Rio Tinto (ASX:RIO) boss: ‘This is not the type of company we want to be’

Key points

• The Rio Tinto share price is climbing on Wednesday morning
• The company published a review of its workplace culture including findings of bullying, racism, and sexual assault
• Rio Tinto is determined to implement the report’s recommendations

The Rio Tinto Ltd (ASX: RIO) share price is lifting in morning trade amid the company describing findings of a review into its workplace culture as “disturbing”.

The mining giant’s shares are up 3% at the time of writing, trading at $112.16 apiece. This has recouped yesterday’s loss when the company’s shares dropped 2.74%.

Rio Tinto is the world’s second-largest metals and mining company. Let’s take a look at its latest news.

Review into company culture handed down

Rio Tinto has published a report into its workplace culture carried out by former Australian Sex Discrimination Commissioner Elizabeth Broderick.

It found 28.2% of women and 6.7% of men have experienced sexual harassment at Rio Tinto worksites. 21 women reported attempted rape or sexual assault.

The review also identified incidences of bullying, sexism, and racism.

The company’s chief executive Jakob Stausholm described the findings as disturbing and offered his apologies. He said:

The findings of this report are deeply disturbing to me and should be to everyone who reads them. 

I offer my heartfelt apology to every team member, past or present, who has suffered as a result of these behaviours. This is not the kind of company we want to be.

Rio Tinto said it will implement all the report’s 26 recommendations. Leadership will ensure the company and its camp and village facilities are safe, respectful, and inclusive.

The company will bring in early intervention options and improve how it responds to workplace complaints.

Commenting on the future direction of the company, Stausholm added:

I am determined that by implementing appropriate actions to address the recommendations, and with the management team’s commitment to a safe, respectful and inclusive Rio Tinto in all areas, we will make positive and lasting change and strengthen our workplace culture for the long term.

Rio share price snapshot

The Rio Tinto share price has dropped 2.86% in the past 12 months but has had a good start to the year, up almost 12% in 2022. It’s 4.55% higher in the past week alone.

For perspective, the S&P/ASX 200 Index (ASX: XJO) Index has returned 4.55% in the last 12 months.

Last week, my Foolish colleague James reported Rio Tinto was one of the best performers on the ASX. A broker note out of Macquarie gave the company’s share price an outperform rating with a $130 price target.

Rio has a huge market capitalisation of $41 billion based on its current share price.

The post Rio Tinto (ASX:RIO) boss: ‘This is not the type of company we want to be’ appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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