ANZ has decided to stop lending money to Australia’s biggest coal port, the Port of Newcastle, after adopting new policies last year that prohibit it entering new finance deals for customers with significant exposure to the fossil fuel. The bank, which had been part of a syndicate of lenders, decided not to participate in the refinancing of hundreds of millions of dollars owed by the port, Guardian Australia has confirmed. However, another.
By Reuters Staff
4 Min Read
MELBOURNE (Reuters) - Rio Tinto chairman Simon Thompson is set to face further pressure over the board’s handling of the destruction of sacred rock shelters in Australia after an Indigenous group accused him of breaking a personal promise, analysts said.
FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray
The traditional owners of the rock shelters said Thompson had told them Rio’s acting head of iron ore, Ivan Vella, who had led reconciliation efforts, would see the process through to its end, The Australian newspaper reported on Thursday, citing a letter to Rio from the traditional owners.
Rio Tinto board could face pressure on Indigenous broken promise claim
FILE PHOTO: FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia
MELBOURNE (Reuters) – Rio Tinto chairman Simon Thompson is set to face further pressure over the board’s handling of the destruction of sacred rock shelters in Australia after an Indigenous group accused him of breaking a personal promise, analysts said.
The traditional owners of the rock shelters said Thompson had told them Rio’s acting head of iron ore, Ivan Vella, who had led reconciliation efforts, would see the process through to its end, The Australian newspaper reported on Thursday, citing a letter to Rio from the traditional owners.
Super funds must follow through on climate plans
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Last year was jam-packed with superannuation funds making bold statements on climate change.
AustralianSuper, Aware Super, Cbus, HESTA and UniSuper all made commitments to invest only in net zero emissions companies and rolled out beefed-up climate plans.
Super funds announced grand climate plans last year. Now it’s time to walk the talk.
Credit:Bloomberg
These funds collectively manage more than half a billion dollars of our retirement savings. So while there is reason for applause, now is not the time for complacency.
The average Australian chief executive stays in the job for just five years, so somewhat vague commitments in the distant future means accountability for these climate targets is slim.
Aboriginal native title groups say Rio Tinto’s executive reshuffle is a sign the company is in “PR mode” and the new appointments won’t lead to meaningful change in the miner’s dealings with traditional owners. Investors also remain sceptical as to whether Rio has committed to the cultural change needed after it destroyed 46,000-year-old rock shelters at Juukan Gorge in the Pilbara. They are flagging a confrontation with management at the.