The country’s largest industry superannuation funds look set to reject an activist shareholder’s demand that Rio Tinto, the world’s second-biggest miner, collapse its dual-listed structure and end its primarily London listing, after a key advisory body said there was no “compelling reason” to do so.

The Australian Council of Superannuation Investors, which represents 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.