Mineral Resources CEO Chris Ellison Apologizes Over Tax Scandal and Misuse of Company Resources

Ellison pledges to step down within 18 months after revelations of financial misconduct and shareholder backlash.

Chris Ellison admitted to using company resources for personal gain and failing to disclose financial interests in offshore dealings, leading to a $3.8 million tax settlement with the Australian Tax Office.
Mineral Resources shareholders expressed frustration during the company's annual general meeting, questioning the board's handling of the scandal and its delayed communication of the findings.
The board imposed financial penalties on Ellison, including forfeiting $9.6 million in bonuses and repaying $3.8 million, while also requiring $5 million in charitable donations.
Chairman James McClements acknowledged governance failures but defended the decision to allow Ellison up to 18 months to step down, citing the need for a smooth leadership transition.
The company has faced significant financial and reputational damage, including a plummeting share price and an ongoing investigation by the Australian Securities and Investments Commission (ASIC).