Just like the Richard White scandal, the troubles of WA mining royalty Chris Ellison at his baby Mineral Resources show the dire state of corporate governance in Australia.
It feels almost antithetical to include the words “corporate governance” in the same sentence as the company Mineral Resources .
When this scandal erupted late last month, the board issued a statement saying it had “full confidence” in Ellison and his leadership. That ill-judged digital statement to the ASX will now haunt the board for some time. Allowing him to remain – even if that accords with the wishes of some shareholders – further trashes what’s left of this board’s governance credentials. Shareholders may understandably be concerned about the management and strategic void a swift exit of Ellison would cause, but letting him stick around for as long as 18 months sends a dangerous message to corporate Australia.
This inadvertently sucked MinRes into a tax evasion scandal that was not of its making. The board has admitted to becoming aware of this matter two years ago but argued there was no obligation to disclose it to the market.MinRes’ board admitted on Monday that financial benefits had been given to Ellison’s related parties, including rent relief to entities in which his daughter has an interest.
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