Shareholders of Mineral Resources are expected to raise tough questions at the company's AGM in Perth regarding CEO Chris Ellison's alleged misconduct.

Min Res under fire at AGM in Perth

UPDATED:&nbsp;<a href="https://www.mineralresources.com.au/investor-centre/asx-announcements/">MinRes Chair James McClements tried to placate shareholders</a> at the embattled company’s AGM, after defending the board’s decision to allow founder Chris Ellison to remain on as chief executive, despite tax scandal findings and governance issues.&nbsp;&nbsp;“A sudden departure was not considered in the best interest of the company,” McClements said. He also confirmed succession planning for the top job had “been under way for some time” and aims to be completed within the next 12-18 months.&nbsp;The Chair acknowledged that the Board took full responsibility for the governance failures that impacted the miner’s share price and assured investors Ellison had repaid all funds owed to the company.&nbsp;“From time to time, Chris lacked judgement and used Company resources for personal matters” McClements said. “The subsequent personal tax implications, where Chris lacked the judgment and integrity that we would expect of our Managing Director. This resulted in a range of financial penalties that we felt were appropriate and warranted in the circumstances.”&nbsp;McClements also told shareholders the mining company had established an independent Ethics and Governance Committee with a renewed focus on compliance.&nbsp;&nbsp;Chris Ellison addressed the AGM: “Many years ago, I was a partner in a private company and made an error of judgement with reporting of personal tax.”&nbsp;&nbsp;Ellison said: “I want to assure all shareholders, that any personal expenses paid for by the Company were always repaid. Looking back, I accept things could have and should have been done differently around corporate governance, but those measures are now in place.”&nbsp;“I’ve made some mistakes along the way; I own those mistakes and take full responsibility. I’ve built a great Company, delivered extremely good returns to MinRes shareholders, employed thousands of people, created a great working environment for my employees – and provided huge benefits to Australia” Ellison said to shareholders. &nbsp;&nbsp;-------&nbsp;Mineral Resources shareholders are expected to fire hard-hitting questions at management on Thursday (Wednesday GMT) at the company’s annual general meeting in Perth.&nbsp;&nbsp;In recent weeks <a href="https://www.mineralresources.com.au/about-us/leadership/chris-ellison/">chief executive and founder Chris Ellison</a> has been in the spotlight amid allegations of private deals and undeclared payments to offshore entities.&nbsp;&nbsp;The AGM comes as the Australian pension group rejects Mineral Resources’ pay proposal.&nbsp;&nbsp;The Australian Council of Superannuation Investors, representing the A$3.9 trillion (US$2.5 trillion) pension industry has advised its members to vote against the remuneration plan of Mineral Resources.&nbsp;&nbsp;The group will seek clarification surrounding the Perth-based miner’s investment in industrial property that was part-owned by Ellison, after the company bought 49% of a company linked to <a href="https://www.mining.com/web/mineral-resources-paid-rent-of-entities-tied-to-managing-director-ellison/">Ellison that owned the property</a>. &nbsp;&nbsp;Ellison faced scrutiny when the company launched an internal inquiry after the Board said his conduct had been “profoundly disappointing”.&nbsp;&nbsp;The Australian Securities and Investments Commission (ASIC) also commenced an investigation, along with the Australian Securities Exchange (ASX).&nbsp;HESTA is monitoring the company closely after chief executive Debby Blakey said the super fund is liaising directly with MinRes following its recent governance failures.&nbsp;

Mineral Resources comes under fire at AGM in Perth

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Mineral Resources comes under fire at AGM in Perth | Azzet™ - Where decisions are made