Rio Tinto will allow its Australian investors to vote on whether it should unify its dual-company structure, having earlier refused to allow the question to be put to local shareholders at its annual meeting.
Activist shareholders have urged Rio to follow BHP’s example and abandon the dual-company structure, under which a British company and an Australian company with different shareholders agree to share all assets and profits.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
