Strategic Report | Governance | |
CONTENTS
Strategic Report
Introduction | 1 |
Introducing Weir | 2 |
Chair's Statement | 6 |
Smart Mining Case Study | 9 |
Chief Executive Officer's Strategic Review | 10 |
Efficient Mining Case Study | 15 |
Our Markets | 16 |
Sustainable Mining Case Study | 19 |
Our Business Model | 20 |
Our Strategic Framework | 22 |
Strategy Pillar: People | 23 |
Strategy Pillar: Customer | 24 |
Strategy Pillar: Technology | 25 |
Strategy Pillar: Performance | 26 |
Stakeholder Engagement | 27 |
Key Performance Indicators | 30 |
Operating Review: Weir Minerals | 32 |
Operating Review: Weir ESCO | 34 |
Financial Review | 36 |
Technology for Sustainable Mining | 40 |
Sustainability Introduction | 42 |
Sustainability Review | 44 |
Sustainability and Non-Financial Reporting | 50 |
Risk Management | 61 |
Viability Statement | 72 |
Corporate Governance
Introduction from the Chair | 74 |
Governance at a Glance | 75 |
Governance Framework | 76 |
Board of Directors | 77 |
Group Executive | 81 |
Board Statements | 83 |
Division of Responsibilities | 84 |
Board Meetings | 85 |
Board Activities | 86 |
Boardroom Practice | 87 |
Our Board Strategy Review Process | 88 |
Employee Engagement Activities | 89 |
Shareholder Engagement | 90 |
Board Effectiveness | 91 |
Accountability | 93 |
Nomination Committee Report | 94 |
Audit Committee Report | 100 |
Directors' Remuneration Report | 111 |
Directors' Report | 135 |
Statement of Directors' Responsibilities | 139 |
Financial Statements
Independent Auditors' Report to the Members of The Weir Group PLC | 140 |
Consolidated Income Statement | 147 |
Consolidated Statement of Comprehensive Income | 148 |
Consolidated Balance Sheet | 149 |
Consolidated Cash Flow Statement | 150 |
Consolidated Statement of Changes in Equity | 151 |
Notes to the Group Financial Statements | 153 |
Company Balance Sheet | 211 |
Company Statement of Changes in Equity | 212 |
Notes to the Company Financial Statements | 213 |
Additional Information
Subsidiary Undertakings | 226 |
Shareholder Information | 233 |
Glossary | 236 |
Financial Statements | Additional Information | |
SMART
We are giving miners an extra pair of eyes. Find out how we are using artificial intelligence to move less rock, use less energy and create less waste.
Read more on page 9
EFFICIENT
Our end-to-end solutions provide benefits beyond the sum of their parts. Find out how we are redefining the mill circuit for maximum efficiency.
Read more on page 15
SUSTAINABLE
We've got the sweet spot for sustainable tailings. Find out how our tailings solutions balance water recovery with tailings stability and energy consumption.
Read more on page 19
Cautionary statement
This Annual Report contains forward-looking statements with respect to the financial condition, operations and performance of the Group. These statements reflect knowledge and information available at the date of preparation of this Annual Report. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The Company undertakes no obligation to update these forward-looking statements and nothing in this Annual Report should be construed as a profit forecast.
Strategic Report | Governance | Financial Statements | Additional Information |
INTRODUCTION
WEIR:
MAKING MINING
SMART, EFFICIENT
AND SUSTAINABLE
Working in partnership with our customers, we provide the technologies that are at the heart of the global mining industry.
We keep mission-critical operations running and drive environmental footprints down.
Our purpose is to enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world.
The Weir Group PLC Annual Report and Financial Statements 2022 | 1 |
Strategic Report | Governance | Financial Statements | Additional Information | |||
INTRODUCING WEIR
Metals power the world. They are the backbone of our modern society. And metals are vital for a sustainable future - copper for decarbonisation and electrification of energy supply and transport; lithium, nickel and cobalt for batteries and energy storage; iron and aluminium for the infrastructure to support widespread electrification.
Today, much of the metal used each year is extracted from our earth, and that is set to continue for decades to come.
That's why our customers in the mining industry are transforming to more sustainable practices and striving for net zero emissions.
So that presents an incredible challenge. How to get more of those metals from less. Less energy, less waste, less CO2, while using water wisely. That's where Weir comes in.
The Weir Group PLC Annual Report and Financial Statements 2022 | 2 |
Strategic Report | Governance | |
INTRODUCING WEIR
CONTINUED
Our technologies are the beating heart of critical processes in mines across the globe. And we have made it our purpose to enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world.
Financial Statements | Additional Information | |
How? By challenging the norm with expertise in innovative engineering technology, boosted by digital and data insights.
Our products are already market leaders in their own right, and we are connecting our knowledge to amplify the positive impact of our technologies to create innovative, transformative solutions for sustainable mining. Weir technology is boosting productivity in the pit, redefining the mill circuit processes for maximum effectiveness and finding the sweet spot for safe and sustainable tailings. We are over 150 years old, but our expertise and experience have never been more relevant as we partner with our customers to deliver the productivity and sustainability goals needed for a low-carbon future.
The Weir Group PLC Annual Report and Financial Statements 2022 | 3 |
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The Weir Group plc published this content on 21 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 12:10:03 UTC.