Mineral Resources requires ship owners carrying the group’s iron ore exports to use a shipping agent owned by the daughter of the chief executive, says Ownership Matters.
Already a subscriber?The daughter of Mineral Resources chief executive Chris Ellison has earned millions of dollars in undisclosed fees after her company was given preferential treatment to help ship the group’s iron ore exports, according to governance advisory group Ownership Matters.
A review of hundreds of cargoes showed that all but a dozen shipments or fewer were handled by Ms Craker’s company.Shipping agents provide myriad services, from organising documentation to port authorities and shippers to monitoring vessel operations, transport and crew arrangements. Mineral Resources said it was common within the industry to nominate a shipping agent. Ownership Matters is not suggesting the arrangements are improper.MinRes also uses a marine surveyor company, Propel Marine, set up by Ms Craker in 2018, to perform vessel draft surveys, inspections and marine warranty surveys on ships carrying the group’s iron ore. This leads to the unusual position where safety checks on MinRes ships are the responsibility of the daughter of the CEO.
Ownership Matters noted that “unlike BHP, Rio and Fortescue, ship agency at MIN has never been subject to a competitive open tender process.” “This is due to the critical role played by SAS in facilitating the importation of key items for the Onslow Iron Project,” a spokesman said, an apparent reference to the acquisition of trans-shippers.
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