“If this is the behaviour of a company thought to have sector-leading standards, what is the risk another Juukan Gorge-type incident will happen again, without sector-wide reforms? Entsch said Rio’s appearance before the inquiry raised more questions than it answered. Bloomberg The futures of Mr Jacques, iron ore boss Chris Salisbury and â¦ WA has released new draft laws which carry a $10m fine for unauthorised damage to a site, but rely on the same agreement-making processes already used by mining company’s negotiating with native title holders. (Reuters: Toby Melville)Organisational weakness. With shareholders publicly urging Rio's board to dismiss or demote chief executive Jean-Sebastien Jacques and two of his senior executives at crisis meetings this … ABC NEWS (Australia) 2:16. The Australasian Centre for Corporate Responsibility (ACCR) wants FMG to halt mining activities that would disturb, destroy or desecrate cultural heritage sites until relevant laws are strengthened. In no way can this be called a satisfactory partnership or legal arrangement.”. NFL Highlights History. 2:06. “The nature of these agreements and how they are negotiated represents a systemic risk for investors that will not be mitigated by executive changes,” CEO Debby Blakey said. On Thursday, the mining giant named Chief Financial Officer Jakob Stausholm as CEO. « 1 » â¦ Did Rio Tinto’s […] Rio Tinto chief sacked By Eyewitness News Rio Tinto chief executive Tom Albanese will be replaced after his disastrous 2007 acquisition. MELBOURNE, Australia--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said “We have delivered a strong safety and operational performance in the face of the significant global challenges of COVID-19. “But it is such a tragedy that we have to talk about the situation in these terms. Langton said Rio must now build a workforce with greater local knowledge, better able to engage with traditional owners to “establish the kinds of cultural heritage protection mechanisms that were recommended to them”. Rio Tinto’s Chief Executive and two other high-ranking executives have stepped down amid the aftermath of the mining giant’s destruction of the Juukan Gorge caves. So there may be more changes.”. “New leadership, new structures and new operating principles within the company are essential to preventing such catastrophes in the future.”. THE executive sacked by Australian mining giant Rio Tinto over a controversial $13.8 million payment to a consultant to an African president is back in the mining game. Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday, defying expectations it would pick an external candidate to … I’m keen now for the board and the company to move on, learn the lessons that it needs to learn and become again the leader in those partnerships between Aboriginal and non-Aboriginal people,” he said. Entsch said he hoped other mining companies would make similar commitments. Australia’s biggest superannuation funds also demand the miner guarantee the protection of culturally important sites, Lorena Allam, Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown almost entirely on the value of his two most significant acquisitions, the â¦ We need to make sure that there’s been no unconscionable conduct,” she said. But I suspect those shareholders haven’t finished in respect of what they want to see from the board. (Reuters: Toby Melville)Organisational weakness Of course, Rio â¦ “Mining companies are on notice they do not have the social license to destroy First Nations peoples’ heritage and culture,” Siewert said. They are supported by the mining industry. “We cannot and will not allow this type of devastation to occur ever again,” the statement added. Langton told ABC TV on Friday: “We’re [not] going to be satisfied with three scalps. Hesta, which manages $52bn on behalf of more than 870,000 Australians, wants an independent review of all current agreements between the company and traditional owners, and says it is talking to major global investors to join them in lobbying the Rio Tinto board. Ben Butler and “A more sophisticated approach is one that we have been adopting, and that is requiring genuine engagement between the proponents,” Wyatt said. In a statement, Rio Tinto president Simon Thompson said in a statement that “what happened in Zhucan was wrong.” He referred to the destruction of two rock shelters in Western Australia containing artifacts indicating that humans had occupied them for tens of thousands of years. Reprieve for sacked Qantas staff as Woolies, Telstra and Rio Tinto step forward to employ 20,000 laid off workers 20,000 Qantas employees have lost â¦ “Rio can now work with traditional owners to guarantee that its processes are appropriate for the protection of culturally important sites and that it has the right internal accountabilities,” chief executive Ian Silk said. ABC NEWS (Australia) ... Kirk Cousins sacked for second time. How about their utter incompetence in dealing with our cultural heritage?”