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If you hark your mind back, Mineral Resources (ASX:MIN) was the talk of the town last year when it was revealed the company’s main chief, Chris Ellison, had known about and moved to obfuscate evidence of tax evasion schemes.
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It was seen as a great reckoning for the stock, with much speculation over whether or not the founder would survive on the board.
Eventually, the stock was brought perhaps reluctantly to the point where it eventually agreed to say Chris Ellison would step down in 2026. It made that decision after reviewing the allegations the company was hit with.
But now, the company is – somewhat amusingly – reviewing that review.
In a corporate presentation released on Tuesday, it’s now evident the Board is second-guessing whether getting Ellison is a good idea or not.
(The presentation also detailed the company’s efforts to address ESG outcomes, the number of women it hires, and its involvement with charity.)
The love-him-or-hate-him 80s-vibes mining boss always had a strong support base from those investors willing to overlook the trappings of human greed in exchange for the fundamental economics of iron ore production.
At the time, many commentators wondered whether Ellison – whose reputation for having a strong personality is well known – would really step down.
This is the same man who, somewhat infamously, complained about staffers leaving his HQ to go and buy coffees from down the road.
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On Tuesday, then, it maybe wasn’t so surprising to learn that might not eventuate. If the market cares, it wasn’t particularly evident – shares were up +1.15% in lunchtime trades.
At the same time, though, 1Y returns are down nearly -60%. Make of that what you will.
MIN last traded at $24.74/sh.
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