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Own Rio Tinto (ASX:RIO) shares? Here’s why the miner’s new chair appointment is making waves

What’s the latest from the mining behemoth?
The post Own Rio Tinto (ASX:RIO) shares? Here’s why the miner’s new chair appointment is making waves appeared first on The Motley Fool Australia. –

The 力拓集团 (ASX: RIO) share price could be one to watch over the coming weeks.

In 2022, the company’s shares have risen 7.15% in value for its shareholders. In contrast, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.08% to 7,438.9 points over the same timeframe.

At Wednesday’s market close, the mining giant’s shares finished the day up 0.85% to $107.27.

Canadian watchdog asked to investigate potential conflict of interest

According to the Australian Financial Review, Canada’s Ethics Commissioner has received a request to investigate incoming Rio Tinto chair, Dominic Barton’s job appointment.

The probe is centred around whether Mr Barton broke ethics rules by meeting with the mining giant in October. At that time, Mr Barton was serving as Canada’s ambassador to China.

It’s worth noting that Rio Tinto has a considerable interest in the Asian superpower. In fact, the company has been supplying iron ore to China Baowu. The latter, which is state-owned has become the largest iron and steel company in China.

Reportedly, two MPs from the New Democratic party wrote to the commissioner, Mario Dion last Friday. The letter voiced concerns regarding Mr Barton’s meeting with Rio Tinto executives before being awarded the high-ranking job.

The miner announced that Mr Barton secured the role on 20 December, swapping out current chair, Simon Thompson. This is roughly ten weeks after the October meeting with senior Rio Tinto officials, and two weeks before leaving his post as a diplomat.

The website for the office of the conflict of interest and ethics commissioner, states that former appointed or elected officials are restricted from being employed by private companies that have had direct or significant dealings in their final 12 months of working for the government.

Mr Barton is expected to join Rio Tinto’s board in early April, before taking up the chair position on 5 May.

Rio Tinto briefly touched on the subject, saying it’s aware of the investigation and that it would not impact Mr Barton’s appointment.

Rio Tinto share price summary

Despite travelling higher in 2022, it has been a disappointing 12 months for Rio Tinto shareholders. The company’s shares have lost around 11% in value since this time last year.

Rio Tinto has a market capitalisation of $39.49 billion and approximately 371.22 million shares on hand.

The post Own Rio Tinto (ASX:RIO) shares? Here’s why the miner’s new chair appointment is making waves appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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