Jan 23, 2013

Now’s the time to secure Rio Tinto HQ for Australia

Gina Rinehart has called for it, and it makes a lot of sense: bringing Rio Tinto home. Applying some board pressure could force new CEO Sam Walsh to shift HQ to Perth.

Stephen Mayne ā€” Journalist and Founder

Stephen Mayne

Journalist and Founder

Rio Tino

If Paul Keating wants to take some revenge on Rio Tinto for completely breaking the promises extracted when he and then-treasurer Ralph Willis approved the 1995 CRA-RTZ Dual Listed Company merger, he should quickly round up some numbers and nominate for the board.

Rio Tinto’s corporate calendar reveals the London AGM is being held on April 18 and then the Australian leg is in Keating’s home town of Sydney on May 9. Rio’s ongoing status as a plaything of the London business establishment has never been more vulnerable than now after Alcan has emerged as the biggest destroyer of cash in the history of corporate takeovers.

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4 thoughts on “Now’s the time to secure Rio Tinto HQ for Australia

  1. Kristian

    I’m certainly no expert, but I wonder what actual difference it would make?

  2. michael r james

    Ha! The board lurve their regular first-class trips–if not private jet– (en famille no doubt) to London, being put up at some fancy hotel for a week or whatever in one of the most expensive cities in the world, and which most of them, in their cringeing pathetic way, still think is the centre of the universe. Sam Walsh is like the Cheshire cat–he’s arrived at the top and can play in the pen with the big boys. He is the very last person anyone should expect to want to change it.

    You’re asking for these blokes to put other interests above their own short-term ones. It would need a government with backbone to force it.

  3. dunph

    Like Gorbachev, no one should underestimate Mr Walsh.

    He’s had a lot of time to gain wisdom from the mistakes of others.

    It is equally the case that he takes on the Rio MD role with an agenda, rather than wanting to give up the trappings of a comfortable life ensconced in WA Inc.

  4. Mike Flanagan

    One can symphathise with Steven’s desire to bring the board home but I am unsure we want another load of these people populating our shores.
    We have enough idiots on hand demonstrating how to exploit the nations assets for others, without importing more.

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