Rio Tinto plc (UK) | Re-appointment of auditor

Status
99.32% votes in favour
AGM date
Previous AGM date
Proposal number
16
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
Other management proposal or proxy item
Filer type
Management
Company sector
Materials
Company HQ country
United Kingdom
Supporting statement
Sarasin & Partners has expressed their intention to vote AGAINST 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

While KPMG appears to have addressed the point regarding testing consistency with Rio’s climate action plan, they offer no comment on the reliability of the 1.5°C stress test, or on the specific carbon prices assumed by management, which we view to be too low. Moreover, despite investor requests for the disclosure of commodity price assumptions, KPMG appears to have accepted management’s position that this is not necessary without any indication of their rationale.

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