Climate change has been identified as both a material risk and an opportunity for MinRes. To ensure appropriate management, it is incorporated through our corporate governance framework and receives Board and Committee oversight.
Board of Directors
The MinRes Board continues to oversee climate performance through the monthly tracking of greenhouse gas (GHG) emissions while delegating oversight of climate-related management including risk assessment and mitigation, opportunity identification, policy and regulatory compliance and carbon management to the following committees.
Sustainability Committee
The Sustainability Committee is responsible for overseeing sustainability management, including our progress toward net zero, operational GHG data and regulatory updates. In FY25, we will look to report on climate-related metrics such as MinRes' exposure to climate change and the financial impact of climate change on our operations, in line with the guidance from the Australian Accounting Standards Board (AASB)'s S1 and S2 Standards.
MinRes is in the process of developing an assessment framework to ensure that all members of the Committee have the appropriate skills, knowledge, experience and competencies on decarbonisation and climate change to have appropriate oversight of the risks and controls relevant to MinRes.
The Committee is deemed to have the appropriate skills, knowledge, experience and competencies to have appropriate oversight of the risks and controls relevant to us.
Where necessary, each member of the Committee may seek independent professional advice on matters relating to their responsibilities.
Audit and Risk Committee
The Audit and Risk Committee is responsible for reviewing the organisational structure of the Company to ensure appropriate resources and processes are available and are being used to eliminate or mitigate risk.
The Committee also has oversight of our company's Enterprise Risk Register, including climate change risks, controls and mitigating actions, which is presented to the Board quarterly.
Climate management responsibility
Our Chief Financial Officer, Mark Wilson, provides management-level responsibility for climate issues, and reports to the Board and Sustainability Committee on progress, authorising the monthly sustainability Board report.
Historically, decarbonisation and climate-related metrics and targets have not been linked to our Executive Leadership team's remuneration outcomes. In line with the incoming climate-related financial disclosure legislation and AASB S1 and S2 reporting requirements, we plan to develop measurable metrics for our performance to coincide with the recommendation that these outcomes are to be linked to our executives' remuneration structure.
Decarbonisation Steering Committee
Our Decarbonisation Steering Committee is an executive-level group, tasked with overseeing our decarbonisation strategy. The Committee meets quarterly to discuss ongoing decarbonisation projects aimed at reducing emissions.
Decarbonisation Working Group
The Decarbonisation Working Group meets every two months and is a cross-functional group consisting of subject matter experts from various departments within MinRes who are directly or indirectly responsible for our decarbonisation efforts.
The Working Group is responsible for matters and activities related to decarbonisation projects with the aim of reducing our GHG emissions. The Working Group progresses GHG ambitions across operations, ensuring these are aligned with MinRes' overarching emissions reduction goals.