The Board sets direction, strategies and financial objectives, and empowers the Executive Leadership Team (ELT) to govern and lead management of the Company on a day-to-day basis according to a governance framework of standards, structures and accountabilities. The Board also ensures that the necessary resources are in place to meet objectives and that performance is regularly assessed and monitored.
The Board has ultimate responsibility for BlueScope’s consideration of risks and opportunities, through the support of its Committees.
The Board has established a leadership and Committee structure to drive strong governance from the top.
Leadership and management
BlueScope’s Executive Leadership Team (ELT) provides leadership, shapes direction and governance systems, and specifies desired operating approach and culture.
A range of functional specific councils and leadership groups meet regularly to provide input and recommendations to ELT. On sustainability matters, BlueScope’s commitment to sustainability drives clear accountabilities for oversight and implementation of our sustainability commitments. Our Sustainability Council, comprised of members of our ELT and senior management, is responsible for understanding our exposures and directing the consistent implementation of sustainability initiatives across our global businesses. The Council meets monthly and reports quarterly to the Board through the Risk and Sustainability Committee.
The ELT sets the performance and governance framework by which BlueScope's management engage and align our workforce in achieving business objectives.
BlueScope’s remuneration framework plays an important role in motivating executives to deliver sustainable profitability and business results across the cycle and aligned with the creation of value for shareholders and our other stakeholders. The Board therefore takes great care to ensure that, as the business priorities evolve, so too do BlueScope’s remuneration arrangements.
All members of the Executive Leadership Team (ELT) are incentivised to achieve financial and non-financial results against set measures. This ensures ELT collectively has a clear line of sight to business priorities and can directly contribute to performance through their actions. A component of their short-term incentive (STI) is linked to specific sustainability measures aligned to BlueScope’s material sustainability topics. Safety performance is a core element of each executive’s remuneration in the STI scorecard. The Managing Director and CEO and the leaders of steelmaking sites also have specific objectives linked to BlueScope’s climate change strategy and emissions intensity reduction target.