather reach agreement on the things and agree what's happening, how can we do this. As you know, we're talking about a very small number of families compared to the over 1,000 families that we started with. We have to make sure that there's comparability between what we did to this family versus that family versus. I want to give you assurance today that we would much prefer to engage and reach agreement with the family than to go to court. For us, it's a last resort. Even as we are in court, we are open to that kind of discussion taking place. I will once again instruct my staff to get hold of you to discuss about specific issues out of this AGM. Thank you. Thank you very much.
Again, it's very nice to see you. Yes, sir. I'm coming to you, sir. Thanks. Thanks, Chair. My name is Elijah Marbella. I'm still coming from Mapela. I was touched by what Mr. Dhowla has just said regarding relocation. I'm not going to talk about the relocation of Mototolo. I'm talking about the relocation of Seritarita High School, which was built by more than 10 villages as early as the 1970s there. I'm taken aback to see that Seritarita where it is now to a new place. What surprises me is some of the villages that contributed in the formation of that school have never been consulted. I want to know who Anglo advanced and made an agreement that Seritarita must be removed from where it is now. I just want to know who Anglo approached in as far as Seritarita High School is concerned.
Thank you. Sorry, can I have your name again? Elijah Marbella. Elijah Marbella. Yes. Mr. Marbella, I will not have a direct answer as to exactly who we consulted. We do have that answer because whenever we do consultations, we have records of what the consultation was, when it happened, who we met, and so on and so forth. I will not be able to give you an answer today. We will take note of that and come back to you. However, I just want to set a little bit of background about Sirita Rita School's relocation. I think it was Mr. Dhowla, or was it Mr. Dhowla, who talked about the other relocations that we have been planning for quite a long time now and still happened to happen, that is in Rarule. Sirita Rita School is located there.
The reason for all that relocation is to do with mining and where the ore is and when we would need to mine it, etc., etc., into the future. In line with the relocation of those communities, Sirita Rita will also be relocated. I use the word will also be relocated because the current relocation is supposed to be temporary. It is to make sure that we can do blasting and not affect children, etc., etc. You will have seen even how it has been built. There will be further consultation about where Sirita Rita School is going to end and what it is going to look like in the end. I just want to place that as a context about where we are going.
I'm very interested in the issue that we may have missed some people in our engagements discussing about how to move that school when those people were involved in building that school. If we have, then it's something that we need to acknowledge, rectify, and ensure that as we go to the final moves, everybody who needs to be consulted is consulted. Thank you very much. Over here. Thank you very much, Chair.
My name is William Black, and I'm a private shareholder. I'd just like to ask a couple of questions, please, on Special Resolution Number One. If I understand correctly, you will have a London board and your South African board. The first question is, will the board members in London be different to the board members in South Africa, or will there be some sitting on both boards?
What would be the duties of the London board members? Are they purely going to be involved with the London Stock Exchange and compliance, or what other duties might they have? Thirdly, what would happen in the event that there are different requirements in London and South Africa which would predominate? Thank you.
A very good question, Mr. Black, but probably premised on a misconception. We are going to have one board of which I'll be chairman. That board sits here and will continue to do so. You must remember that we've said we will continue our primary listing on the Johannesburg Stock Exchange. The London listing will be our secondary listing there. This one board will continue to manage the entire affairs of the company.
In recognition of the fact that we do have a secondary listing in London, we will look for perhaps one member who is more versed in the LSE listing, etc., to join, but that member will become a member of this board. The issues that you are concerned about should not happen, or the decisions or the board decisions would be made by this one board. We did an exercise in producing the prospectus in comparing the listing requirements of the JSE and the listing requirements of the LSE and seeing whether there are any gaps, etc., etc. I think the biggest thing that came out of there was a pride in our JSE listing and its rules because they are comprehensive and they touched on all aspects, etc.
There are a few things that we thought about, and we will deal with those things in this board to purely enhance. The net effect is an increase in how we are governed and so forth. I hope that gives you some confidence in where we're going. Just follow up.
Sorry. The reason I asked the question was that in the notes, you say we are introducing an international director's fee to attract U.K.-based directors to draw high caliber.
