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Rio Backed CEO After Blast, Then Watchdog Investors Revolted

  • Reaction in more than 75 meetings prompted Jacques’ removal
  • Miner knew of Aboriginal sites’ significance before explosions
Bloomberg business news
Mining CEO Goes Following Site Blasts
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By the time Rio Tinto Group’s chairman, Simon Thompson, and non-executive directors talked on a late-night conference call Thursday, they’d spent a chastening two weeks in the bull’s-eye of hardening investor attitudes toward social and governance issues.

Dozens of meetings with shareholders and Indigenous community leaders made it clear that, in the aftermath of explosions in Western Australia’s Outback that decimated two ancient Aboriginal heritage sites, the world’s second-biggest miner made another major miscalculation.