Mineral Resources' Chairman to Step Down

MT Newswires Live11-21 12:57

Mineral Resources (ASX:MIN) Non-Executive Chairman James McClements will step down to align with the company's new governance reforms amid allegations faced by Managing Director and Chief Executive Chris Ellison, according to a Thursday filing with the Australian bourse.

Under the reforms, the company has established an independent ethics and governance committee to focus on compliance and the whistleblowing process, the filing said.

The company will also take steps to exit or unwind existing arrangements that no longer have a commercial benefit, including the one with a consortium led by Ellison, per the filing.

McClements will step down before the 2025 annual general meeting. The board's search for a new managing director is expected to be completed within the next 12 to 18 months.

The company shares fell past 2% in recent Thursday trade.

Price (AUD): $33.96, Change: $-0.75, Percent Change: -2.16%

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