(Alliance News) - Ferrexpo PLC at its annual general meeting on Thursday laid out its corporate governance priorities, with an emphasis on reducing emissions, increasing employee engagement, and enhancing board independence.
The commodities trader and mining company, based in Baar, Switzerland, operates iron mines in Ukraine producing iron pellets sold to the global steel industry.
In 2020, Ferrexpo completed a full review of its remuneration policy designed to enhance its environmental, social, and corporate governance goals by linking them to executive incentives.
Environmental priorities included reducing the company's carbon footprint. Ferrexpo said that during 2020 it reported a 16% decrease in carbon use per tonne of iron exported and expected to continue along this trajectory in 2021.
Ferrexpo signalled its committent to employee health and well-being into 2021 by issuing a third survey of employee engagement and appointing Vitalii Lisovenko as non-executive director with a focus on workforce engagement. With many employees working from home, Ferrexpo noted plans to improve its cyber security standards in the coming year.
Changes to Ferrexpo's corporate governance in 2020 included the addition of several new appointments to the board including Fiona MacAulay and Ann-Christin Andersen as independent non-executive directors. This brings the company's total number of independent directors up to four, with plans to add another. The company said it is committed to a diverse and independent board and a workforce free of discrimination.
Ferrexpo shares were trading up 3.3% at 457.40 pence each in London on Thursday.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Ferrexpo (FXPO)