Addendum to Rio Tinto Limited notice of meeting
March 19 2021 - 12:31AM
Business Wire
Rio Tinto Limited will today issue an addendum to its 2021
notice of annual general meeting setting out two advisory
resolutions requisitioned by two groups of shareholders as
announced on 9 March 2021.
As Rio Tinto’s current approach is substantially consistent with
both of the proposed resolutions, the Rio Tinto Board is
recommending that shareholders vote in favour of these
resolutions.
Each group of requisitioning shareholders had also proposed an
amendment to Rio Tinto Limited’s constitution to allow non-binding
advisory resolutions. As in previous years, Rio Tinto opposes this
resolution as it would be likely to create uncertainty and would
give rise to a number of practical difficulties, including in
relation to the authority and accountability of the directors.
However, as Rio Tinto’s Board is supporting the non-binding
advisory resolutions being put to this year’s annual general
meeting, the constitutional amendment is not required this year.
The requisitioning shareholders have therefore withdrawn these
resolutions.
Further detail on the two advisory resolutions
The first resolution (Resolution 19) requests that Rio Tinto
disclose in its subsequent annual reporting short, medium and
long-term targets for its scope 1 and 2 greenhouse gas emissions,
and performance against those targets. The resolution proposes that
those targets should be independently verified as aligned with the
climate goals of the Paris Agreement.
Rio Tinto has already set out short, medium and long-term
targets for its scope 1 and 2 greenhouse gas emissions in its 2020
Annual Report and Climate Change Report (see
www.riotinto.com/sustainability/climate-change). Performance
against these targets is independently assured and their alignment
with the climate goals of the Paris Agreement is described in the
Climate Change Report. Rio Tinto will continue to disclose these
targets and its independently assured performance against them in
its Annual Reports in the decade ahead. Furthermore, as announced
on 17 February 2021, Rio Tinto has committed to put its 2021
Climate Change Report to an advisory vote at its 2022 annual
general meetings. This “say on climate” will provide shareholders
with the opportunity to express their view on our climate change
strategy and implementation, taken as a whole.
The second resolution (Resolution 20) requests that Rio Tinto
enhance its annual review of industry associations to ensure that
the review identifies areas of inconsistency with the Paris
Agreement, and a recommendation that the company suspend
membership, for a period deemed suitable by the Board, where an
industry association’s record of advocacy is, on balance,
inconsistent with the Paris Agreement’s goals. The resolution makes
clear that the Board retains discretion to take decisions in the
best interests of the company.
Rio Tinto’s approach to industry associations is set out at
www.riotinto.com/sustainability/ethics-integrity/industry-association-disclosure.
We review our membership of such associations annually and already
report on areas of inconsistency with the Paris Agreement. If we
identify significant differences in climate-related policy or
advocacy, we will consider suspension of membership. Our starting
position, however, is that our objective of securing advocacy
aligned with the Paris Agreement is best pursued from a position of
influence from within such associations. In weighing up the
relative merit of continued membership, the Board will exercise a
balanced judgement of what is in the best interests of the company
and will consider suspension of membership as a measure of last
resort.
The addendum sets out the Rio Tinto Board’s response and voting
recommendation with respect to those resolutions, as well as
supporting statements provided by the requisitioning
shareholders.
The addendum will be released to the ASX and is available,
together with the full notice of meeting, at
www.riotinto.com/invest/shareholder-information/annual-general-meetings.
Further information on how to participate remotely in the Rio Tinto
Limited annual general meeting on Thursday 6 May 2021 will also be
made available in due course at the same link.
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version on businesswire.com: https://www.businesswire.com/news/home/20210318006083/en/
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This announcement is authorised for release to the market by Rio
Tinto’s Group Company Secretary.
Category: general
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