The current Rio Tinto shareholder engagement
We are currently engaging with Rio Tinto on lobby group spending, and are recruiting shareholders to act as co-filers if we lodge a resolution to be heard at the company’s AGM this year.
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What is the reason for this shareholder action?
Rio Tinto is using shareholders’ money to pay for an expensive membership to the Minerals Council of Australia (MCA). Rio Tinto and the MCA’s positions on climate change and energy policy drift further apart every year. We have now reached a point where the MCA’s lobbying efforts in many ways undermine the interests of Rio Tinto. Put simply, the MCA is lobbying for more coal and use of fossil fuels, and still believe this is the future of energy. Rio Tinto, on the other hand, needs to be a part of Australia’s transition to renewable energy sources. It just doesn’t make sense for Rio Tinto to spend shareholders funds’ on supporting the MCA, who have all their eggs in one basket, when that basket is full of coal.
I find this interesting, but please tell me a bit more about ACCR before I join
The Australasian Centre for Corporate Responsibility promotes responsible company behaviour and responsible investment. A company’s negative impacts on the environment and society can also undermine that company’s interests, and the interests of their shareholders. We have been extensively covered by financial media for our highly effective actions. Last year we put a shareholder resolution to BHP which got the company to commit to leaving the World Coal Association and cost Brendan Pearson his job at the Minerals Council of Australia (MCA). This year we are taking on Rio Tinto, and need your support ASAP. In the media section you’ll find links to more of the coverage we got last year. More on what we do can be found on the What we do page.
Why do you need my support to do this?
Under Australian law, a shareholder resolution can only be lodged if it is supported by 100 or more shareholders with voting rights. This makes your support crucial to us.
How do I sign up?
Anything else I can do to support?
If you know anybody else that hold shares in Rio Tinto, please send them a link to this page so we can get them onboard.
Our Resolution in the Media
The Sustainability Report ACCR seeking shareholders for resolution at Rio Tinto AGM 9/2/18
Mining.com Rio investors asked to push miner to leave Minerals Council of Australia 6/2/18
The Guardian Rio Tinto investors recruited to force mining giant to quit Minerals Council 6/2/17
The Australian Financial Review Activist ACCR targets Rio Tinto over Minerals Council links 29/1/18
Coal Lobbying in the Media
The Brisbane Times No one is buying the Minerals Council's coal 'slime' 9/2/18
The Canberra Times Coal industry campaign dwarfs political spending by green groups 2/2/18
The Guardian Miners receive twice as much in tax credits as Australia spends on environment 2/2/18