BHP leaders have braced shareholders for a ‘complex’ short-term horizon and issued an apology to those who have experienced damaging behaviour at its work sites, during an AGM in Perth today.
The miner held its annual general meeting at the Perth Convention and Exhibition Centre this morning, which featured addresses from chair Ken MacKenzie and chief executive Mike Henry.
Mr MacKenzie told shareholders BHP had navigated ‘significant uncertainty’ in 2022, a year which saw the business rack up a $US23.8 billion underlying profit following record sales from its WA iron ore business.
It also made some $US7.1 billion ($A10.1 billion) from the demerger of its petroleum assets to Woodside Energy, reflecting a broader investment focus to ‘future facing commodities.’
Mr MacKenzie’s outlook for the short-term considered more likely challenges but affirmed the business was well positioned for the future.
“While we are well positioned for the future, we also spent 2022 navigating significant uncertainty, the short-term outlook is complex,” he said.
“The geopolitical landscape continues to change, economic conditions remain uncertain, there are ongoing labour and skills shortages and countries are emerging from the impact of the global pandemic at different paces.”
The address also included a personal apology from Mr Henry regarding the company’s progress in stamping out bullying and harassment in its workforce, an issue that has beset the sector in the last 12 months.
“Notwithstanding how far we have come, it is not yet far enough,” Mr Henry said.
“We have not yet been successful in stopping damaging behaviour in BHP sites and villages – this includes sexual harassment, racism and bullying.
“I am deeply sorry and apologise to those who have experienced, or continue to experience, any form of sexual harassment, racism or bullying anywhere at BHP.
“I am fiercely determined to do everything I can to stop this conduct.”
He said BHP had spent more than $US200 million upgrading security at accommodation villages, but that faster progress had been constrained ‘only by the supply chain’s ability to keep up.’
BHP shares were off 1.51 per cent to trade at $40.56.
