Business
Rio made a fateful miscalculation, and it isn’t over yet – Sydney Morning Herald
The Rio board figured it could snuff out the embers of dissent with an internal review. Instead it just added more fuel.
And it isnt over yet. Rio knows that Australias biggest industry fund, AustralianSuper, is looking for board changes and will continue to agitate until there is a larger weighting of Australian directors around the table.
Rios concession to making itself more Australian-centric is to elevate one of its three Australian-domiciled directors, Simon McKeon, to the role of “senior independent director”. Its a start but it wont be enough for shareholders looking for a more extensive overhaul.
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