Effective corporate governance is a critical element contributing to the longer term success of Fortescue. The Board and all levels of management are fully committed to maintaining and enhancing our corporate governance so that it continues to contribute to our vision to be the safest, lowest cost, most profitable iron ore producer.
Fortescue is committed to meeting the requirements of the ASX Corporate Governance Council Principles and Recommendations 3rd Edition (Principles and Recommendations).
The cornerstone principles of corporate governance at Fortescue are:
Transparency: Being clear and unambiguous about the Company’s structure, operations and performance, both externally and internally, and maintaining a genuine dialogue with, and providing insight to, legitimate stakeholders and the market generally.
Integrity: Developing and maintaining a corporate culture committed to ethical behaviour and compliance with the law.
Corporate accountability: Ensuring that there is clarity of decision making within the Company, with processes in place to ensure that the right people have the right authority to make effective and efficient decisions, with appropriate consequences delivered for failures to follow those processes.
Stewardship: Developing and maintaining a company-wide recognition that the Group is managed for the benefit of its shareholders, taking reasonable account of the interests of other legitimate stakeholders.
Fortescue’s governance framework is illustrated below: