Fortescue’s values and culture highlighted at 2020 Annual General Meeting

Nov 11, 2020

The 2020 Annual General Meeting of Fortescue Metals Group (Fortescue) was held in Perth today, with shareholders having the option to attend the hybrid meeting in person or virtually.  

Speaking at the AGM, Chief Executive Officer Elizabeth Gaines highlighted the record performance of the entire Fortescue team during FY20, despite the unprecedented disruptions experienced as a result of the COVID-19 pandemic.

“The Fortescue Values that have guided us for the last 17 years, have shone their brightest during 2020. By keeping our Values of safety and family at the heart of every decision we made, we kept our team, our families and our communities safe,” Ms Gaines said.

“We are especially proud of how the mining sector came together to manage the industry-wide issues as a collective, sharing best practice, caring for our most vulnerable and forming a united front. Significantly, we clearly demonstrated that Australia is a reliable supplier of commodities to global markets and we sustained our strong contribution to the West Australian and national economies.”

Fortescue’s achievements over the FY20 financial year included:

  • Record full year shipments of 178.2 million tonnes, six per cent higher than FY19
  • C1 cost of US$12.94/wmt, including around 22 cents of COVID-19 related costs
  • Revenue of US$12.8 billion, 29 per cent higher than FY19
  • Dividend payout ratio of 77 per cent, increasing returns to shareholders

Members of Fortescue’s Core Leadership and Executive team were also joined by 24 participants from the latest cohort of the Leadership and Excellence in Aboriginal People (LEAP) program.

Since its inception in 2015, over 70 Aboriginal team members have completed the program, resulting in 14 per cent of participants since promoted into a supervisor role and a further 53 per cent promoted or advancing their careers.  

“We believe that Aboriginal leaders are critical to enabling a work culture that truly supports Aboriginal people and ensures they have the opportunity to develop and grow,” Ms Gaines said.

“Fortescue is proud to be one of the largest employers of Aboriginal people in Australia and during NAIDOC Week, we are pleased to celebrate the history, culture and achievements of our Aboriginal team mates across all of our operations.”