About Royal Gold Governance Our People Our Operators and Communities ESG Stewardship Appendices 30 2023 INVESTMENT STEWARDSHIP REPORT ROYAL GOLD Corporate governance OUR APPROACH Royal Gold is dedicated to corporate governance practices that prioritize the long-term interests of our shareholders through robust oversight models established with the Board of Directors that foster accountability within our management team and nurture transparent relationships with Operators, employees and other stakeholders to build public trust in our Company. The Board, comprised of highly capable and independent Directors with diverse skills and experience aligned with our business strategy, ensures vigilant oversight of the management team. Their valuable perspectives actively promote the best interests of Royal Gold and our stakeholders, while our talented management team, with significant industry and company-specific experience, diligently implements our policies and practices. The Board oversees enterprise risk, with quarterly management reports and annual reviews of the Enterprise Risk Management (“ERM”) program, and directs management on aligning changes to the ERM program with the Company’s business strategy. A substantial part of the Board’s oversight responsibility is carried out through its standing committees. Several Board members, equipped with diverse experience in the many topics related to ESG, risk management and sustainability more broadly, apply this perspective to their oversight duties, enabling the alignment of our ESG practices with the interests of Royal Gold, its shareholders and other stakeholders. The figure to the right illustrates the responsibilities within our Board and its subcommittees. Additional information on our Board and its committees can be found on our website . Our management team has significant industry and company-specific experience and is responsible for ensuring that our policies and practices drive our performance. AUDIT AND FINANCE COMMITTEE - Integrity of financial statements - Internal controls - Disclosure controls and procedures - Accounting compliance - Cybersecurity - Compliance program - Capital structure and allocation COMPENSATION, NOMINATING AND GOVERNANCE COMMITTEE - Regulatory - Board organization and membership - ESG, sustainability and climate change - Diversity - Succession planning - Executive compensation and retention Board of Directors Our Board oversees enterprise-level risk, including risks associated with ESG and other areas of business strategy and operations Management Our management administers, reviews and updates our enterprise risk management program and provides quarterly reviews to our Board