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Prices & Quotes - UK Markets - Rio Tinto (RIO)

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Share Price:
Up 5,926.00p
Change Today:
80.00p
Market Cap:
£73,944m
Sector:
Mining

Rio Tinto shareholders reject pay report over Aboriginal disaster

By Sean Farrell

Date: Thursday 06 May 2021

LONDON (ShareCast) - (Sharecast News) - Rio Tinto's shareholders have voted down the miner's pay report over bonuses awarded to former executives who were responsible for blowing up ancient Aboriginal caves.




More than 60% of shareholder votes opposed the pay report at the FTSE 100 company's annual general meeting. Shareholders were protesting against the decision to award share-based bonuses to former chief executive Jean-Sébastien Jacques, the departed head of its iron ore business and the ex-corporate relations chief.

All three former executives were forced to quit in 2020 after the company destroyed a 46,000-year-old Aboriginal site in May to expand an iron ore mine despite being told it was sacred ground. Chairman Simon Thompson will quit by the next AGM because of the disaster.

Almost a quarter of votes were cast against the re-election of Megan Clark to the board because she chaired Rio Tinto's sustainability committee when the Juukan Gorge site in Western Australia was destroyed.

Rio Tinto said the vote against the remuneration report counted as a "first strike" under Australian company law. If the pay report is voted down next year, shareholders will be able to replace the board.

The vote is not binding and Rio Tinto said it would talk to shareholders in light of the revolt. The company said it had explained its pay decisions to investors and proxy advisers and had tightened up its policy.

Rio Tinto said: "The board acknowledges that the executive pay outcomes in relation to the tragic events at Juukan Gorge are sensitive and contentious issues."

The company said Clark would stay on the board because almost 75% of votes supported her and she was doing an important job connecting with traditional owners of lands where it operates in Western Australia.





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Rio Tinto Market Data

Currency UK Pounds
Price 5,926.00p
Change Today 80.00p
52 Week High 6,658.00p
52 Week Low 4,266.00p
Volume 1,505,748
Shares Issued 1,247.78m
Market Cap £73,944m

Performance Indicators

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What The Brokers Say

Strong Buy 8
Buy 1
Neutral 9
Sell 2
Strong Sell 3
Total 23
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Rio Tinto Dividends

  Latest Previous
  Final Special
Ex-Div 04-Mar-21 04-Mar-21
Paid 15-Apr-21 15-Apr-21
Amount 309.00¢ 93.00¢

Trades for 23-Jul-2021

Time Volume / Share Price
16:36 4,311 @ 5,926.00p
16:35 385,027 @ 5,926.00p
16:29 23 @ 5,931.00p
16:29 223 @ 5,931.00p
16:29 125 @ 5,929.00p

Rio Tinto Key Personnel

Chair Simon R Thompson
CEO Jakob Stausholm
CFO Peter Cunningham