Rear Window

Hedge fund uses ‘independent journalist’ in fight with Rio Tinto

In the battle to unify Rio’s dual company structure – or not – the fine print is doing some heavy lifting.

Hannah WoottonColumnist

Apr 21, 2025 – 6.31pm

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Over in London, activist hedge fund Palliser Capital’s fuzzy treatment of some pretty basic English words continues to feature in its campaign for Rio Tinto’s dual-listing unification.

It has introduced a shareholder resolution calling for Rio’s board to review (and ultimately collapse) its current dual-company structure. Shareholders of the British arm voted earlier this month, and their Aussie counterparts are set to on May 1. Rio’s board led by chairman Dominic Barton, chief executive Jakob Stausholm and major super investors are all stridently against the proposal.

Hannah Wootton is a Rear Window columnist, based in Melbourne.