Using this Integrated report
This Integrated report describes Sibanye-Stillwater's progress in delivering on our strategy, purpose and vision. It shows how we create and preserve value for our stakeholders over the short, medium and long term, across the six capitals: human, financial, intellectual, natural, manufactured, social and relationship, noting that value creation in some areas can lead to value erosion in others. This report also includes all relevant and material information on where our activities eroded value.
Value Reporting Foundation: International Integrated Reporting Framework
Global Reporting Initiative (GRI) StandardsKing Report on Corporate Governance for South Africa, 2016 (King IV)
International Council on Mining and Metals (ICMM) assurance and validation procedure
Listed Company Requirements for the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE)South Africa's Companies Act 71 of 2008 as amendedUnited Nations Global Compact (UNGC) Principles and the Sustainable Development Goals (SDGs)
South Africa's Mining Charter III and social and labour plans (SLPs)
International Financial Reporting Standards (IFRS)Value Reporting Foundation: Sustainability Accounting Standards Board (SASB) Metals and Mining StandardWorld Gold Council (WGC)'s Responsible Gold Mining Principles (RGMPs)
Task Force on Climate-Related Financial Disclosures (TCFD)
LEGEND OF ICONS USED IN THIS REPORT
Links to supplementary information
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SDGs, shown on pages | 4 | Refers to related |
that relate to one or | information elsewhere | |
more SDGs - also see | in the report | |
Progressing the UN's SDGs | ||
supplementary disclosure | ||
Refers to related | 1 | Refers to a related fact |
information available | sheet or supplementary | |
online at the URL provided | information available | |
online |
Note: Some of the photographs used in this report were taken before the COVID-19 pandemic and do not reflect Sibanye-Stillwater's standard operating protocols for the pandemic
OUR 2021 REPORTS
These reports cover the financial year from 1 January to 31 December 2021*
INTEGRATED
REPORT
GROUP ANNUAL FINANCIAL REPORT
MINERAL RESOURCES
AND MINERAL RESERVES REPORT
SUMMARISED REPORT AND NOTICE OF ANNUAL
GENERAL MEETING
COMPANY FINANCIAL
STATEMENTS
About our cover designs: Inspired by the earth's strata and the characteristics of layered rocks at different depths; an abstract interpretation of the 'alchemical' transformation of raw materials into useful commodities. The covers also include images of employees, the people who embody our purpose and vision.
8
All of our 2021 reports, together with supporting documents, are available on our website at:www.sibanyestillwater.com/newsinvestors/reports/annual
SUPPORTING FACT SHEETS
AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE
• Progressing the UN's SDGs
• Environmental incidents in 2021
• Biodiversity management
• Social and Labour Plans: Summary of projects in South Africa
• Care for iMali: Taking care of personal finance
• GRI content index
• Tailings management
• Combating illegal mining
• ICMM self-assessment
• Working together: The Good Neighbor Agreement
• Definitions for sustainability/ESG indicators
• King IV disclosure
• Climate change related disclosure: TCFD recommendations
*
Inclusive of information of year to date 22 April 2022 and forward-looking guidance
'01
OUR BUSINESS AND LEADERSHIP
About Sibanye-Stillwater
4
Our timeline
6
Board and executive leadership
7
Corporate governance
12
£ Core Integrated report:
These demarcated sections comprise our core Integrated report communication and encompass how we consider value creation, preservation, and erosion over the short, medium, and long term. The remaining content within our broader report provides additional detail relating to our sustainability performance.
'02
WHAT DRIVES US
Our purpose, vision, strategy and values
23
Progress on our strategy in 2021
27
Leadership view
28
Managing our risks and opportunities within the external environment
38
Our material issues
71
Engaging with our stakeholders
73
How we create value: our business model
80
Capital trade-offs: strategic management for optimum value creation
84
'03
OUR PERFORMANCE
Optimising capital allocation
89
Chief Financial Officer's report
90
Focusing on safe production and operational excellence
103
Delivering value from our operations and projects
104
Mineral Resources and Mineral Reserves: a summary
112
Harnessing continuous 123 innovation
Building a values-based culture
Continuous safe production
Health, well-being and occupational hygiene
130 131 143
Empowering our workforce
Embedding ESG excellence
Social, Ethics and Sustainability Committee: Chairman's report
153 174 175
Our Sustainability strategy: a summary
Minimising our environmental impact
Socioeconomic development
Governance in sustainability: our considered decision-making
178 179 207 224
'04
REWARDING DELIVERY
Remuneration report
227 Detail on Board committees
'05
ANCILLARY INFORMATION
262
Four-year statistical review
266
Statement of assurance
274
Shareholder information
277
Forward-looking statements
280
Administrative and corporate information
281
The green-shaded sections provide a view of our performance against four of our 2021 strategic focus areas for the year under review
We welcome your feedback
Your feedback and suggestions are welcome. Please direct them to James Wellsted,
Head of Investor Relations and Corporate Affairs:ir@sibanyestillwater.com
8www.sibanyestillwater.com
DIRECTORS' STATEMENT OF RESPONSIBILITY
As required by King IV, our Board acknowledges that it is responsible for good governance, ethical leadership and responsible corporate citizenship. The Board applies the principles of King IV, by which it recognises the triple context (society, economy, environment) in which the Group operates and its responsibility to create value sustainably, over the long term, across the six capitals. Noting that to create value in one area will sometimes lead to depletion in another; and that leadership often involves the difficult decision to sacrifice value in one area for the sake of long-term value in others.
