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had sought to unify the company's listings under a single Australian entity, arguing that the current structure is outdated and could unlock significant value for shareholders.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.

Health Secretary Wes Streeting has announced an urgent independent inquiry into maternity services at Leeds Teaching Hospitals NHS Trust, describing himself as "shocked" by families' experiences of "repeated maternity failures in Leeds - made worse by the unacceptable response of the trust." The decision comes after years of campaigning by bereaved families who reported feeling "gaslit, dismissed and even blamed" for what went wrong at one of Europe's largest teaching hospitals. Mr. Streeting emphasized the "stark contradiction between scale and safety standards" at the trust, which official data shows "remains an outlier on perinatal mortality."

The inquiry follows a June downgrade by the Care Quality Commission, which rated maternity services at the trust as "inadequate" and identified serious risks to women and babies. Inspectors highlighted a deep-rooted "blame culture" that made staff reluctant to raise concerns about incidents. Brendan Brown, chief executive of LTH NHS Trust, apologized to bereaved families and expressed hope that the inquiry would provide them with "answers." He stated the trust is "determined to do better" and is already taking significant steps to improve maternity and neonatal services following reviews by regulatory bodies.

Families affected by the failures have welcomed the inquiry but are calling for rigorous leadership, specifically requesting that midwife Donna Ockenden chair the investigation. Fiona Winser-Ramm, whose daughter Aliona died in 2020 after an inquest found multiple failures, emphasized the importance of ensuring the inquiry is "the best and most thorough that it can possibly be." She described how families have been "thrust into this life that none of us should be living," noting that their shared grief should never have brought them together under such circumstances.

Serious questions are now being raised about what Sir Julian Hartley, who led the trust for ten years until 2023 and now heads the Care Quality Commission, knew about the poor maternity care. In a statement, Sir Julian expressed being "truly sorry" for families' suffering and said that while he was "absolutely committed to ensuring good patient care across all services, including maternity," this commitment "wasn't enough to prevent some families suffering pain and loss." Lauren Caulfield, whose daughter Grace died in 2022, called it "completely unacceptable that nothing has been done to date" to examine Sir Julian's role, expressing hope that the inquiry will address this gap.