Q1. Chinalco is our largest shareholder with 15%, held through PLC. Have they expressed a view on collapsing the DLC and how do we deal with them as a controlled entity of the Chinese Government? Have there ever been any discussions about giving a Chinalco a board seat given that we currently have 14 directors, yet they are unrepresented on the board despite owning more than 10% of all shares on issue? What are the instruments which limit the size of Chinalco's shareholding and have any discussions been held with the Australian Government about changing these controls?
Not asked.
Q2. We had a win in Australia's Federal Court in February last year after Rusal and its oligarch controlling shareholders sued us for locking them out of the economic benefits of their 20% stake in the Gladstone bauxite refinery in Queensland as part of the global sanctions regime against Russia following the illegal invasion of Ukraine. Are we ring-fencing the revenues if there is a settlement and peace agreement down the track and was this skirmish the biggest impact from the global Russian sanctions regime or have other assets and commercial dealings been impacted more significantly in other jurisdictions. Are we in a position to buy Rusal's 20% stake in the current environment or are we unable to pay them money for anything? Please summarise where this whole situation is at?
Answer: the chair Dominic Barton read this out in full right at the end of the meeting, then see additional comments by the general counsel and then these remarks by the CEO refusing to comment on the commercial aspects.
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