I understand. I hope I've explained. We would like someone to join this board who has that experience. Given that that somebody will have been a member of various boards on LSE-registered companies and will be used to that kind of remuneration, etc., etc., that is what we were alluding to in that write-up. We are certainly not going to have two boards. Thank you. Is your hand up?
Yes. Good evening, everyone. I'm Dikeledi Langa from Mapela. As I was touched by the zero harm issue and my colleagues here talking about the tailings. Again, we were so surprised that Anglo, just one of the good days, they just dropped their flying papers that distracting the people that they're supposed to run away while they see the burst of the dams or any failure of the tailings dams. This surprised us very much that how it's supposed to, while we are having some elderly people, we got some pregnant women, sick people, and then we got disabled people. As I'm concerned that if one of the good days we're going to hear that our tailings dams failed, then how am I going to feel when I find out my child is in danger because of those tailings dams? Thank you. Okay.
We talked about if something should happen, the siren will go and we'll open that door and we are required to do X, Y, and Z. It may well be that we have disabled people in this room, and we would have to say how are we going to treat them. It may well be that we have highly pregnant ladies in this room. We have to say, what are we going to do? I think this flyer was done somewhere in October last year when this exercise was done. This is an exercise that says, in the most unlikely event of an issue with the tailings dam, how should we react? We as a company. Exactly what you are saying is what this kind of exercise teaches us.
You guys, when you're thinking about your strategy of what should happen, you didn't think about people who are perhaps disabled. Now you can go and change your response, your procedures to make sure that you've taken account of people who are babies. You've taken account of people who are and so on and so forth. You have a record of how many such people are there. That again, when you respond, you are responding based on information that you have already got. That was the purpose of this flyer and the purpose of that exercise. It is clear from the reaction that I've seen that we are not yet finished with this thing. We will have to come back again and say, guys, this is what the flyer looks like. This is what we should like to do.
Can we consult some more and maybe do another drill at a later stage so that people are satisfied in their hearts that this is being done for their safety? This is not being done to make sure the general manager feels right when he wakes up in the morning. That is the commitment that I would like to leave with you. Okay. I think we are getting towards the end. Yes.
Sorry, Chair. Mr. Banner, I am satisfied partially on most of the questions that you have tried to answer. I am not convinced to say that flyer, it was for safety drill. Now, let me put this question to you. Let me put this question to you. How will you feel now? How will you feel now sitting here in Rosebank having a meeting with us, your mom, or your family that 30 meters away from the tail?
30 meters, not 30 kilometers, 30 meters literally from here to somewhere on that wall. I don't think you'll feel well. After 26 years, what triggered the company? What triggered the company to send out that flyer? That flyer automatically triggered the panic from the community. They suddenly hear the strange noise on the tailings. This is serious. No, it's very serious. I accept that. It is a very serious matter. The company, we need to create a mutual harmonious. Harmonious. Harmonious. Why don't you listen? That's why I'm here. I'm here because I'm representing the community. This is the highest place. This is the last resort where their voices can be heard. Even now, as we speak, they are aware that this AGM is sitting now in this venue.
We are going to give them report to say, "Hey, your emails never fell on a deaf ear. They knew about it, and they don't do anything about it." That's why even now we are telling you that we reached the last top of the roof. Our people will die. Do something. Appoint independent engineer or remove the tailings from the community. Give Mulegana community their grace in that you took away 26% of the land of the Mabla community. Now, Mulegana community, they are forced to encroach on the restituted land nearby where I am chapter said. I see. They are forced to send their livestock on the restituted land when now the conflict will start. They will start fighting to say, "Hey, you Mulegana community, you left your land to Anglo. Now, this is our forefathers' land, whom they were forcefully removed under the 1918. I see.
Let us find a way to mitigate that problem before that tailings wipe out the entire village of Mulegana. I thank you, Chairperson.
