Rio Tinto chairman Dominic Barton has attacked an influential shareholder advisory firm for failing to appreciate how much money will be lost if investors follow its recommendation and vote in favour of a review of the mining giant’s dual-company structure and primary London listing.

Barton singled out Institutional Shareholder Services for backing the review, which is being proposed by British hedge fund Palliser Capital, saying the firm had ignored the “disturbing governance implications” of the resolution, which called for shareholder representation on a Rio board committee.