Mineral Resources tumbles after two governance directors quit
Mineral Resources shares fell more than 7% after two board members overseeing corporate governance resigned.
Jacqueline McGill, who joined the board in early 2024, and Susie Corlett, a member since 2021, quit as non-executive directors on Wednesday, the Perth-based miner of iron-ore and other minerals said in a statement. It didn’t give a reason for their departures.
The pair sat on the company’s ethics and governance committee, according to the Australian Financial Review, which was set up in the wake of a probe late last year into allegations of financial impropriety by MD Chris Ellison. Ellison was fined millions of dollars and subsequently committed to leaving the business he founded within 18 months.
The company said McGill and Corlett “dedicated substantial time and effort over recent months in our efforts to improve governance and procedures across the business, whilst navigating their significant other professional commitments,” according to the statement.
Earlier this month, Mineral Resources said it had been served with a class action suit filed in the Supreme Court of Victoria tied to Ellison’s alleged misconduct. The company said it planned to defend the matter.
Ellison had declared in February that governance issues at Mineral Resources were “finished,” after the company posted a hefty first-half loss.
Its shares in Sydney dropped 7.2% to A$16.94 as of 2:46 p.m. local time. They’ve fallen more than 50% over the year to date.
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