Rio Tinto Urged to Disclose Relationship With Lobby Groups
March 02 2018 - 9:46AM
Dow Jones News
By Oliver Griffin
Activist investor the Australasian Centre for Corporate
Responsibility, or ACCR, is calling on Rio Tinto PLC (RIO.LN) to
disclose its relationships with industry bodies and lobby
groups.
The ACCR said Friday that it wants a review of Rio Tinto's
workings with these organizations, including with the Minerals
Council of Australia, which the activist investor accuses of
blocking progress on climate and energy frameworks.
Together with Australia-based Local Government Super, the Church
of England Pensions Board, and The Seventh Swedish National Pension
Fund, the ACCR said it wants Rio Tinto to table a resolution at its
U.K. annual general meeting on April 11, and meeting in Australia
on May 2.
The resolution calls on Rio Tinto's board to disclose industry
memberships and membership fees paid since 2012 and to evaluate
whether industry association advocacy positions are consistent with
its policy and financial interests.
The resolution, which also calls on Rio Tinto to disclose to
shareholders the triggers for leaving these associations, follows
threats made by BHP Billiton Ltd. (BHP.AU) last year to sever
relations with the World Coal Association and U.S. Chamber of
Commerce over disagreements on climate policy.
ACCR Executive Director Brynn O'Brien said the filing of the
resolution shows that "the drumbeat of opposition to coal lobbyists
like the Minerals Council of Australia is only growing louder."
Rio Tinto wasn't immediately available for comment.
Local Government Super, the Church of England Pensions Board,
and The Seventh Swedish National Pension Fund have 84 billion
Australian dollars ($65 billion) funds under management between
them.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
March 02, 2018 09:31 ET (14:31 GMT)
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