Thank you, Mr. Balloy. I'm very grateful for what you said about the best outcome is an outcome where we've talked, we've understood each other, we've put in resolutions, and both sides are satisfied with it. I'm paraphrasing what you are saying. What do I see? I said before that there was a new standard on tailings that was developed by the industry itself as a result of the things that happened in Brazil. That standard is significantly more stringent about things than the standards that we had before. We were quite proud of the previous standards before that. Okay?
That standard was the standard that resulted in this thing because it said, in the unlikely event that whatever happened in Brazil happens here, how much do they know about what they should do when they hear this or when that happens? Should we have sirens in the village to warn people that, "Hey, our monitoring equipment has found this or whatever"? What do you do when you hear that siren? That was the origins of this thing. What I'm hearing here, however, Mr. Balloy, is that this raised anxiety in people. That was not the intention. It was not to raise people's anxiety.
Given that anxiety, as I said, we will come back and talk about what these drills were and what they mean, and we will come back and talk about what engineers, as you point out, were involved, what write-up has been given about those, and we will hopefully settle this matter such that my go-go and yours can sleep soundly at night. Thank you. Chair? Yeah. This is interesting time. We go back to the questions on the plan. Oh, I have forgotten about them. We can go back and see our questions. Okay. Let us go back to the questions, the three questions, Julian, that you had, and then I will come back to you, and then we will close.
Yes. Thank you. This is from Mr. Nkubi from ESG Insights. The third question was on director election diversity targets.
He asked that female representation on the board is 27%, and senior management female participation has fallen short of the 33% target. Despite his stated commitment to transformation, no forward-looking targets were disclosed in the governance report. What specific gender and racial diversity targets has the board adopted for leadership management and technical functions post-merger?
Good question. Very quick answer. I did say in my speech that we are not finished with the composition of the board and how it will look like. Once finished with that, we should be able to comply with the requirements of the JSE and the LSE with regards to diversity and specifically gender diversity. We will be following the precepts of those regulatory authorities to go forward. Number four?
Okay. Number four is on the remuneration policy and implementation.
Can the remuneration committee provide a clearer rationale, performance metrics, and peer benchmarks underpinning the three-times performance award multiplier given to executives? And how will this award be linked to long-term sustainable performance rather than short-term demerger execution?
I'll ask the chair who has done overworked and then the pay today. Is that right? Yes. Okay. Thank you very much for that question. Okay. Is it on? Yeah.
Yes, absolutely. The intention is to provide full disclosure in the 2025 implementation report, the key point being that the award was only made in 2025. We did not believe that it was necessary to include full disclosure in 2024, but did in fact include key highlights around principles, performance metrics, award dates, etc. There will be substantial and full disclosure in 2025. Thank you. Very good. Last one. Okay.
The last one's on climate resilience and water security. Given increasing climate and water stress, specifically in host mining communities like Rustenburg and Mokopane, can the board provide specific time-bound targets for securing operational resilience against future water disruptions?
That's a good question. I cannot tell you that on the 26th of February next year, we'll have reached X or Y or Z. The reason I say that is because water is not something that is in your hands. You cannot say how much water we're going to have today, how much water we're going to have tomorrow, etc., etc.
In the life of this company, the amount of work that has been done on water, I remember trying to talk about how we can get water that is in Mpumalanga to come to Limpopo and help, and all those, the Lela Lela Water Project and so forth, all those things are things that we are trying to implement. We have been working on this for over 15 years to make sure that both the mine and the community can have adequate water. We should continue to read our reports. Every year, we tell us what progress has been made in the water area.
It is not just progress by Anglo American Platinum or Valterra Platinum, as it will be called, but it is how we bring everybody, the government, the local communities, the national government, etc., etc., because to reach a level of a place where we have enough water will require efforts and contribution and buy-in by everybody to be able to reach that. Over the last 15 years, that is what this has taught us. Thank you. Mr. Donos, finally.
Thank you. I just want to make two follow-ups. One on the tailings failure, including your reference of the Brazil incident. We are all aware of what happened in Brazil. We are all aware of what happened in Argentina. The last incident, three years ago, happened here in South Africa at Jackass Fontein mine, which informed Anglo American Platinum to now launch an internal investigation around all the tailings dam of Anglo American Platinum in South Africa.