. Rio Tinto executives sacked over destruction of historic site Australian indigenous groups have welcomed the resignation of Rio Tinto's CEO and two top lieutenants over the mining giant's destruction of a 46,000-year-old Aboriginal site to expand an iron ore mine in Australia. When the shareholders get involved, you often get a reaction from the board. Rio Tinto chief executive Jean-Sebastien Jacques and two senior executives were last month stripped of $7 million in bonuses after an internal investigation found they must bear some responsibility for the destruction of 46,000-year-old Juukan Gorge rock shelters in Western Australia, one of the most significant archaeological sites in the nation. CANBERRA, Australia -- Rio Tinto chief executive Jean-Sebastien Jacques will leave the Anglo-Australian mining giant by March over the destruction of Australian Indigenous sacred sites to access iron ore, the company said on Friday. They just want to be able to protect their most significant cultural heritage sites,” council CEO Jamie Lowe said. At the same time as announcing the executive exits, it gave one of its non-executive directors special responsibility for oversight of its affairs in the country. One of Australia’s biggest superannuation funds says the departure of CEO Jean-Sébastien Jacques, head of iron ore Chris Salisbury, and corporate affairs chief Simone Niven won’t be enough to restore investor confidence. This news comes less than a month after Rio Tinto CEO Jean-Sébastien Jacques resigned in response to pressure from investors over the company’s avoidable destruction of a 46,000-year-old sacred Indigenous site in Australia. Rio Tinto CEO and two top execs stand down over Juukan Gorge debacle. Mining giant Rio Tinto made headlines last week as it faces allegations of poisoning rivers in Papua New Guinea. Rio Tinto's new CEO pledges to 'restore trust' after destruction of sacred Indigenous site By Michelle Toh , CNN Business Updated 5:08 AM ET, Thu December 17, 2020 R io Tinto has sacked three senior executives, including the global CEO, as penance for destroying a 46,000-year-old archaeological and sacred site in … âI am also acutely aware of the need to restore trust with Traditional Owners and our other stakeholders, which I view as a key priority for the company,â he added. On Thursday, BHP announced it was setting up a heritage advisory council with Banjima native title holders to inform the design of its $4.5bn South Flank iron ore mining operation. Rio Tinto CEO Tom Albanese has stepped-down as head of the world's second-largest mining group after a multi-billion writedown to the value of â¦ Rio Tinto fires two of its top executives over $10.5 million in payments to a consultant who helped the company win rights to develop the world's largest â¦ âRio Tintoâs purpose is to produce the materials essential to human progress and I remain deeply committed to this after the difficult times we have faced during 2020,â he said in a statement. The WA treasurer and Aboriginal affairs minister, Ben Wyatt, also said Rio had lost connection with the Pilbara, where it generates 75% of its revenue. Rio Tinto sacked chief executive Tom Albanese on Thursday and revealed a $14 billion writedown in connection with his two most significant acquisitions, the Alcan aluminium group and Mozambican coal. Rio Tinto Group CEO Jean-Sébastien Jacques, Rio Tinto Chief Executive Iron Ore, Chris Salisbury and Corporate Relations Group Executive, Simone Niven are all stepping down in response to shareholder pressures for â¦ Rio Tinto announced last month that Jacques would lose $3.5 million in bonuses and Salisbury and Niven around $700,000 each over the destruction in May of two rock shelters in Juukan George in Western Australia state that had been inhabited for 46,000 years. Rio … The company recognised its loss of engagement with Australia on Friday. Western Australian Greens senator Rachel Siewert said Rio’s decision should also put pressure on the federal and state governments to strengthen heritage protection laws. Rio Tinto destroyed the caves, in the Pilbara Desert in Western Australia, with government approval but against the objections of two peoples with deep â¦ “The evidence received by the committee has made clear that the internal culture at Rio Tinto was a significant factor in the destruction of these sites,” inquiry chair, Queensland LNP MP Warren Entsch, said. Rio itself was increasingly run from its global headquarters in London – a move some market observers say left executives increasingly out of touch with what was happening on the ground in the Pilbara, the source of the rich iron ore that drives the company’s profits. The National Native Title Council said changes must be industry-wide. “The moratorium, proposed by people unfamiliar with the West Australian mining industry, is not supported by Fortescue as it would disempower local Aboriginal people in the Pilbara and limit the positive contribution the mining industry is making to the state and national economies, at a time when it is needed most,” the chief executive, Elizabeth Gaines, said. Two years later they wrote-down the value of the assets by $3 billion. Capitol rioter allegedly tweeted he wanted to 'assassinate' AOC, President Joe Biden's inaugural parade to the Oval Office, FBI investigating explosion, graffiti at church known for anti-LGBT views, MyPillow Guy among the Trump acolytes picking up the