Rio Tinto has reiterated its defense of its dual-listed structure and urged shareholders to reject activist investor Palliser Capital's proposal for an independent review. The world's largest iron-ore miner stated that it had already conducted a robust and comprehensive review of the structure. This firm stance comes despite proxy advisory firm ISS backing Palliser's resolution.
The company emphasized that a dual-listed companies (DLC) structure unification is not required to provide the group with strategic flexibility. Rio Tinto has engaged with a number of stakeholders, including Palliser, on this matter. The board's unanimous recommendation is for shareholders to vote against the resolution at the upcoming Annual General Meetings.
This statement reinforces Rio Tinto's commitment to its current corporate governance model. The company is actively campaigning against the activist proposal, highlighting its belief that the existing structure is optimal. The outcome of the shareholder vote will be a key test of investor support for the company's leadership and strategic direction.
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