Glass Lewis Endorses Palliser’s Proposal for Review of Rio Tinto’s DLC Structure

• Leading international proxy advisory firm recommends shareholders vote FOR Palliser’s resolution to conduct a proper examination into the unification of Rio Tinto’s DLC structure
• Board’s disclosures fail to demonstrate “full and proper engagement in the unification question”

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”) today welcomed Glass Lewis’ endorsement of its resolution at the Annual General Meeting (AGM) for Rio Tinto Plc (LSE:RIO) on April 3, 2025.

Palliser has been pushing for Rio Tinto to conduct an independent, comprehensive and transparent review of the unification of its dual listed company (DLC) structure into a single Australian-domiciled holding company, arguing that shareholders deserve more than the closed-door internal assessment conducted by the Board to date.

Glass Lewis concludes that the Rio Tinto Board has fallen short of investor expectations on this occasion and failed to deliver a “fulsome response or defence” against Palliser’s proposal.¹ It is for this reason that Glass Lewis has taken the unusual decision to recommend against shareholder deference to the Board’s decision-making and endorses Palliser’s escalation of the matter.

In further support of its decision, Glass Lewis notes that the costs of the enhanced review requested by Palliser are justified given “the quantum of potential value” of unification “may be in the billions of dollars”.²

James Smith, founder and Chief Investment Officer of Palliser, said: “We appreciate the support of Glass Lewis and its confirmation that the Rio Tinto Board needs to do better by its shareholders and deliver a more robust investigation of their archaic structure - given the tens of billions of dollars of value at stake for them.”

Further information

All information relating to Palliser’s long-running engagement with Rio Tinto and its AGM proposal, can be found at: UnifyRio.com.

About Palliser Capital

Palliser Capital is a global multi-strategy fund. Our value-oriented investment philosophy is applied to a broad range of opportunities throughout the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups. All available materials concerning Palliser’s ongoing engagement with Rio Tinto can be found at: UnifyRio.com.

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^1	Permission to use quotes was neither sought nor obtained.
^2	Permission to use quotes was neither sought nor obtained.