The only high-risk tailings dam which was found on your own findings was the Falcorp tailings storage facility. Instead of acting appropriately, you decided to take the route of Falcorp Patricy, and we are not satisfied about the Falcorp Patricy. People have died at Jackass Fontein. Houses have been destroyed at Jackass Fontein. Now, in Ramlagana, Baloy just said the village or houses are 20 meters away from the tailings dam. Now, here is a question in terms of MPRDA, Minerals and Petroleum Resources Development Act. How many meters the mine must be away from the villages? 30 meters? 200 meters? 100 meters? 500 meters? If it is not within the stipulation of law, MPRDA, then we are urging you to do something. The second follow-up. On the exit of Anglo American in this country, vis-à-vis, the challenges there at the villages which they are leaving behind.
We are saying Valterra must be careful. They are not the one who committed those things in the villages. It is Anglo American. Therefore, we are recommending that Anglo American should not exit this country until those problems have been solved because they were created by them. Rather, they are having a joint committee with Valterra and the communities to solve their own mess which they have created for the people of Mapela, not only Mulegana. There are problems at Rabila. There are problems at Sarkbada. There are problems at Mutsocho. There are problems at Mulegana. There are problems at Roivo. There are problems at Armude. There are problems at Oti, where other people from Mutsocho have been relocated. There are problems in relation to the development of N11 and intersection to the mine.
want Anglo American Platinum, before they exit this country, to come down there together with Valterra and meet the stakeholders, address their message there. Thank you.
Let me start with the last one. Anglo American Platinum's boards over the years to the current board will always be committed to dealing with the issues over which it has responsibility whenever those issues arise. We remain committed to those issues. I will not dare to speak on behalf of Anglo American. I'm sure that you've contacted them, but I will convey your views to them. Let's be very clear once again what started the review of the tailings dams. It was the development of the Global Industry Standard for Tailings Management, GISTM.
The GISTM itself was motivated by things that have happened around the world, and as I said, etc., and saying, "We, as an industry, as a global industry, what can we do?" I want to make sure that we are clear on this matter. It was the GISTM that motivated us to start this review. The GISTM requires us to disclose in our reports whether we are complying with it, and we've been disclosing in our reports on this matter, and we are required to continue to do so. It is those standards that say, "If this thing's built like this, what does it look like? How much impoundment do you have? What is the free board?" All sorts of technical things that we are required, technical and social things that we are required to do. That is the review that was done.
As I said, this review was signed off by external engineers and other experts, and all those things are available for review. Having said that, all those things affect human beings. We have laws and regulations that we must agree with, etc., etc. We will continue to come to you and say, "This is the standard. This is how this tailings dam or that tailings dam meets that standard. What else are we missing? What else should we do, and why? This is how we're missing or complying with this regulation. What else should we do?" The biggest takeaway that I have from here is that people are anxious. It is not something that I take lightly, that people are anxious.
We need to reach a stage where people can sleep soundly at night knowing that their mine is going to do something to help reduce that level of anxiety, whether it is because we issued the plan before we explained it or whatever it is, that anxiety is something that we have to take into account. Thank you all very much. Okay. I would like to give you all just a few minutes to finalize the voting. As I said before, we are supposed to be voting as we went along. I look forward to hearing from after we are finished. Okay. How is the tally coming along? Are we ready to put it up on the screen? I know this guy is new, and he does not look like that. I do not know what is going on with him. Okay. Okay. I can look at it here. Good. Can you scroll up, please?
Can you scroll up, please, slowly until we finish all of them? Sorry. Down, Chet. Either scroll down or scroll up. Can you scroll? Even the special function has been well supported. Yeah. Okay. You've seen the numbers put up on the screens there. I'm pleased to say that we've received very strong support for all the resolutions, and especially for the resolution to include the change of name and declare all the resolutions current. Valterra Platinum has emerged. That concludes the formal business of this meeting. I would like to take this opportunity to thank shareholders for their attendance and the interest they have shown in the affairs of the company. I now declare this meeting closed. Thank you very much.