rio tinto ceo sacked

The Australasian Centre for Corporate Responsibility (ACCR) wants FMG to halt mining activities that would disturb, destroy or desecrate cultural heritage sites until relevant laws are strengthened. Rio Tinto has been contacted for comment regarding Entsch’s allegations. Former Rio Tinto executive Alan Davies' services are still in strong demand despite being sacked by his former employer last year, with the Brisbane-born … They just want to be able to protect their most significant cultural heritage sites,” council CEO Jamie Lowe said. “That left them exposed when this crisis occurred. The executive sacked by Rio Tinto amid a corruption investigation plans to take legal action against the mining group.Alan Davies, chief executive of its energy and minerals division, was sacked … “We will continue to work with Rio Tinto in the aftermath of the Juukan Gorge disaster. That warning was echoed this week by ratings agency S&P which said investors would be looking for more than just technical compliance with the law. Rio Tinto concluded in an internal review last month that there was “no single root cause or error that directly resulted in the destruction of the rock shelters.”, But internal documents revealed last week that Rio Tinto had engaged a law firm in case the traditional owners, the Puutu Kunti Kurrama and Pinikura people, applied for a court injunction to save the rock shelters. Rio Tinto faces tough task to rebuild reputation Fallout from scandal over destruction of historic site risks spreading despite departure of CEO and... FT.com - Published on September 12, 2020 Rio Tinto CEO goes in “The evidence received by the committee has made clear that the internal culture at Rio Tinto was a significant factor in the destruction of these sites,” inquiry chair, Queensland LNP MP Warren Entsch, said. Jamie Lowe, chief executive of the National Native Title Council, which represents Australia's traditional owners of the land, said he had called on Rio Tinto to take more action than cutting executive bonuses. MELBOURNE, Australia--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said “We have delivered a strong safety and operational performance in the face of the significant global challenges of COVID-19. Mining companies are taking notice. When the shareholders get involved, you often get a reaction from the board. We can repatriate anything and everything salvaged from PKKP country at any time should a request be made by the PKKP.”. Rio Tinto’s Chief Executive and two other high-ranking executives have stepped down amid the aftermath of the mining giant’s destruction of the Juukan Gorge caves. “Significant stakeholders have expressed concerns about executive accountability for the failings identified,” Rio Tinto said in a statement. Rio Tinto chief sacked By Eyewitness News Rio Tinto chief executive Tom Albanese will be replaced after his disastrous 2007 acquisition. Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown in connection with his two most significant acquisitions, the Alcan aluminium group and Mozambican coal. Anthropologist Prof Glynn Cochrane, who spent 20 years implementing Rio Tinto’s social performance program, said: “It’s like blowing up the tomb of the unknown soldier and forgetting about the occupant.”, “The traditional owners can access their material at any time by request,” the company said. (Will Russell/AAP Image via AP). Hesta, which manages $52bn on behalf of more than 870,000 Australians, wants an independent review of all current agreements between the company and traditional owners, and says it is talking to major global investors to join them in lobbying the Rio Tinto board. Earlier this week, the parliamentary inquiry said Rio had misled its members. Rio Tinto releases fourth quarter production results MELBOURNE, Australia--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said “We have delivered a strong safety and operational performance in the face of the significant global challenges of COVID-19. But Wyatt won’t halt current mining company applications to destroy heritage under the WA act saying a moratorium was “a clumsy approach”. Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown almost entirely on the value of his two most significant acquisitions, the … They are supported by the mining industry. New Rio Tinto boss Jakob Stausholm faces the first major test of his tenure as Rio chief executive, with the government of Mongolia renewing threats to … What we need to do is stop the destruction of sites.”, Available for everyone, funded by readers, Greenpeace report warns against granting licences to ‘deeply destructive’ industry with opaque oversight, and calls for global ocean treaty, Planning permission granted to Cumbria project that will extract 2.7m tonnes of coal per year, The Australian Mining and Exploration Council tells Juukan Gorge inquiry changes to strengthen laws would be an ‘over-reach’, The government introduced legislation in August to set up ‘one-stop shops’ at state level, before Samuel review of national laws was complete. This will test whether it has learned from past mistakes. Rio Tinto chief executive Jean-Sebastien Jacques and two senior executives were last month stripped of $7 million in bonuses after an internal investigation found they must bear some responsibility for the destruction of 46,000-year-old Juukan Gorge rock shelters in Western Australia, one of the most significant archaeological sites in the nation. (Reuters: Toby Melville)Organisational weakness. Top commodities trader and