Industry super funds look set to reject an activist shareholder’s demand that Rio Tinto, the world’s second-biggest miner, collapse its dual-listed structure, after a key advisory body said there was no “compelling reason” to do so.
The Australian Council of Superannuation Investors, which represents major industry funds such as AustralianSuper, HESTA, Care Super and REST, sent a note to members stating there was “no present compelling reason” to support British hedge fund Palliser Capital’s push for a review of Rio’s dual-listed structure.
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