BHP Billiton October 17th 2018
The Company operates as a Dual Listed Company (DLC). BHP Billiton plc is incorporated and listed in the UK while BHP Billiton Ltd is incorporated and listed in Australia.
Samarco Incident Update
On 5 November 2015, one of Samarco’s tailings dams (Fundao) failed unexpectedly,releasing muddy tailings downstream, reaching and flooding certain communities andcausing 19 deceases, 700 people lost their homes and important damages to thesurrounded area. The Company holds 50% interest in this entity.
BHP Billiton Brasil is among the defendants named in a number of legal proceedings initiated by individuals, non governmental organisations, Corporations and Governmental entities in Brazilian federal and state counts following the failure.
In 2018, Samarco, Vale and BHP Billiton Brasil, the other parties to the Framework Agreement, the Public Prosecutors Office and the Public Defence Office agreed an arrangement which settles the R$20 billion Public Civil Claim.
Dividend
The Company has paid a dividend in respect of the financial year, however no resolution to approve the distribution has been proposed at the general meeting as was also the case in previous years. The dividend increased by 40% from the previous year and was covered by net profit.
Item 2: Re-appoint KPMG LLP as auditorsThe auditor's tenure exceeds our tenure limit of 10 years.
The Company conducted an audit tender during 2017.
The Board selected Ernst & Young to be appointed as the Company's external auditor from the financial year beginning 1 July 2019. KPMG have audited the Company since 2003.
BHP Billiton is a resources company. Co. extracts and processes minerals, oil and gas, primarily in Australia and the Americas. Co. operates four reportable segments: Petroleum, which is engaged in the exploration, development and production of oil and gas; Copper, which is engaged in the mining of copper, silver, lead, zinc, molybdenum, uranium and gold; Iron Ore, which is engaged in the mining of iron ore; and Coal, which is engaged in the mining of metallurgical coal and energy coal. Co.'s Petroleum unit comprises conventional and unconventional oil and gas assets, and includes exploration, development and production activities.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
- Proxy reports
- Definition and monitoring of client customized voting guidelines
- Corporate Governance Data and Rating
- Thematic research
- Engagement support
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.