The Board, supported by the Audit Committee, has ultimate responsibility for this report and for vouchsafing its integrity and completeness.
Having applied its collective expertise, the Board confirms that this report is a fair and transparent review of Sibanye-Stillwater, its principal material matters, its current profile and performance, and its ability to create value in the short, medium and long term.
Sibanye-Stillwater's Integrated Report, presented in line with the Value Reporting Foundation's Framework, was approved for release to stakeholders by the Board on 22 April 2022 and signed on its behalf by:
Dr Vincent Maphai
Chairman of the Board and the Nomination and Governance Committee
Charl Keyter
Chief Financial Officer
Harry Kenyon-Slaney
Safety and Health Committee: Chairman
Keith Rayner
Audit Committee:
Chairman
Neal Froneman
Chief Executive Officer
Timothy Cumming
Remuneration Committee: Chairman
Richard Menell
Risk Committee: Chairman
Jeremiah Vilakazi
Social, Ethics and Sustainability
Committee: Chairman
About this report
APPROACH AND PHILOSOPHY
This Integrated report describes performance across operational, financial, social, environmental and governance activities of Sibanye Stillwater Limited (Sibanye-Stillwater) for the financial year 1January2021to 31 December 2021.
We include some information, if relevant, up to 22 April 2022.We do not have separate sustainability, governance or remuneration reports; those are part of this report with further information available in the supplemental documents.
This report shows how our strategy creates value over the short to long term and how performance and governance during the year helped deliver on this strategy. The report also offers facts, figures and narrative on how value was created or depleted across the six capitals: human, financial, intellectual, natural, manufactured, social and relationship.
Our process in compiling this report has been guided by, but not limited to, the Value Reporting Foundation's Framework, King IV, the GRI Sustainability Reporting Standards, JSE Listings Requirements and the South African Companies Act 71 of 2008. A separate King IV disclosure report is available online (1 See King IV supplementary disclosure,www.sibanyestillwater.com/newsinvestors/reports/annual). Furthermore, in line with our listing on the NYSE, a Form 20-F is filed with the United States Securities and Exchange Commission (SEC). We are a member of the ICMM, and the report aligns to its principles as it does with those of the United Nations Global Compact, to which we are a participant.
MATERIALITY
This report provides detail of material relevance to investors and to interested stakeholders, e.g. government, doorstep communities and unions.
It informs these stakeholders - and particularly investors - about our approach to value creation over the short, medium and long term and how we delivered on this approach during the year.
Our material issues were identified after independently facilitated discussions involving all relevant decision-makers; with due reference given to the materiality principles contained in the aforementioned reporting frameworks. Our materiality review considered the issue in reference to: our business model (how we create value), our operating context (risks and opportunities presented by global trends), our stakeholders (the communities for whom we create value) and our strategy (leadership's chosen path to create value).
These themes are woven throughout the report. (4 See page 71 for
Our material issues).
DETAIL AND INCLUSION
In the interests of conciseness not all detail is included here. However, we reference other non-financial documents, publicly available on our website at 8www.sibanyestillwater.com.
Scope and boundary
For the 2021 financial year annual data is provided where possible by region, segment and at Group level.
Any material event occurring post year-end and before the date of Board approval of this report
(22 April 2022) is covered in this report and/or in the Group Annual Financial statement (note 41) available on 8www.sibanyestillwater.com/newsinvestors/reports/annual.
Given that our South African operations account for 85% of total production and 97% of our workforce, and that the bulk of our material ESG-related activities take place in South Africa, the major emphasis of this report is on our South African activities. However, we also offer extensive detail on our US operations. We do not report (or report very minimally) on operations we do not manage and in which we are minority shareholders.
ASSURANCE
Our internal audit function assesses financial, governance, operational, business, compliance and risk management controls, and assures the accuracy of specific key indicators presented here. Factual mistakes are unintentional and should any be brought to our attention they will be rectified in the online version of the report.
Internal audit is overseen by the Chief Financial Officer and reports functionally into the Audit Committee. These committees report, in turn, to the Board. The internal audit function was externally reviewed in 2021 against the Institute of Internal Auditors Standards and was rated as Generally Conforms.
Independent external assurance provider, PwC, provided limited assurance on selected sustainable development performance indicators, in accordance with the International Standards on Assurance Engagements (ISAE) 3000 (revised) and the ISAE 3410. PwC's 4 Statement of assurance is on page 274.
The financial information here is derived from our annual financial statements, independently audited by EY. However, EY did not audit or review this Integrated report.
In terms of environmental, social and governance (ESG), we embrace various global standards, guidelines, indices and principles.
OUR BUSINESS AND LEADERSHIP
About Sibanye-Stillwater Our timeline
Board and executive leadership Corporate governance
4 6 7 12
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Sibanye Stillwater Limited published this content on 22 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2022 06:47:07 UTC.