Rio Tinto plc (UK) | To re-elect Simon Henry as a Director at Rio Tinto

Status
98.44% votes in favour
AGM date
Previous AGM date
Proposal number
9
Resolution details
Company ticker
RIO
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Director vote
Filer type
Management
Company sector
Materials
Company HQ country
United Kingdom
Supporting statement
Sarasin & Partners has expressed their intention to ABSTAIN from voting for this proposal at Rio Tinto’s upcoming 2023 AGM.

Access the full details here: https://sarasinandpartners.com/stewardship-post/rio-tinto-2023-agm-how-we-are-voting-for-net-zero-accounting/#storeindividual

We welcome the affirmation that more rapid decarbonisation would most likely be beneficial for Rio’s capital position, rather than negative. However, we continue to have concerns: 1) several of the operational costs were not included in key accounting assumptions due to the lack of certainty over costs and technologies; 2) the lack of disclosures for commodity price assumptions, particularly for the 1.5°C sensitivity analysis; and 3) the carbon tax assumptions used for both the reference scenario and the 1.5°C scenario appear to be significantly lower than the equivalent prices suggested by the IEA. We also note that Simon Henry appears to be the only member of the audit committee with accounting expertise.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.