Mineral Resources Limited (ASX:MIN) is addressing governance issues following recent media reports concerning Managing Director Chris Ellison. The company’s Board has engaged external legal counsel to conduct an investigation, emphasising its commitment to corporate governance and transparency.
In an official statement, the Board noted, “We are dedicated to robust governance practices and have taken these steps to ensure a thorough review of the matters raised.” Mr. Ellison has cooperated fully with the investigation, which is reportedly well-advanced.
The concerns stem from payments made by Mineral Resources to offshore entities linked to Mr Ellison, which were associated with pre-IPO sales contracts recognised as liabilities in the company’s financial statements since its 2006 IPO. Additionally, Mr Ellison self-reported private tax matters to the Australian Taxation Office, repaying amounts owed and informing the Board.
Despite the scrutiny, the Board expressed full confidence in Mr Ellison’s leadership. A further statement will be issued upon the investigation’s completion, detailing findings and any necessary actions.