Security tight as bosses face up to their owners

THERE were men in black suits manning the doors by the dozen at Rio Tinto's annual meeting at the Sofitel in Brisbane yesterday.

But if the security was tight, it was generally polite, telling shareholders with anything more than their handbag or a clutch folder briefcase they should check their luggage at a conveniently placed cloakroom window.

That left shareholder activist Stephen Mayne, bleary-eyed after riding the the red-eye special overnight from the West Australian Newspapers showdown with Kerry Stokes on Wednesday, complaining he'd be unable to bring his recording equipment into the meeting.

Which may have applied also to any BHP Billiton spies who wanted to get the meeting's details on the record. No one missed recording much, however – though Mr Mayne's usual many questions probably prolonged the get-together by three-quarters of an hour, to more than two hours.

Chairman Paul Skinner took a patient but firm view.

Mr Mayne reckoned that Rio – with its board consisting of knights, a lord and several old school ties – might be risking being snubbed by the new Labor Government,particularly one led by a mandarin speaker.

BHP's chairman Don Argus he pointed out, spoke often of BHP as an Australian ``champion''.

Mr Skinner was not perturbed. He said Rio's London domicile was an accident of history – and reckoned an international company like Rio needed to be a champion in all the countries in which it operated.

Copyright © 2024 The Mayne Report. All rights reserved

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