The Australian Council of Superannuation Investors (ACSI) has noted the release by Rio Tinto of the board review into the destruction of culturally significant sites in the Juukan Gorge.
“The report from the Rio Tinto board review does not deliver any meaningful accountability for the destruction of some of the most significant cultural sites in Australia.” Said ACSI CEO Louise Davidson.
“The company should explain why greater accountability was not applied in light of this disaster.”
“Remuneration appears to be the only sanction applied to executives. This raises the question – does the company feel that £4 million is the right price for the destruction of cultural heritage?“
“An independent and transparent review would have given investors greater confidence that accountability applied was appropriate and proportionate.”
“There are conflicting messages from the Board. The review has identified failure to “implement a fit-for-purpose management system at the mine” yet it also concludes that management should only bear partial responsibility for the failings.”
“The destruction of the caves resulted in a devastating cultural loss. In addition, it is of significant concern to investors because it puts at risk Rio Tinto’s relationship with key stakeholders and its social licence to operate.” She said.