Mineral Resources (ASX:MIN) has unveiled its long-awaited corporate response to proven tax-dodging and further allegations surrounding its top dog Chris Ellison.
In short, the company has noted Ellison must receive “sanction” and “penalty,” but he will stay on the board. That penalty looks like an $8.8M hit in penalties and nearly $10M wiped off his paycheck.
This “[reflects] the significant of corporate governance and reputational issues to the company,” MinRes’s Board wrote on Monday.
Of course, then again, Chris Ellison is already a billionaire.
But Ellison’s retained tenure as leader will, apparently, take him no further than the midway point of 2026.
“Mr Ellison expected to remain in role of Managing Director while an orderly transition is effected within the next 12-18 months,” the company wrote on Monday.
“James McClements to step down as chair at or before next year’s AGM.”
So, heads will roll – but they’re surely not going to roll this close to the event that dropped the sword.
Regardless, you could still demand to see the penalty and paycheck hit as a more direct admission of guilt. At least, that’s how one HotCopper user saw it in the announcement thread on Monday.
Despite all this, at Friday close, MinRes shares were up 19% week on week, which left this finance journalist asking if markets weren’t overreacting on the whole.
One point of possible amusement: The company acknowledged multiple shareholders have “shared views” with the company in recent weeks.
No kidding.
MIN last traded at $40.61/sh.
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