torch, Biden’s agenda clashes with looming impeachment trial, Rio Tinto chief executive Jean-Sebastien Jacques attends an annual general meeting in Perth, May 9, 2019. “FMG has a dubious history of engagement with Pilbara native title holders, specifically the Yindjibarndi people. Rio Tinto's chief executive Jean-Sebastien Jacques has been in charge of the company since 2016. A latex peel taken from the wall of the oldest rock shelter has been on display in the Brockman 4 administration building since 2014. Jacques will leave the Anglo-Australian mining giant by March, 2021, over the destruction of the sacred sites, the company said on Friday, Sept. 11, 2020. Jean-Sebastien Jacques is leaving Rio Tinto early next year after more than four years as CEO Two other senior executives, the heads of iron ore and corporate affairs, are also leaving The departures are in response to Rio Tinto's destruction of ancient Aboriginal cultural heritage sites in May this year Calla Wahlquist, Fri 11 Sep 2020 16.00 EDT Following the impairment charge, which included an additional $11 billion in asset write-downs, Chief Executive Officer of Rio Tinto, Tom Albanese stepped down from his post and left the company. A further 46 sites identified as sacred by the Banjima did not meet the threshold for the WA Aboriginal cultural materials committee to register them as a site, meaning they could be destroyed or damaged without permission. Traditional owners are not anti-economic development. (Will Russell/AAP Image via AP). Investors were expecting the mining giant would pick an external candidate. What we need to do is stop the destruction of sites.”, Available for everyone, funded by readers, Greenpeace report warns against granting licences to ‘deeply destructive’ industry with opaque oversight, and calls for global ocean treaty, Planning permission granted to Cumbria project that will extract 2.7m tonnes of coal per year, The Australian Mining and Exploration Council tells Juukan Gorge inquiry changes to strengthen laws would be an ‘over-reach’, The government introduced legislation in August to set up ‘one-stop shops’ at state level, before Samuel review of national laws was complete. Rio admitted that a huge number are still sitting in a non-airconditioned shipping container on a mining site in the Pilbara. Hesta’s concerns flow from revelations that many of the agreements between traditional owners and mining companies contain “gag clauses” preventing them from voicing concerns about heritage destruction. Rio Tinto taps insider Stausholm for CEO in surprise pick after cave destruction By Sonali Paul and Rashmi Ashok 17/12/2020 Third Covid vaccine set for â¦ Stausholm will assume the role on January 1, the same day outgoing CEO Jean-Sébastien Jacques is slated to step down. “The reason that a request must be made is because the facility is located on an active mine site. Lowe welcomed the decision to replace the three executives. Guardian Australia revealed in June that the Western Australian government had granted BHP permission to destroy 40 Aboriginal heritage sites belonging to the Banjima people, in order to progress its South Flank development. Rio Tinto (NYSE: RIO) expenses have trended steadily lower from around $29.0 billion in 2016 to about $26.6 billion in 2018. This will test whether it has learned from past mistakes. Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday. Mike Henry, BHP’s (NYSE: BHP; LSE: BHP; ASX: BHP) chief executive officer, has been at the job only since January 2020. “We need to see them commit to employing experts in their company, not spin doctors and external relations people,” she said. Rio Tinto’s share price fell almost 1% in Sydney on Friday. Rio Tinto named Chief Financial Officer Jakob Stausholm as its next chief executive on Thursday, defying expectations it would pick an external candidate to â¦ Anthropologist Prof Glynn Cochrane, who spent 20 years implementing Rio Tinto’s social performance program, said: “It’s like blowing up the tomb of the unknown soldier and forgetting about the occupant.”, “The traditional owners can access their material at any time by request,” the company said. “That left them exposed when this crisis occurred. Comments as recently as last year, coming from the chairman saying ‘That is not a community I’m going to empower with tens of millions of your cash’, demonstrate the company and board have a long way to go in understanding and valuing the intricacies of cultural heritage and the agency of traditional owners.”, It’s like blowing up the tomb of the unknown soldier and forgetting about the occupant. Our focus continues to rest heavily on preserving Aboriginal heritage and advocating for wide-ranging changes to ensure a tragedy like this never happens again," the corporation said in a statement. “It is a profound statement to say that senior executives did not know when the company has been aware since the early 00s of the significance of the caves.”. Changes to the Environmental Protection, Biodiversity and Conservation (EPBC) Act will allow state governments to make the decision for nationally-listed cultural heritage places such as the Fitzroy River. 