Global investors worth $84bn have joined together to file a shareholder motion calling on Rio Tinto to rethink its membership of the MCA, NSW Minerals Council (NSWMC) and the Queensland Resources Council (QRC). It demands Rio Tinto reveal all membership fees paid since 2012, review the consistency of the MCA’s lobbying positions with those held by Rio Tinto, and disclose what it would take for Rio to quit its membership of the MCA. Together they have $84bn worth of assets under management, and collectively are thought to hold more than $100m worth of Rio Tinto shares. Following the acquisition, Rio delisted Riversdale and renamed it Rio Tinto Coal Mozambique. Asic alleges that Rio Tinto engaged in misleading or deceptive conduct by misrepresenting the reserves and resources of Riversdale in its 2011 annual report.

Source: The Guardian March 02, 2018 00:00 UTC