Colonial rabble rousers: How a group of Australian funds toppled Rio's chief | NickToscano1 EKnightOfficial
Nearly three months had passed since Rio Tinto's ill-fated decision toat Western Australia’s Juukan Gorge for a mine expansion, leaving traditional owners devastated and the Australian public incensed. The miner's board of directors, spanning three continents, was searching for a precedent – any relevant benchmarks – that could guide its accountability response.
Rio's American shareholders were said to be furious, and even viewed the proposed bonus cuts as a dramatic overreach against three otherwise-excellent executives, according to a source familiar with the workings of the board. Rio's European funds, too, were more muted in opposition to the bonus cuts proposal. And many fervently supported the board’s decision to keep Jacques as CEO.“Just a few colonial troublemakers ...
In the aftermath of last week's Rio resignations, it's a question that has been raised by several mining and corporate governance insiders, with BHP's 2015 crisis cited as the most obvious benchmark. "We have a real opportunity to encourage companies to behave in a way that creates long-term, sustainable returns for our members."
"I certainly think this hasn't been an issue with mainstream investors before and this does mark a shift into the mainstream," Welsh-Rose says. "I think we are seeing a significant moment."A disturbing truth that this crisis has exposed is that what Rio did was not unlawful. In fact, sacred sites are blasted with some regularity across the Pilbara with all necessary legal approval, consent of traditional owners, and the knowledge of traditional owners .
For Rio's part, there is a recognition that it has significant changes to make. There is trust to rebuild and a healing process to begin – with its traditional owner partners, shareholders, and with Australia.
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