Rio Tinto shareholders vote against DLC structure review

LONDON - Mining giant Rio Tinto (NYSE:RIO)’s annual general meetings, held on April 3 in London and May 1 in Perth, concluded with shareholders voting against a resolution to review the company’s dual-listed companies (DLC) structure. The resolution, which was not supported by the board, proposed an independent review to consider unifying the DLC structure of Rio Tinto plc and Rio Tinto Limited.

The company, which operates under a DLC structure allowing it to have listings on both the Australian Securities Exchange (ASX) and the London Stock Exchange (LON:LSEG) (LSE), saw a significant majority of 80.65% of votes cast against the resolution, aligning with the board’s recommendation. The board had previously reviewed the DLC structure in 2024 and concluded that the benefits of the current setup, such as access to capital markets and efficient use of franking credits, outweigh potential unification benefits.

Despite the board’s stance, 19.35% of votes favored the review, suggesting a minority of shareholders are interested in exploring the implications of a unified company structure. The board has committed to continuing engagement with shareholders and considering their feedback on the matter.

In addition to the DLC structure resolution, all other proposed resolutions were passed, including the receipt of the 2024 Annual Report, approval of directors’ remuneration, and the re-election of board members. The 2025 Climate Action (WA:ACT) Plan was also approved, with 93.28% of the votes in favor.

The results of the votes are based on a press release statement from Rio Tinto and have been confirmed by independent scrutineers. Rio Tinto’s board emphasized the importance of focusing on executing the company’s strategy and delivering long-term value for shareholders, rather than revisiting the corporate structure immediately after a comprehensive review.

The voting outcomes, especially the significant majority against the review of the DLC structure, indicate shareholder confidence in the current corporate framework and the strategic direction of the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.