Under the pressure from the investors, Rio Tinto has resigned down over the company’s destruction of a 46,000-year-old site in Australia. According to the company, Jacques is going to leave Rio Tinto once his successor gets chosen. The choosing of a successor will take place during the month of March or till the end of March. Along with Jacques, two other executives are departing. The two executives going to depart are Chris Salisbury, head of the iron ore business, and Simone Niven, group executive for corporate relations. Both of them are going to leave the company until the end of this year.
Furthermore, the Rio Tinto stock got down to nearly 1% in Sydney on Friday. But what happened at Juukan? Simon Thompson, chairman of Rio Tinto said in a statement about the destruction of two rocks shelters in Western Australia. He further adds that we are very much determined to ensure that the destruction of a heritage site of the exceptional archaeology and cultural significance never occurs again at a Rio Tinto operation.
Probing further, the three executives going to leave the company are still going to receive some pay. Along with the pay they are going to get long-term incentive rewards. All three of them are penalized a combined £3.8 million in cut bonuses. In a report from last month, the company said that it failed to meet some of its standards. Further in Friday’s statement, Rio Tinto acknowledged that significant stakeholders show concern regarding executive accountability for the failings identified. However, some of the advocacy in Rio Tinto appreciated the decision of Rio Tinto Company. Therefore, this is not the place where everything will end down. CEO, Jamie Lowe says Rio will soon take some Aboriginal led review & large scale cultural change.