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  "documentTitle": "Rio Tinto (RIO)",
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      "kind": "callout",
      "text": "For more than a decade, 100% of Rio Tinto's dividends have been fully franked",
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      "text": "Full Frankability of Dividends Has Never Been in Question",
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      "text": "Australian Shareholders ownership comparison pre and post unification",
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      "text": "Management obfuscates the franking credit benefits of unification by throwing out that Australian-derived profits may be insufficient in future for shareholders to enjoy fully franked dividends. For more than a decade, 100% of Rio Tinto's dividends have been fully franked.",
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      "text": "dividend franking: 100%",
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      "kind": "quote",
      "text": "After unification, 100% of your dividends have to be franked for shareholders to benefit. So, when you think of our shareholder returns policy... paying out at 60% over the last 8 years, that means 60% of our earnings have to be in Australia to have the capacity to keep on fully franking.",
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      "text": "\"After unification, 100% of your dividends have to be franked for shareholders to benefit. So, when you think of our shareholder returns policy... paying out at 60% over the last 8 years, that means 60% of our earnings have to be in Australia to have the capacity to keep on fully franking.\" — Peter Cunningham, CFO, 31 July 2024",
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      "kind": "source-note",
      "text": "Source: Company filings, Palliser analysis",
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      "kind": "title",
      "text": "Obfuscating Franking Credit Utilisation",
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