miner Glencore (LSE: GLEN) is waving its long-term boss Ivan Glasenberg good-bye. Ben Butler and “If this is the behaviour of a company thought to have sector-leading standards, what is the risk another Juukan Gorge-type incident will happen again, without sector-wide reforms? Comments as recently as last year, coming from the chairman saying ‘That is not a community I’m going to empower with tens of millions of your cash’, demonstrate the company and board have a long way to go in understanding and valuing the intricacies of cultural heritage and the agency of traditional owners.”, It’s like blowing up the tomb of the unknown soldier and forgetting about the occupant. Mike Henry, BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) chief executive officer, has been at the job only since January 2020. Fallout from scandal over destruction of historic site risks spreading despite departure of CEO and two others ... to stay at the helm of Rio Tinto. The National Native Title Council said changes must be industry-wide. Rio Tinto CEO stepped down following Juukan Gorge. Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown almost entirely on the value of his two most significant acquisitions, the … Turn on desktop notifications for breaking stories about interest? “We cannot and will not allow this type of devastation to occur ever again,” the statement added. “In engagement with us, FMG has been clear that it is happy for business to continue as usual. “The nature of these agreements and how they are negotiated represents a systemic risk for investors that will not be mitigated by executive changes,” CEO Debby Blakey said. Rio … Rio Tinto CEO steps down over destruction of 46,000-year-old Aboriginal caves. This contradicted Jacques’ earlier public statements that senior executives did not know just how important Juukan Gorge was until after it was destroyed. “Mining companies are on notice they do not have the social license to destroy First Nations peoples’ heritage and culture,” Siewert said. One of Australia’s biggest superannuation funds says the departure of CEO Jean-Sébastien Jacques, head of iron ore Chris Salisbury, and corporate affairs chief Simone Niven won’t be enough to restore investor confidence. We need to make sure that there’s been no unconscionable conduct,” she said. Mining giant Rio Tinto made headlines last week as it faces allegations of poisoning rivers in Papua New Guinea. © 2021 Guardian News & Media Limited or its affiliated companies. Rio Tinto (NYSE: RIO) expenses have trended steadily lower from around $29.0 billion in 2016 to about $26.6 billion in 2018. “New leadership, new structures and new operating principles within the company are essential to preventing such catastrophes in the future.”. A top Rio Tinto executive sacked over a suspect multimillion-dollar payment connected to the mining giant's African operations says the company had … Australia’s biggest superannuation fund, the $175bn AustralianSuper, also sees the executive departures as merely a starting point. On Thursday, BHP announced it was setting up a heritage advisory council with Banjima native title holders to inform the design of its $4.5bn South Flank iron ore mining operation. All rights reserved. ABC NEWS (Australia) ... Kirk Cousins sacked for second time. The ACCR has also sought similar assurances from BHP. Trump’s Parting Gift to Rio Tinto Has a Sting in the Tail The miner finally got approval to pursue a copper project on Native American land. I’m keen now for the board and the company to move on, learn the lessons that it needs to learn and become again the leader in those partnerships between Aboriginal and non-Aboriginal people,” he said. (Reuters: Toby Melville)Organisational weakness Of course, Rio … A further 46 sites identified as sacred by the Banjima did not meet the threshold for the WA Aboriginal cultural materials committee to register them as a site, meaning they could be destroyed or damaged without permission. “The board has yet to adequately demonstrate to investors that they have appropriate governance and oversight arrangements in place to manage this risk.”. Entsch said Rio’s appearance before the inquiry raised more questions than it answered. This isn’t a positive thing for Western Australia. A subsequent release of hundreds of pages of documents in response to the inquiry’s questions revealed that Rio’s senior management hired lawyers to prepare for a potential injunction against the destruction of ancient rock shelters in Juukan Gorge, three days before they were destroyed. ABC NEWS (Australia) 2:16. WA has released new draft laws which carry a $10m fine for unauthorised damage to a site, but rely on the same agreement-making processes already used by mining company’s negotiating with native title holders. Rio Tinto Group CEO Jean-Sébastien Jacques, Rio Tinto Chief Executive Iron Ore, Chris Salisbury and Corporate Relations Group Executive, Simone Niven are all stepping down in response to shareholder pressures for … Changes to the Environmental Protection, Biodiversity and Conservation (EPBC) Act will allow state governments to make the decision for nationally-listed cultural heritage places such as the Fitzroy River. "Rio Tinto must prioritise working with traditional owners, the Puutu Kunti Kurrama and Pinikura people, to rebuild their relationship. 2016 - Eli Manning sacked by Corey Lemonier. Investors were expecting the mining giant would pick an external candidate. 