2016 - Eli Manning sacked by Corey Lemonier. Rio Tinto CEO and other top executives to step down after Australia cave blast review. NFL Highlights History. The Western Australian government has promised to update Indigenous heritage laws that allowed Rio Tinto to legally destroy the sacred sites. “We need to see those agreements. “It is very much a part of the complex of problems that led to the destruction of the caves that the agreements are completely confidential and also include gag clauses. How about the main problem? Mining companies usually advise a vote against such shareholder resolutions, but BHP has left the door open to supporting it. © 2021 Guardian News & Media Limited or its affiliated companies. Sacked Rio Tinto exec hits back over Guinea bribery scandal Save Simandou in Guinea is believed to be one of the biggest undeveloped high-grade iron ore deposits in the world Rio Tinto releases fourth quarter production results MELBOURNE, Australia--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said âWe have delivered a strong safety and operational performance in the face of the significant global challenges of COVID-19. “It’s very important that the most significant material taken from the destroyed sites is always available to the traditional owners, in a centre that’s dedicated to them,” Langton said. In a statement, Rio Tinto president Simon Thompson said in a statement that âwhat happened in Zhucan was wrong.â He referred to the destruction of two rock shelters in Western Australia containing artifacts indicating that humans had occupied them for tens of thousands of years. 24/7 coverage of breaking news and live events. Australia’s biggest superannuation fund, the $175bn AustralianSuper, also sees the executive departures as merely a starting point. "Rio Tinto now has the opportunity to address the necessary remediation, cultural heritage and risk processes with fresh eyes," ACSI chief executive Louise Davidson said in a statement. Former Rio Tinto executive Alan Davies' services are still in strong demand despite being sacked by his former employer last year, with the Brisbane-born â¦ The rock shelters' traditional owners had no comment to make on the Rio Tinto leadership changes, Puutu Kunti Kurrama and Pinikura Aboriginal Corp. said. Last modified on Sat 12 Sep 2020 21.13 EDT. Rio Names New CEO as Scrutiny Over Australian Blasts Lingers. “Any company looking to develop a new project or expand an existing one will need to ensure all stakeholders are satisfied – above and beyond what government legislation stipulates you can or cannot do,” S&P said in a report to clients. 0:12. “The board has yet to adequately demonstrate to investors that they have appropriate governance and oversight arrangements in place to manage this risk.”. By mutual agreement, Jacques will step down once a replacement has been appointed or on March 31, whichever happens sooner, the statement said. Rio Tinto concluded in an internal review last month that there was “no single root cause or error that directly resulted in the destruction of the rock shelters.”, But internal documents revealed last week that Rio Tinto had engaged a law firm in case the traditional owners, the Puutu Kunti Kurrama and Pinikura people, applied for a court injunction to save the rock shelters. Rio Tinto faces tough task to rebuild reputation Fallout from scandal over destruction of historic site risks spreading despite departure of CEO and... FT.com - Published on September 12, 2020 Rio Tinto CEO goes in “There needs to be a consistent theme of them showing that they are conscious of Aboriginal cultural heritage and its protection,” Lowe said of mining companies. Rio Tintoâs share price fell almost 1% in Sydney on Friday. Published Thu, Sep 10 2020 8:40 PM EDT Updated Fri, Sep 11 2020 7:54 AM EDT. That warning was echoed this week by ratings agency S&P which said investors would be looking for more than just technical compliance with the law. Rio Tinto CEO stepped down following Juukan Gorge. “We cannot and will not allow this type of devastation to occur ever again,” the PKKP Aboriginal council said. Rio Tinto (ASX, LON, NYSE: RIOâ¦ Mining giant Rio Tinto made headlines last week as it faces allegations of poisoning rivers in Papua New Guinea. Top commodities trader and miner Glencore (LSE: GLEN) is waving its long-term boss Ivan Glasenberg good-bye. The parliamentary inquiry set up to investigate the debacle welcomed news of Friday’s resignations. The University of Melbourne academic, Prof Marcia Langton, who has advised several companies on Indigenous engagement, says transparency is essential. “The loss of those executives I suspect was inevitable. But Wyatt won’t halt current mining company applications to destroy heritage under the WA act saying a moratorium was “a clumsy approach”. "Rio Tinto's purpose is to produce the materials essential to human progress and I remain deeply committed to this after the difficult times we have faced during 2020. This news comes less than a month after Rio Tinto CEO Jean-Sébastien Jacques resigned in response to pressure from investors over the companyâs avoidable destruction of a 46,000-year-old sacred Indigenous site in Australia. 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