The Big Australian explored a number of themes at this week’s annual general meeting (AGM).
BHP chair Ken MacKenzie highlighted the fact the miner’s portfolio is positioned to benefit from several so-called megatrends.
“The changes we have made across BHP align your company with the megatrends of decarbonisation, population growth, and demand for higher standards of living,” he told shareholders.
The world’s ongoing push for decarbonisation is especially relevant for BHP, which is poised to take advantage with its considerable stable of future-facing critical minerals.
“According to our modelling, to deliver our Paris-aligned 1.5°C, the demand for copper, nickel and steel will grow to enable the infrastructure and products required for the energy transition,” MacKenzie said.
BHP chief executive officer Mike Henry also highlighted the company’s decarbonisation credentials.
“We are confident the fundamentals of decarbonisation, population growth, rising living standards and urbanisation will drive demand for the commodities in our reshaped portfolio for decades into the future,” he told shareholders.
“BHP will continue to provide the commodities the world needs and deliver value for our stakeholders. With your support, we will help build a better future.”
Henry also used the AGM to raise his concerns about new workplace laws, saying multi-employer bargaining are not appropriate for the Australian mining sector, which is already home to very high wages.
“There simply is no case for multi-employer bargaining in the mining industry,” he said. “This is an industry where the current approach has been working well, wages have been on the move.”
Henry, who was speaking after the Federal Government recently passed its Secure Jobs, Better Pay Bill through the lower house, said BHP does support other aspects of the legislation to increase wages for Australians who are paid less.
“As to whether multi-employee employer bargaining is needed for that or not I think is highly debateable,” he said. “In our view, it’s probably not.”
BHP also used the AGM as an opportunity to apologise to staff members who have experienced sexual assault and harassment, racism or bullying within the company.
“I am fiercely determined to do everything I can to stop this conduct,” Henry said. “Notwithstanding how far we’ve come, it is not yet far enough.”