Rio Tinto enquiry closed by accounting watchdog

AN ENQUIRY into Rio Tinto’s 2008 accounts has been closed by the financial reporting watchdog, after the mining giant included more detail in its 2010 annual report.

Rio Tinto’s 2008 directors’ report had been under investigation by the Financial Reporting and Review Panel after questions were raised about whether it contained enough detail.

The Australian mining giant released its 2010 annual report today, which was welcomed by the panel. It included more detailed data on environmental, social and community issues.

The Companies Act 2006 calls for the directors’ report to include fair review of business, development and performance, and the complaints centered on Rio Tinto’s failure to do this.

Further detail on sensitive issues has been provided in the most recent report, including data on potential health risks for workers and people living near uranium mines.

Additional information focuses on the challenges of dealing with local communities and protecting biodiversity, and the Panel is satisfied to close its enquiries.

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