Mining company Rio Tinto advised shareholders

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  • 18 Mar 2019 12:00 AM
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Rio Asks Shareholders to Vote Against Emissions Resolution

Anglo-Australian mining company Rio Tinto said on Monday it would recommend that shareholders vote against a resolution requiring the miner to report its direct emissions and those of its customers in greater detail. Rio Tinto, which released its own climate change report last month, advised voting against the plan because it was not in control of its customer's emissions, and because an analysis it was currently undergoing was based on a different framework. “Scope 3 emissions are primarily the emissions of our customers, mainly steel makers in China, over which we have very limited control.” The emissions resolution was submitted by Melbourne-based non-profit Market Forces, acting as agent for 109 shareholders who hold approximately 0.02 percent of the Australian listing. “By recommending shareholders vote against this resolution, Rio Tinto has failed to take the opportunity to assure shareholders that its new emission reduction targets will be entirely consistent with the climate goals set out in the Paris Agreement,” said Will van de Pol from Market Forces.

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