BHP’s Capital Allocation Approach Shows Learnings from Past Mistakes
BHP updated the market on its capital allocation framework. Overall the update is pleasing, particularly the detail BHP went into around its process and approach, how it has changed based on learnings from past mistakes and how it fits with the overall business strategy. Pleasing too is the honesty BHP showed around the track record for the industry, which has been mixed and at times materially value destructive. Investing procyclically in large projects raises the risk of value destruction.For...
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