Anglo American Annual Report 2012

Figure 8b: BSP performance assessment for 2012 – Finance DirectorFinance Director BSP measures Below Threshold Target AboveRené MédoriCorporate Financial (50%)Earnings per SharePersonal/Strategic (50%)Treasury and TaxStrategy and Portfolio RestructuringProcurementInformation ManagementFinance Function operational targetsTeamworkProject SupportGroup safety performance (deductor)Overall performanceResulting BSP award35% of maximum bonus (50% payable in cash, 50% as Bonus Shares)BSP KEY PERFORMANCEASPECTS• The weaker prices for theCompany’s main commoditiesimpacted the executive directors’ability to deliver the target earnings;EPS performance was below therequired threshold level.• René Médori oversaw theissuance of corporate bonds with aUS$ equivalent value of $5.1 billionin the US, European and SouthAfrican markets increasing debtheadroom and extending maturity.In addition, 99% of the Group’s$1.7 billion convertible bonds wereconverted into equity, reducing netdebt and interest.• Anglo American’s divestmentprogramme, as set out in October2009, was successfully completedraising $4.0 billion of cumulativeproceeds on a debt and cashfree basis.• Strong progress was achievedin the Supply Chain programmewhich drives sustained businessimprovement.• Two major projects – Kolomelaand Los Bronces – are due to reachfull production on or ahead ofschedule. Minas-Rio experienceda timetable delay and an increasein budget.• Continued progress achieved inthe drive for safety improvement.3.3 BSP EnhancementShare outcomes for 2012In 2010 Cynthia Carroll and RenéMédori were awarded EnhancementShares under the BSP. Vesting wassubject to the Company’s real EPSgrowth over the three-year periodto 31 December 2012. The fall incommodity prices in 2012 – the finalyear of the performance period –impacted the Company’s EPS growthand as a consequence no shareswill vest.Figure 10: Enhancement Sharevesting outcomes for 2012(all amounts in ’000)CYNTHIA CARROLL(2011: £1,570 )£0RENÉ MÉDORI(2011: £1,023)£0GovernanceAnglo American plc Annual Report 2012 117