The outgoing head of Australia's third-largest iron ore producer isn't worried that tensions in the Asia-Pacific region will hurt the $130 billion export industry to China.
Elizabeth Gaines steps down as chief executive officer of Fortescue Metals Group (FMG) next week, after announcing the company's 2021-22 full-year results.
Strong prices for iron ore are expected to deliver FMG another solid result for the year.
Ms Gaines, who since her appointment to chief executive in 2018 has overseen the export of almost 800 million tonnes of iron ore and delivered $23 billion to shareholders, is confident trade between Australia and China won't be impacted by geopolitics.
"China is still growing. It's a large economy with a strong demand for iron ore," she tells the ABC's Close of Business program.
"Our proximity to China, our short seaborne journey, means that China will have strong demand for Western Australia's iron ore for a long time to come."
More than 90 per cent of FMG's iron ore is sold to China.
"I think all of us are concerned about the ongoing tensions and I know that the recently appointed Albanese government is calling for restraint," she says.
"We would agree with that, because we do have a very important trading relationship."
'The biggest issue facing all of us'
When Ms Gaines and FMG founder and chairman Andrew Forrest announced the leadership change in December last year, it was clear it wouldn't be a clean break.
In addition to staying on the FMG board, a role she began with the company in 2013, Ms Gaines takes on the new title of green hydrogen ambassador.
"We are grateful that she has accepted the critical role of ensuring the world understands that green hydrogen, green ammonia, green energy and all its products are, combined, the only practical implementable solution to global warming that can be delivered on a commercial, highly sustainable basis," Mr Forrest said at the time.
FMG's subsidiary, Fortescue Future Industries (FFI) is developing technology to cut its own, and its customers', emissions.
FMG plans to be carbon neutral by 2030, with its customers reaching that target a decade later.
"The best way to achieve carbon neutrality is to eliminate diesel," Ms Gaines says during a tour of the company's workshop in Perth.
"If a big industry like mining can decarbonise, then that can be applied to many industries all over the world.
"It's something we must do. This is not just about waiting for governments to set targets. This is about business getting on with it.
"The climate crisis is the biggest issue facing all of us."
Ms Gaines will continue to travel the world, including to attend upcoming discussions at the World Economic Forum, to promote the technology being developed by FFI.
That technology includes developing green hydrogen, ammonia and battery power for trucks, trains and ships.
"We're taking a very practical approach and that's why we're sitting here today with all the work that's underway here to develop those technologies that will support our decarbonisation," she explains.
"We think that is not only the right thing to do for our environment, but it's actually the smart thing to do, and it will create enormous value for our shareholders."
As she reflects on her final days as chief executive, Ms Gaines says the transition to more sustainable energy is one of her most important achievements in nearly five years running the company.
But one issue that lingers with her is the treatment of women in mining.
Sexual harassment is prevalent in mining
"The fact that we haven't been able to achieve more steps to greater diversity and address those issues, I think that's been something that is disappointing," Ms Gaines laments.
The Western Australian government tabled a report into sexual assault and harassment in the state's mining sector after an 11-month inquiry that heard almost 100 accounts of inappropriate behaviour towards women.
The report revealed three-quarters of women in the industry had reported being sexually harassed in the past five years.
It made 79 findings and 24 recommendations including overhauling reporting, disciplinary action and better training in the sector.
"How we move those forward is going to be really important and I certainly want to see us as an industry move forward to embrace those recommendations and to make sure that mining is seen as the truly fantastic, innovative industry that it is," Ms Gaines says.
80 years to equal representation
When Ms Gaines was appointed FMG's third chief executive, much was made of her gender and how few ASX 200-listed companies had women at the helm.
The numbers still weigh heavily against women.
Analysis by Chief Executive Women Australia shows just 5 per cent of the top 200 publicly listed companies in Australia are run by women.
"I am frustrated," Ms Gaines says.
"The fact that a woman appointed as a CEO of an ASX-listed company is such a big talking point, as opposed to that being part of an important appointment, but not because of the person's gender."
Ironically, the departure of Ms Gaines means there'll now be one less female chief executive in the top cohort.
Despite a global search for a new boss, FMG founder Andrew Forrest will return as chief executive.
"It'll be 80 years before we have equal representation of women as CEOs on ASX-listed companies and that's just simply too long," Ms Gaines explains.
"It hasn't changed in about the 30 years that I've been working."
Ms Gaines adds that while there's been a lot of focus on board appointments, more attention needs to be paid to all levels of workers across all industries.
"There's been a lot of work and focus in corporate Australia on board representation, there's been improvement there, but we need to focus more on on the whole organisation, and particularly in the leadership positions as well," she argues.
"We have to get the settings in place that support women having fulfilling careers in any industry and all the way through to the C-suite positions and not feel as though they get to a certain point and they can't progress any further."
Ms Gaines leaves the chief executive role next week and, in addition to her FMG board position, which she says will take up about 40 per cent of her time, is on the board of the West Coast Eagles and the Victor Chang Cardiac Research Institute.
You can see the interview with Elizabeth Gaines on Close of Business Friday night at 9:30pm AEST on the ABC News Channel, with repeats during the weekend, as well as any time on iView.
