Palliser Capital has published a letter to the Board of Rio Tinto $RIO (-1,12%)
$RIO (-0,51%) seeking an independent, comprehensive and transparent review of the Board's anomalous decision to retain the dual listed company ("DLC") structure.
The letter questions the Board's mindless decision to reject the shareholder resolution co-promoted by Palliser calling for such a review, despite the process called for being entirely in line with best practice for a matter of such critical importance.
Worse still, Palliser notes that the Board has gone so far as to deliberately omit the resolution from Rio Tinto Limited's Annual General Meeting:
"23% of Rio Tinto shareholders were prevented from voting on the simple question of whether Rio Tinto's decision to retain its archaic structure requires a full and proper review"
Palliser calls on the Board to bring the resolution it has co-sponsored to Rio Tinto Limited's Annual General Meeting without delay and to apply the principles of transparency, accountability and fairness to the unification debate.