X
  • About
  • Advertise
  • Contact
  • Events
Subscribe to our Newsletter
  • News
    • Markets
    • Regulation
    • Super
    • M&A
    • Tech
    • Appointments
  • Podcast
  • Webcasts
  • Video
  • Analysis
  • Promoted Content
No Results
View All Results
  • News
    • Markets
    • Regulation
    • Super
    • M&A
    • Tech
    • Appointments
  • Podcast
  • Webcasts
  • Video
  • Analysis
  • Promoted Content
No Results
View All Results
No Results
View All Results
Home News Markets

Super funds welcome Rio departure

The powerful Australian Council of Superannuation Investors (ACSI) has welcomed the departure of Rio Tinto chairman Simon Thompson in the wake of the Juukan Gorge fiasco. 

by Lachlan Maddock
March 3, 2021
in Markets, News
Reading Time: 2 mins read
Share on FacebookShare on Twitter

Simon Thompson has informed the board of Rio Tinto that he will not seek re-election at the 2022 annual general meeting, saying “the tragic events at Juukan Gorge are a source of personal sadness and deep regret”. 

“Over the past eight months, we have engaged extensively with investors, government, civil society, Indigenous leaders and, most importantly, Traditional Owners, to learn the lessons from Juukan Gorge,” Mr Thompson said. 

X

“We have taken decisive action to address the weaknesses identified in our risk management and governance, while also acknowledging the need to improve our work culture and to rebuild relationships.”

ACSI – which had called for C-suite heads to roll following the destruction of the 46,000-year-old rock shelters – welcomed the decision, saying it was a “step towards the company rebuilding relationships” with traditional owners. 

“Today’s announcement means the board can be renewed. In particular, investors would like to see the Board increase its connection with Australian operations and communities, as well as an increase in mining experience. The destruction of the Juukan caves resulted in a devastating cultural loss,” said ACSI chief executive Louise Davidson. 

Rio Tinto’s own review of the decisions that led to its destruction of the rock shelters found that while it had legal authority to “impact” the site, the move fell short of its own standards and internal guidance.

“It is clear that no single individual or error was responsible for the destruction of the Juukan [rock shelters], but there were numerous missed opportunities over almost a decade and the company failed to uphold one of Rio Tinto’s core values – respect for local communities and for their heritage,” Mr Thompson said at the time.

Related Posts

Macquarie Securities faces $35m penalty for misleading conduct

by Adrian Suljanovic
December 19, 2025

Macquarie Securities has admitted misleading conduct and systemic reporting failures as ASIC seeks a $35 million penalty in the NSW...

Crypto poised for long-term growth: MHC Digital

by Olivia Grace-Curran
December 19, 2025

Digital assets are entering a pivotal phase of maturity, with 2026 expected to mark a decisive year for institutional adoption,...

Regulatory action to be private credit tailwind in 2026

by Georgie Preston
December 19, 2025

Private credit has successfully demonstrated its “durability” in the last 12 months, according to Metrics Credit Partners, with the firm flagging multiple positive...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

VIEW ALL
Promoted Content

Why U.S. middle market private credit is a powerful income solution for Australian institutional investors

In today’s investment landscape, middle market direct lending, a key segment of private credit, has emerged as an attractive option...

by Tim Warrick
December 2, 2025
Promoted Content

Is Your SMSF Missing Out on the Crypto Boom?

Digital assets are the fastest-growing investment in SMSFs. Swyftx's expert team helps you securely and compliantly add crypto to your...

by Swyftx
December 2, 2025
Promoted Content

Global dividends reach US$519 billion, what’s behind the rise?

Global dividends surged to a record US$518.7 billion in Q3 2025, up 6.2% year-on-year, with financials leading the way. The...

by Capital Group
November 18, 2025
Promoted Content

Why smaller can be smarter in private credit

Over the past 15 years, middle market direct lending has grown into one of the most dynamic areas of alternative...

by Tim Warrick, Managing Director of Principal Alternative Credit, Principal Asset Management
November 14, 2025

Join our newsletter

View our privacy policy, collection notice and terms and conditions to understand how we use your personal information.

Latest Podcast

Podcast

Relative Return Insider: MYEFO, US data and a 2025 wrap up

by Staff Writer
December 18, 2025
After more than two decades, InvestorDaily continues to be an institution that connects and influences Australia’s financial services sector. This influential and integrated media brand connects with leading financial services professionals within superannuation, funds management, financial planning and intermediary distribution through a range of channels, including digital, social, research, broadcast, webcast and events.

Subscribe to our newsletter

View our privacy policy, collection notice and terms and conditions to understand how we use your personal information.

About Us

  • About
  • Advertise
  • Contact
  • Terms & Conditions
  • Privacy Collection Notice
  • Privacy Policy

Popular Topics

  • Markets
  • Appointments
  • Regulation
  • Super
  • Mergers & Acquisitions
  • Tech
  • Promoted Content
  • Analysis

© 2025 All Rights Reserved. All content published on this site is the property of Prime Creative Media. Unauthorised reproduction is prohibited

No Results
View All Results
NEWSLETTER
  • News
  • Markets
  • Regulation
  • Super
  • M&A
  • Tech
  • Appointments
  • Podcast
  • Webcasts
  • Promoted Content
  • Events
  • About
  • Advertise
  • Contact Us

© 2025 All Rights Reserved. All content published on this site is the property of Prime Creative Media. Unauthorised reproduction is prohibited