Weir : Annual Report and Financial Statements 2022

Strategic Report		Governance

CONTENTS

Strategic Report

Introduction	1
Introducing Weir	2
Chair's Statement	6
Smart Mining Case Study	9
Chief Executive Officer's Strategic Review	10
Efficient Mining Case Study	15
Our Markets	16
Sustainable Mining Case Study	19
Our Business Model	20
Our Strategic Framework	22
Strategy Pillar: People	23
Strategy Pillar: Customer	24
Strategy Pillar: Technology	25
Strategy Pillar: Performance	26
Stakeholder Engagement	27
Key Performance Indicators	30
Operating Review: Weir Minerals	32
Operating Review: Weir ESCO	34
Financial Review	36
Technology for Sustainable Mining	40
Sustainability Introduction	42
Sustainability Review	44
Sustainability and Non-Financial Reporting	50
Risk Management	61
Viability Statement	72

Corporate Governance

Introduction from the Chair	74
Governance at a Glance	75
Governance Framework	76
Board of Directors	77
Group Executive	81
Board Statements	83
Division of Responsibilities	84
Board Meetings	85
Board Activities	86
Boardroom Practice	87
Our Board Strategy Review Process	88
Employee Engagement Activities	89
Shareholder Engagement	90
Board Effectiveness	91
Accountability	93
Nomination Committee Report	94
Audit Committee Report	100
Directors' Remuneration Report	111
Directors' Report	135
Statement of Directors' Responsibilities	139

Financial Statements

Independent Auditors' Report to the Members of The Weir Group PLC	140
Consolidated Income Statement	147
Consolidated Statement of Comprehensive Income	148
Consolidated Balance Sheet	149
Consolidated Cash Flow Statement	150
Consolidated Statement of Changes in Equity	151
Notes to the Group Financial Statements	153
Company Balance Sheet	211
Company Statement of Changes in Equity	212
Notes to the Company Financial Statements	213

Additional Information

Subsidiary Undertakings	226
Shareholder Information	233
Glossary	236

Financial Statements		Additional Information

SMART

We are giving miners an extra pair of eyes. Find out how we are using artificial intelligence to move less rock, use less energy and create less waste.

Read more on page 9

EFFICIENT

Our end-to-end solutions provide benefits beyond the sum of their parts. Find out how we are redefining the mill circuit for maximum efficiency.

Read more on page 15

SUSTAINABLE

We've got the sweet spot for sustainable tailings. Find out how our tailings solutions balance water recovery with tailings stability and energy consumption.

Read more on page 19

Cautionary statement

This Annual Report contains forward-looking statements with respect to the financial condition, operations and performance of the Group. These statements reflect knowledge and information available at the date of preparation of this Annual Report. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The Company undertakes no obligation to update these forward-looking statements and nothing in this Annual Report should be construed as a profit forecast.

Strategic Report

Governance

Financial Statements

Additional Information

INTRODUCTION

WEIR:

MAKING MINING

SMART, EFFICIENT

AND SUSTAINABLE

Working in partnership with our customers, we provide the technologies that are at the heart of the global mining industry.

We keep mission-critical operations running and drive environmental footprints down.

Our purpose is to enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world.

The Weir Group PLC Annual Report and Financial Statements 2022

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Strategic Report		Governance		Financial Statements		Additional Information

INTRODUCING WEIR

Metals power the world. They are the backbone of our modern society. And metals are vital for a sustainable future - copper for decarbonisation and electrification of energy supply and transport; lithium, nickel and cobalt for batteries and energy storage; iron and aluminium for the infrastructure to support widespread electrification.

Today, much of the metal used each year is extracted from our earth, and that is set to continue for decades to come.

That's why our customers in the mining industry are transforming to more sustainable practices and striving for net zero emissions.

So that presents an incredible challenge. How to get more of those metals from less. Less energy, less waste, less CO2, while using water wisely. That's where Weir comes in.

The Weir Group PLC Annual Report and Financial Statements 2022

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Strategic Report		Governance

INTRODUCING WEIR

CONTINUED

Our technologies are the beating heart of critical processes in mines across the globe. And we have made it our purpose to enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world.

Financial Statements		Additional Information

How? By challenging the norm with expertise in innovative engineering technology, boosted by digital and data insights.

Our products are already market leaders in their own right, and we are connecting our knowledge to amplify the positive impact of our technologies to create innovative, transformative solutions for sustainable mining. Weir technology is boosting productivity in the pit, redefining the mill circuit processes for maximum effectiveness and finding the sweet spot for safe and sustainable tailings. We are over 150 years old, but our expertise and experience have never been more relevant as we partner with our customers to deliver the productivity and sustainability goals needed for a low-carbon future.

The Weir Group PLC Annual Report and Financial Statements 2022

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