By Rhiannon Hoyle

Rio Tinto's board unanimously recommended that shareholders vote against a resolution by an activist investor calling for an independent review of its dual-listed structure.

Palliser Capital, a London-based hedge fund, wants the Anglo-Australian mining giant to unify its corporate structure into a single Australian-domiciled company, saying its current dual listing in London and Sydney destroys shareholder value.

In a statement Wednesday, Rio Tinto said a unification of its dual listing "would be value destructive for the group and its shareholders."

Palliser has requisitioned a resolution calling on Rio Tinto to form a committee of independent directors that would review whether unification is in the best interests of shareholders. The resolution also calls for that committee to commission an independent expert report and publish a detailed report of its findings.

Investors holding Rio Tinto's London stock will vote on April 3, while holders of its Australian shares will vote on May 1.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

March 18, 2025 20:04 ET (00:04 GMT)

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