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had sought to unify the company's listings under a single Australian entity, arguing that the current structure is outdated and could unlock significant value for shareholders.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

King Charles has joined forces with Oscar-winning actress Cate Blanchett in a previously unpublicized podcast recording focused on global conservation efforts. The 22-minute episode, titled "Unearthed: The Need For Seeds," was recorded in the private gardens of Windsor Castle in July and features the monarch alongside Blanchett and Kew seed scientist Dr. Elinor Breman. This marks only the second podcast recording in the King's public life, demonstrating his continued commitment to environmental causes that have defined much of his royal work.

The conversation centered on the Millennium Seed Bank at Wakehurst, West Sussex, which King Charles originally opened in 2000 and has maintained an active interest in since. The facility represents one of the world's most ambitious conservation projects, having collected, cleaned, dried and stored nearly 2.5 billion seeds from more than 40,000 plant species in walk-in freezers maintained at minus 20 degrees Celsius. Both the King and Blanchett, who became Wakehurst's first ambassador last year, emphasized the critical importance of this work in preserving global biodiversity.

During the discussion, Blanchett expressed concern about the rapid loss of natural habitats, noting that "97 percent of wildflower meadows have been decimated" in recent decades. She highlighted the disconnect between perceived natural beauty and actual ecological fragility, stating that "there is an urgency to the work that the seed bank does." The King echoed this sentiment, reflecting on his long-standing awareness of environmental degradation, particularly the damage to flower-rich meadows since the postwar period.

The podcast also touched on broader conservation challenges, including the need for increased funding and public awareness. Blanchett pointed to the frustration of seeing "so many extraordinary initiatives right there ready to be scaled up" but lacking financial support and direction. King Charles acknowledged both the progress made and the need to accelerate conservation efforts, stating that while the seed bank's work is "wonderful," the process must speed up to address escalating environmental threats facing plant species worldwide.