b'Simplified governanceRobert Moore is Thiess estimating manager and has worked with Thiess for thirty-six years. I think back to the efficiencies that came with the autonomy we had back Theece or Teece in the early days, but also there were some big failings. So the juggle these days is to have increased governance, and still strive for those efficiencies. Meshing the best of One day in the late 1950s, Lesthe old and the new is a constant challenge at a place like this.longstanding associate Pines Anderson called him and wasHe adds that there are not as many long-serving Thiess blue bloods as there once surprised to hear his old friendwere. You used to be new until the ten-year mark! Robert laughs. But with the new answer Les Teece speaking, with comes a fresh perspective on innovation and project management. a hard T rather than the emphasis on the th (as in three). YoureIn 2014, Thiess was integrated into the CIMIC Group. There has definitely been a blowing in the wind there, Pinesgreater focus on risk, governance and audit since then, explains Trish Lewis, who was said. Its been Theece for too long. general counsel at the time and now heads up the companys governance, risk and audit team. CIMIC brought in global construction expertise, and when Elliott Advisors Well, Teece it is now, said [UK] Ltd [Elliott] became a shareholder in 2021, they added insights from their broad Les firmly, wanting to lean into portfolio of international businesses.the correct German pronunciationof his forebears. What Les wantedWith that change came a more robust board structure. Where in the past the board he usually got, and his familymostly consisted of senior managers and industry executives, there are now outside and business name has beenand independent board members who are bringing a different perspective and pronounced (by most people, atencouraging robust, challenging conversations.least) with the hard T ever since.The point of governance and risk is to make the business better, safer and more efficient, Trish says.Good governance relies on openness, transparency and trust. These values thread together the decades at Thiess and are also expected of suppliers and partners.As Trish puts it, We dont hide from our mistakes; we learn our lessons. Transparency drives accountability. And thats what we expect from ourselves and our partners.30'