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had sought to unify the company's listings under a single Australian entity, arguing that the current structure is outdated and could unlock significant value for shareholders.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

Bill Hutcheson, an organist whose melodies have echoed through the Kelvingrove Art Gallery and Museum for over five decades, is set to celebrate his 56th year of performances with a special recital. This event not only honors Hutcheson's enduring contribution to Glasgow's cultural landscape but also coincides with the city's 850th anniversary. Since his first recital in October 1969, Hutcheson has become a beloved figure, weaving the rich tapestry of Glasgow's musical heritage with each performance.

The upcoming recital promises to be a poignant reflection of Hutcheson's career and his deep connection to Glasgow. Featuring pieces such as 'A Glasgow Flourish', arranged by Hutcheson himself, and 'Kelvingrove', a composition by John Barber commissioned by his family, the event is a testament to his musical journey. The finale from Sonata No 4 by Alexandre Guilmant will also grace the program, showcasing the versatility and depth of Hutcheson's artistry.

Hutcheson's relationship with the Kelvingrove organ predates his official recitals, beginning in 1964 when he first played the instrument as a schoolboy. Over the years, his performances have become a cornerstone of the gallery's daily recitals, enchanting visitors with a repertoire that spans from classical to contemporary. 'The organ is like an old friend, capable of anything from a whisper to a roar,' Hutcheson remarked, highlighting the unique bond between musician and instrument.

The Lord Provost of Glasgow, Jacqueline McLaren, praised Hutcheson for enriching the city's cultural heritage and bringing joy to countless visitors. His dedication to the organ recitals at Kelvingrove has not only preserved a cherished tradition but also introduced many to the world of organ music. As Glasgow celebrates its 850th anniversary, Hutcheson's recital stands as a fitting tribute to the city's vibrant artistic spirit and its enduring appreciation for the arts.