Super Council argues Mineral Resources board ‘should be inviting ASIC review’ amid Chris Ellison scandal

The Australian Council of Superannuation Investors has urged Mineral Resources to voluntarily bring in the corporate watchdog after an internal probe found company resources had been misused. ACSI executive manager Ed John said the board’s announcement on Monday had raised “serious concerns about the use of company resources for personal benefit, deleting of company emails and related party transactions.” “To restore investor confidence and ensure they have reached the right outcome, the board should be inviting ASIC (Australian Securities and Investment Commission) in to review these matters.” His comments come following damning findings about the tax affairs and misconduct of Mineral Resources managing director Chris Ellison. The New Zealander is due to step down from the helm of the company he founded within the next year and a half as a result of the findings revealed on Monday. He has also been slugged with financial penalties in the order of $18.4m, including losing incentives and bonuses. An Australian Institute of Company Directors spokeswoman told The West Australian that there were “serious allegations being worked through”. She also said the saga served as a reminder that directors and officers should always act with integrity and in line with their statutory duties. “Listed companies need to have high standards of corporate governance, and the CEO must play a critical role in that,” she said. “Ultimately, directors must take decisions which they believe are in the best interests of the company — it will be for the companies’ shareholders, broader stakeholders and the market, to determine whether the company’s response is satisfactory.” Governance Institute of Australia had not provided a comment regarding Mineral Resources at the time of writing. There are eight directors on the Mineral Resources board.