24/7 coverage of breaking news and live events. Sacked Rio Tinto exec hits back over Guinea bribery scandal Save Simandou in Guinea is believed to be one of the biggest undeveloped high-grade iron ore deposits in the world “Our expectation is that oversight and accountability for cultural heritage management is elevated to the highest levels within Rio Tinto,” Aberdeen’s Camille Simeon said. Rio Names New CEO as Scrutiny Over Australian Blasts Lingers. “Rio can now work with traditional owners to guarantee that its processes are appropriate for the protection of culturally important sites and that it has the right internal accountabilities,” chief executive Ian Silk said. Rio Tinto’s share price fell almost 1% in Sydney on Friday. Hesta’s concerns flow from revelations that many of the agreements between traditional owners and mining companies contain “gag clauses” preventing them from voicing concerns about heritage destruction. Two years later they wrote-down the value of the assets by $3 billion. Entsch said he hoped other mining companies would make similar commitments. Rio Tinto's new CEO pledges to 'restore trust' after destruction of sacred Indigenous site By Michelle Toh , CNN Business Updated 5:08 AM ET, Thu December 17, 2020 Langton said Rio must now build a workforce with greater local knowledge, better able to engage with traditional owners to “establish the kinds of cultural heritage protection mechanisms that were recommended to them”. The political fallout is ongoing. 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 … On Thursday, the mining giant named Chief … Rio Tinto’s Chief Executive and two other high-ranking executives have stepped down amid the aftermath of the mining giant’s destruction of the Juukan Gorge caves. How about their utter incompetence in dealing with our cultural heritage?”. Rio Tinto has sacked three senior executives, including the global CEO, as penance for destroying a 46,000-year-old archaeological and sacred site in Western Australia’s Pilbara, but shareholder and Indigenous groups insist the move must signal the start of a major overhaul of the way all mining companies operate in the region. CEO Jean-Sébastien Jacques, iron ore boss Chris Salisbury, and corporate affairs head Simone Niven will have to step down. The head of global mining giant Rio Tinto and two other executives have resigned after an investor revolt over the destruction of the Juukan Gorge in Western Australia. Langton said the PKKP and other traditional owners in the Pilbara must be given the power to decide how they want their cultural materials stored and reparations should also be made in the form they demand. The company recognised its loss of engagement with Australia on Friday. R io Tinto has sacked three senior executives, including the global CEO, as penance for destroying a 46,000-year-old archaeological and sacred site in … “But it is such a tragedy that we have to talk about the situation in these terms. Rio Tinto is the latest top miner to make key executive changes. Shareholders are also seeking accountability from Fortescue. In a statement, Rio Tinto president Simon Thompson said in a statement that “what happened in Zhucan was wrong.” He referred to the destruction of two rock shelters in Western Australia containing artifacts indicating that humans had occupied them for tens of thousands of years. Rio Tinto CEO Jean-Sebastien Jacques is under pressure to resign. THE executive sacked by Australian mining giant Rio Tinto over a controversial $13.8 million payment to a consultant to an African president is back in the mining game. This news comes less than a month after Rio Tinto CEO Jean-Sébastien Jacques resigned in response to pressure from investors over the company’s avoidable destruction of a 46,000-year-old sacred Indigenous site in Australia. In no way can this be called a satisfactory partnership or legal arrangement.”. The company destroyed the caves against the wishes of the of … Mining companies usually advise a vote against such shareholder resolutions, but BHP has left the door open to supporting it. Additionally, the WA Aboriginal heritage act does not give traditional owners the right to veto or even object to the destruction of their important sites. Australia’s biggest superannuation funds also demand the miner guarantee the protection of culturally important sites, Lorena Allam, Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday, defying expectations it would pick an external candidate to … Rio Tinto's chief executive Jean-Sebastien Jacques has been in charge of the company since 2016. Rio Tinto’s share price fell almost 1% in Sydney on Friday. Deep-sea ‘gold rush’: secretive plans to carve up the seabed decried, First new deep coalmine in UK for 30 years gets go ahead, Mining bodies and law council at odds over laws protecting Indigenous heritage, Letter reveals Rio Tinto urged transfer of powers to WA ahead of environment law review, Rio Tinto expected to destroy 124 more Aboriginal sites, inquiry told, Lithium find in Cornwall spurs hopes of regeneration, Rio Tinto CEO and senior executives resign from company after Juukan Gorge debacle, BHP announces plan to slash emissions by 30% over next decade but stops short of quitting coal and oil, hired lawyers to prepare for a potential injunction, released new draft laws which carry a $10m fine for unauthorised damage to a site, Changes to the Environmental Protection, Biodiversity and Conservation (EPBC) Act, revealed in June that the Western Australian government had granted BHP permission to destroy 40 Aboriginal heritage. 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