Norway's Sovereign Wealth Fund Opposes Rio Tinto's Dual-Listing Review Resolution

BENGALURU, April 1, 2025 — Norges Bank Investment Management, representing Norway's sovereign wealth fund, has announced its decision to oppose a resolution regarding the dual-listing of mining giant Rio Tinto. The resolution calls for a review of Rio Tinto’s listings in London and Sydney and is set to be voted on during the company’s annual general meeting on Thursday.

The proposal was brought forward by Palliser Capital, a hedge fund based in London, along with over 100 other shareholders. This effort aims to examine the implications and potential benefits of unifying the dual-listed company structure.

Rio Tinto stands as one of the world’s largest iron ore producers and has received significant backing from its shareholders. According to data compiled by LSEG, Norges Bank holds a 2.51% stake in Rio Tinto Plc, making it the seventh largest shareholder of the London-listed segment of the company.

In February, Rio Tinto recommended that its shareholders reject the resolution. The company believes that unifying the dual-listed structure is unnecessary for maintaining its strategic flexibility. A comprehensive review conducted by Rio Tinto indicated that its current dual-listing framework serves the company's operational needs effectively.

As the annual general meeting approaches, the outcome of the vote on this resolution could have significant implications for Rio Tinto’s future governance and operational strategy.

Reporting by Aaditya Govind Rao; Editing by Alan Barona

This news will further unfold as shareholders express their views on the dual-listing and as Rio Tinto shares its insights and responses during the key meeting.