Rio Tinto Board Changes: Strengthening Expertise and Diversity

Rio Tinto, the global mining giant, has announced significant changes to its Board of Directors, with the appointments of Dean Dalla Valle and Susan Lloyd-Hurwitz, and the departure of Simon McKeon. These changes aim to enhance the Board's capabilities, experience, and diversity, aligning with the company's strategic objectives and addressing its challenges and opportunities.

Dean Dalla Valle, an Australian citizen with four decades of operational and project management experience in the resources and infrastructure sectors, will join the Board on 1 June 2023. His extensive experience in developing complex mining projects and operating across various commodities on multiple continents will be invaluable to Rio Tinto as it continues to develop and operationalise its suite of key capital projects. Dalla Valle's deep operational and technical experience and acumen, with a clear focus on safety, will also be highly regarded across the mining industry and will contribute significantly to the Board's capabilities and experience in key areas.

Susan Lloyd-Hurwitz, also an Australian citizen, brings extensive leadership experience in Australia's built environment sector, having been Chief Executive Officer and Managing Director of Mirvac Group for over a decade. She is known for her transformational leadership on cultural change, gender equity, diversity and inclusion, and sustainability. Lloyd-Hurwitz's deep understanding of sustainability will be critical as Rio Tinto works with its customers to decarbonise its entire value chains. Her experience in establishing a strong culture that is purpose-driven, commercial, inclusive, and innovative will be particularly important for Rio Tinto as it continues on its own journey of cultural transformation. Lloyd-Hurwitz's transformational leadership skills will also be valuable in addressing the company's challenges and opportunities, particularly in relation to its cultural reset and rebuilding trust with stakeholders.

The departure of Simon McKeon as a Non-Executive Director at the conclusion of the Rio Tinto Limited annual general meeting on 2 May 2024 will impact the Board's dynamics and expertise. As the Senior Independent Director and the Designated Director for workforce engagement, McKeon has taken a particular interest in Rio Tinto's revitalised approach to engagement with the broader Australian community as well as the company's cultural reset. His departure will leave a void in the Board's leadership and expertise in these areas.

To ensure a smooth transition and maintain the Board's overall strength, Rio Tinto has taken several steps. Over the course of 2023, the company announced the appointments of five new Non-Executive Directors, including Dalla Valle and Lloyd-Hurwitz, as part of a phased transition. This move aims to refresh the Board's composition and strengthen its capabilities and experience in key areas. The Board has been proactive in seeking Non-Executive Directors with diverse and complementary skills and perspectives, as well as experience that reflects the geographical spread of the Group's operations. This approach helps maintain a strong balance of skills, knowledge, experience, and diversity on the Board.

In conclusion, the changes to Rio Tinto's Board of Directors demonstrate the company's commitment to strengthening its leadership and expertise in key areas, aligning with its strategic objectives of operational excellence, project development, and sustainability. The appointments of Dean Dalla Valle and Susan Lloyd-Hurwitz, along with the departure of Simon McKeon, will contribute to the Board's diversity and effectiveness in addressing the company's challenges and opportunities.