Two directors and members of newly-established ethics and governance committee exit Mineral Resources board
Mineral Resources’ board has been plunged into turmoil with the abrupt departure of two independent directors charged with lifting the battling company’s governance standards after a series of scandals.
Jacqueline McGill and Susie Corlett have resigned as non-executive directors of MinRes with immediate effect, dealing another blow to the mining and services group’s credibility.
The duo were members of an independent ethics and governance committee formed to clean up the group’s governance after a disastrous 2024 marked by revelations about related party deals struck by founder and chief executive Chris Ellison.
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MinRes provided no reasons for the departures but Ms McGill has been with the company for little more than a year.
Chair James McClements said both directors had both “contributed an enormous amount to the MinRes board over their respective tenures”.
“Both Susie and Jacqui have 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,” he said.
“On behalf of the board, I want to thank Jacqui and Susie for their contribution and wish them the best for the future.”
Ms McGill — also a board member at Goldfields, New Hope Group, 29 Metals and Royal Automobile Association of South Australia — joined MinRes in January 2024.
Ms Corlett is a director of mineral sands major Iluka Resources and this week influential proxy adviser Ownership Matters told clients not to re-elect her at Iluka given her MinRes connection.
“Susie Corlett has been an independent non-executive director at ASX-listed Mineral Resources since January 2021, a tenure of 4.5 years,” the report stated.
“During this period there have been material corporate governance shortcomings at MIN, particularly regarding related party transactions and board oversight.”
At MinRes’ fiery 2024 annual general meeting, which was just weeks after governance issues involving Mr Ellison came to light, Ms McGill said it had been a year at MinRes she “didn’t expect”.
“It’s been full of unexpected turns and challenges and things, frankly, I couldn’t have contemplated when I came on board,” she said at the time.
“As the chairman has noted, I’m now playing a central role in the process to ensure MinRes has the strongest possible governance processes and arrangements.
“I’m proud to be part of that, and I’m committed to achieving strong outcomes.”
MinRes has been through significant turmoil after revelations Mr Ellison had been evading tax on offshore companies he co-owned before MinRes’ joined the ASX in 2006.
The MinRes founder later described the failure to declare the revenue from the companies, which bought and sold mining equipment for on-sale in Australia, as “a poor decision and a serious lapse of judgement.”
This and other shortcomings triggered his resignation and the resignation of chair James McClements. The duo remain at the business for the time-being.
The board also pledged a range of policies and processes in a bid to tighten up its governance systems.
An ethics and governance committee was set up to “oversee the company’s compliance efforts and ensure that the Company meets the highest legal and ethical standards going forwards” in November.
“Members will include independent non-executive directors Denise McComish, Susie Corlett and Jacqui McGill.”
Amid the governance turmoil, MinRes has a large amount of debt hanging over its head while weak lithium prices and operational issues at its key Onslow iron ore project weigh heavily on earnings.
