Rio Tinto, the $160 billion global mining giant, has successfully resisted an activist investor's push to review its dual-listed structure, with shareholders overwhelmingly voting against the proposal. The London-based hedge fund Palliser Capital had sought to unify the company's listings under a single Australian entity, arguing that the current structure is outdated and could unlock significant value for shareholders. However, less than 20% of the votes cast at the annual general meetings supported the review, falling short of the threshold required under UK corporate governance rules to mandate further consultation.

The outcome represents a significant victory for Rio Tinto's board, which had strongly opposed the proposal, citing potential tax costs in the mid-single digit billions of US dollars and asserting that unification is not in the best interests of shareholders or the company as a whole. The board's stance was supported by a wide consultation with shareholders, who ultimately agreed that the dual-listed structure should remain in place. This decision underscores the challenges activist investors face when attempting to sway large, established corporations with complex global operations.

Palliser Capital's campaign had drawn parallels with BHP's decision to move its primary listing to Sydney in 2022, following pressure from activist investors. However, Rio Tinto's shareholders, particularly those holding UK-listed stock which comprises about 77% of the investor base, showed little appetite for change. The Australian-listed shares, trading at a premium of about 25%, reflect the tax advantages available to Australian shareholders, a factor that may have influenced the voting outcome.

The rejection of Palliser's proposal also highlights the broader debate about the future of London's stock market, which has seen several high-profile companies consider or execute moves away from the UK. Despite these challenges, Rio Tinto's decision to maintain its dual-listed structure signals confidence in the current setup, at least for the foreseeable future. The company's ability to fend off the activist campaign may serve as a case study for other corporations facing similar pressures, demonstrating the importance of board-shareholder alignment in corporate governance decisions.

In a significant shift from tradition, King Charles III has announced the decommissioning of the royal train, marking the end of over 180 years of royal rail travel. This decision, part of broader cost-cutting and modernization efforts within the royal household, reflects the monarchy's adaptation to contemporary financial and logistical realities. The royal train, a symbol of the British monarchy's long-standing relationship with the railway, will cease operations next year, with the royal family transitioning to helicopter travel for their official duties.

The royal train's history dates back to Queen Victoria's first rail journey in 1842, a moment that heralded a new era of royal mobility. Over the decades, the train evolved, with successive monarchs adding personal touches and modern amenities, from King Edward VII's yacht-inspired design to King George V's installation of the first train bath during World War I. The current iteration, upgraded in 1977 for Queen Elizabeth II's Silver Jubilee, has served the royal family faithfully, embodying both tradition and innovation.

James Chalmers, the Keeper of the Privy Purse, emphasized the decision's fiscal prudence, stating the need for the royal household to apply 'fiscal discipline' and be 'forward-looking in our allocation of funding.' The move comes as the Sovereign Grant, which funds royal duties and palace upkeep, remains steady at £86.3 million for the financial year ending in March 2025. The royal train's retirement is a poignant moment for the monarchy, symbolizing both an end and a new beginning.

As the royal train prepares for its final journey, the royal family looks to the future, embracing modern modes of transportation that align with today's demands. This transition, while marking the end of an era, also underscores the monarchy's enduring ability to evolve with the times. The fond memories and historical significance of the royal train will undoubtedly remain a cherished part of Britain's royal heritage.