Finding better ways to provide the materials the world needs
Our business
We operate in 35 countries where our 60,000 employees are working to find better ways to provide the materials the world needs
Our purpose in action
Continuous improvement and innovation are part of our DNA
Innovation
The need for innovation is greater than ever
We supply the metals and minerals used to help the world grow and decarbonise
Iron Ore
The primary raw material used to make steel, which is strong, long-lasting and cost-efficient
Lithium
The lightest of all metals, it is a key element needed for low-carbon technologies
Copper
Tough but malleable, corrosion-resistant and recyclable, and an excellent conductor of heat and transmitter of electricity
Bringing to market materials critical to urbanisation and the transition to a low-carbon economy
Oyu Tolgoi
One of the most modern, safe and sustainable operations in the world
Rincon Project
A long-life, low-cost and low-carbon lithium source
Simandou Project
The world’s largest untapped high-grade iron ore deposit
Providing materials the world needs in a responsible way
Climate Change
We’re targeting net zero emissions by 2050
Nature solutions
Our nature-based solutions projects complement the work we're doing to reduce our Scope 1 and 2 emissions
Enabling ESG transparency
Our START™ initiative tracks traceability and responsible production of Rio Tinto materials.
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
Reports 2024
Download our 2024 suite of reports, including our 2024 Taxes and Royalties Paid Report, detailing $8.4 billion of taxes and royalties paid globally during the year
Get the latest news, stories and updates
Things You Can't Live Without
Our podcast discussing what needs to happen to create a sustainable future for the everyday items we have come to rely on
Refuelling the mining industry
How can we power the world’s biggest machines with new fuel solutions?
Forging a low-carbon future
How we're working to decarbonise iron ore and steel
Discover more about life at Rio Tinto
Graduates and students
If you want to drive real change, we have just the place to do it
Empowering families with flexibility
Supporting new parents of any gender with equal access to parental leave
Available jobs
Join our team
SYDNEY--(BUSINESS WIRE)-- As previously disclosed, in light of the ongoing investigations by regulators into a payment made to a consultant in relation to the Simandou iron ore project in Guinea, a deed of deferral was mutually agreed between Rio Tinto and Sam Walsh, as a matter of good corporate governance. Sam was chief executive of the iron ore product group at the time the payment was made.
The principal provision of this deed was that the deferred incentive plan awards, which would have vested up to 2021, would be subject to a staged deferral.
Rio Tinto felt that a further deferral of the amounts that were payable on 31 December 2018 was appropriate given that the regulatory investigations in relation to the Simandou matter are ongoing. However, the parties could not agree to extend the deed of deferral.
Following the completion of an independent confidential and binding dispute resolution process, a determination was made that, under the terms of the deed, Mr Walsh’s incentive plan awards should not be subject to any further deferrals and are payable. As a result, payments will be made by Rio Tinto to Sam Walsh of all deferred incentive plan awards which would have been payable on 31 December 2018 together with associated dividends and interest.
Simon Thompson, Chairman of Rio Tinto said: “When the deferral agreement was entered into, both Rio Tinto and Sam hoped that the Simandou regulatory investigations would have been completed by now. The Rio Tinto Board made a determination, pursuant to the deferral agreement, to further defer the awards as the regulatory investigation remains open. Following the completion of the confidential and binding dispute resolution process, a decision was made that the amounts should be paid.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20200311005829/en/
media.enquiries@riotinto.com riotinto.com Follow @RioTinto on Twitter Media Relations, United Kingdom Illtud Harri M +44 7920 503 600 David Outhwaite T +44 20 7781 1623 M +44 7787 597 493 Media Relations, Americas Matthew Klar T +1 514 608 4429 Media Relations, Asia Grant Donald T +65 6679 9290 M +65 9722 6028
Media Relations, Australia Jonathan Rose T +61 3 9283 3088 M +61 447 028 913 Matt Chambers T +61 3 9283 3087 M +61 433 525 739 Jesse Riseborough T +61 8 6211 6013 M +61 436 653 412 Investor Relations, United Kingdom Menno Sanderse T: +44 20 7781 1517 M: +44 7825 195 178 David Ovington T +44 20 7781 2051 M +44 7920 010 978 Investor Relations, Australia Natalie Worley T +61 3 9283 3063 M +61 409 210 462 Amar Jambaa T +61 3 9283 3627 M +61 472 865 948 Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 7, 360 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404
This announcement is authorised for release to the market by Rio Tinto’s Group Company Secretary.
Category: general
Source: Rio Tinto