Rio Tinto Group (ASX:RIO) is facing mounting pressure from Palliser Capital to conduct an independent and transparent review of its decision to maintain its dual-listed company (DLC) structure, according to a Monday letter published by the fund.
Palliser has criticized the company's Board for recommending against a shareholder resolution it co-filed, which called for the review, the letter said.
It also called out the Board for omitting the resolution from Rio Tinto Limited's annual general meeting (AGM), effectively preventing 23% of shareholders from voting on the issue, the letter added.
Palliser argues that this move undermines the principles of the DLC structure and stifles a full, inclusive debate on the matter.
In an email to MT Newswires, a Rio Tinto spokesperson said Palliser Capital submitted a requisition notice for the AGM of Rio Tinto plc and did not submit a requisition notice for the AGM of Rio Tinto Limited.
"They have now informed us that they wish to submit a requisition notice for the AGM of Rio Tinto Limited, and we have informed them how to do this," the spokesperson said.
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