Rio Tinto

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Rio Tinto is a multinational mining and resources group founded originally in 1873. The group is one of the world's largest mining companies, with a pre-tax profit of approximately US$10.2 billion in 2006 on consolidated turnover of $25.4 billion. It is the largest coal mining company in the world.[1] CEO Tom Albanese was the fifth-highest earning CEO on the FTSE 100 in 2011, taking £11,623,162 in the year till June 2011.[2]

Since 1995, Rio Tinto has been a dual-listed company. Rio Tinto Limited, formerly known as CRA, is listed on the Australian Securities Exchange, with Rio Tinto plc (formerly RTZ) listed on the London Stock Exchange as well as New York Stock Exchange (under ticker RTP). The two companies are managed as a single economic unit by a unified board, with a share in either company entitling the owner to the same voting rights and dividend payouts. RTZ shareholders made up 76.7 percent of the new unified entity, which is primarily managed from London. Its current chief executive is Tom Albanese and the company board is chaired by Paul Skinner.

In 2007 Rio Tinto merged with Canadian formed Aluminium company Alcan to form Rio Tinto Alcan. See the Rio Tinto Alcan page for an expanded account of the company's activities.

See Corporate Watch's detailed pages on Rio Tinto, including Corporate Crimes and Influence and Lobbying

History

The origins of Rio Tinto (Spanish for [Dark Red River) are in southern Spain, at the site of an ancient mine [3] which supplied the Phoenicians, Ancient Greeks, Carthaginians and the Roman Empire. In 1873 N M Rothschild & Sons of London and de Rothschild Frères of Paris joined with other investors to acquire the Spanish government's money-losing Rio Tinto mines. The new owners restructured the company and turned it into a profitable business. By 1905, the Rothschild interest in Rio Tinto amounted to more than 30 percent. Alfred Milner, 1st Viscount Milner served as chairmen for a period before World War One.

In 1962 the (British) Rio Tinto Company acquired a majority stake in Consolidated Zinc, an Australian company, and was renamed Rio Tinto Zinc Corporation (RTZ). The Australian company was renamed Conzinc Riotinto of Australia (CRA) but retained a separate corporate identity, with an increasing proportion of its shares being held by the Australian public. The current dual listed company structure was created in 1995.

People

Directors in Feb 2012

Directors in March 2008

Chairman and executive directors [5]

  • Paul Skinner - Chairman, London
  • Tom Albanese - Chief executive, London
  • Guy Elliott - Finance director, London
  • Dick Evans (Australia) - Executive director & Chief executive, Rio Tinto Alcan, Montreal
  • Andrew Mackenzie - Chief Executive Diamonds and Minerals with Rio Tinto plc (since 2004). Mackenzie also serves as Non-executive Director with energy company Centrica, is a Trustee with think tank Demos (where he was Chairman of the Board of Trustees between 2005 to 2007) and Group Executive and Chief Executive Non Ferrous at BHP Billiton. He previously served 22 years with BP plc (in a variety of senior technical and engineering positions before becoming Group Vice President of BP Petrochemicals)[6]

Non executive directors [7]

Affiliations

PR and Lobbying

Lobbyists

In 2011 Rio Tinto was listed as a client of Bell Pottinger Public Affairs. [8]

People

Resources

Notes

  1. BLCP Coal-fired Power Plant - The Climate Killer, Greenpeace, accessdate=2008-02-27
  2. Directors' Pay Report 2011 (2011), IDS, London. See also: Stephen Foley, 'Business as usual: top directors get 49 per cent pay rise', The Independent, 28 October 2011, accessed 30 November 2011
  3. [1]
  4. Rio Tinto Management Accessed 21/02/2012
  5. Chairman and executive directors, Rio Tinto, accessed March 7, 2008.
  6. Centrica Management Accessed 26th August 2008
  7. Non executive directors, Rio Tinto, accessed March 7, 2008.
  8. Our clients, acc 12 December 2011