(Reuters) – London-based hedge fund Palliser Capital on Monday urged Rio Tinto to allow the company’s Australian shareholders to vote on a resolution that seeks an independent review of its dual-listing status.
The global miner’s U.K. shareholders were set to vote on Palliser’s resolution that sought review of the company’s dual-listed structure. Rio Tinto has recommended its investors vote against it.
However, documents published by the company ahead of its annual general meetings in London and Perth showed the resolution was only put to vote for its U.K. shareholders.
That step has deprived Australian shareholders of their right to vote, alongside U.K. shareholders, on a topic that is of equal consequence to them, Palliser said in a letter to the company.
Rio Tinto’s corporate structure requires two separate AGMs—one for its U.K.-listed plc shareholders and another for its Australian-listed limited shareholders.
In December, Palliser, along with over 100 other shareholders, requested a resolution calling for an independent review on the merits of unifying Rio Tinto’s current dual-listed corporate structure.
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Leroy Leo)
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