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Stewardship principles
Long-term value creation
Sustainable business practices
Governance fit for purpose
Continuously held since: 2003
Holding as at end 2025: 0.55 percent
Rio Tinto is one of the world's largest diversified mining companies, with operations spanning iron ore, copper, aluminium and critical minerals. It is dual-listed on the Australian Securities Exchange (ASX) and the London Stock Exchange (LSE). Our investment case is built on the company's exposure to long-term structural trends, such as the energy transition and urbanisation, balanced by a recognition of the sector's complex risks. These factors can influence long-term cash generation through commodity demand and pricing, operating costs, access to future growth projects, and the cost of capital.
| Engagement type | First engaged on the topic | Status |
|---|
| Influencing | 2021 | Ongoing |
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| Assessing | 2024 | Completed |
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| Assessing | 2025 | Ongoing |
|---|
Encourage the company to strengthen the ambition of its Climate Action Plan (CAP) and monitor the progress of its implementation
Assess the appropriateness of the company's dual-listed structure amid activism at the AGM
Assess the company’s ability to minimise business interruption and productivity loss through physical risk adaptation and resilience measures
We engaged with the company on its CAP, focusing on transition planning, physical risk adaptation and resilience to support long-term value. We also assessed the merits of an activist investor's proposal for an independent review to unify Rio Tinto's dual-listed structure versus the long-term interests of our clients.
The company’s success is closely linked to the energy transition through market demand for and pricing of the metals it produces, as well as its ability to manage exposure to physical climate hazards in the regions where it operates. As a result, climate adaptation and workforce wellbeing are becoming increasingly important drivers of operational productivity, particularly in the context of extreme heat. Strategic transparency on these issues is important for our capacity to evaluate the company’s long-term investment requirements and how perceptions of risk and return may affect valuation. Additionally, the proposed single listing restructure could affect capital flexibility, add complexity and cost, and create ownership friction.