off-the-wire

Norway sovereign wealth fund to vote against Rio Tinto dual-listing review resolution

Kitco Media
By Reuters
Published:
Updated:
Reuters
Norway sovereign wealth fund to vote against Rio Tinto dual-listing review resolution teaser image

Norges Bank Investment Management will vote against a resolution for mining major Rio Tinto to review its two listings in London and Sydney, the website for Norway’s sovereign wealth fund showed.

Rio Tinto shareholders are set to vote on the resolution, brought by London-based hedge fund Palliser Capital and more than 100 other shareholders, at the world’s largest iron ore miner’s annual general meeting on Thursday.

Norges Bank, the world’s largest sovereign wealth fund, is the seventh biggest shareholder in London-listed Rio Tinto Plc, with a 2.51% stake, according to data compiled by LSEG.

In February, Rio Tinto recommended its shareholders to vote against the resolution.

“A dual-listed companies (DLC) structure unification is not required to provide the group with strategic flexibility,” the company said in March, after conducting a comprehensive review of the structure.

(By Aaditya Govind Rao; Editing by Alan Barona)

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