https://newsletter.en.creamermedia.com
Financial|Industrial|Resources
Financial|Industrial|Resources
financial|industrial|resources

Australian pension group rejects Mineral Resources pay proposal

19th November 2024

By: Bloomberg

  

Font size: - +

A group representing Australia’s A$3.9-trillion ($2.5-trillion) pension industry has recommended its members vote against the remuneration plan of scandal-hit Mineral Resources at the company’s annual general meeting on Thursday.

The Australian Council of Superannuation Investors wants to clarify what directors knew about Mineral Resources’ investment in industrial property that was part-owned by MD Chris Ellison. The Perth-based miner bought 49% of a company linked to Ellison that owned the property, the Australian Financial Review reported last week, the latest in a series of scandals that has seen the company lose more than half its value from a peak in May.

“Investors want to know who signed off on that transaction,” ASCI’s Executive Manager of Stewardship Ed John said in an emailed statement. “The board must respond on this issue before the AGM.”

Ellison has been under scrutiny after the company that he founded launched an internal inquiry into what the board described as “profoundly disappointing” conduct. Separate investigations were launched by the Australian Securities and Investments Commission, the corporate watchdog, as well as the Australian Securities Exchange.

One of Australia’s largest pension funds, A$88-billion HESTA, has put the company on its watch list, which means it is subject to closer monitoring, and has been engaging directly with it regarding its recent governance failures, CEO Debby Blakey said earlier this month.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.099 0.242s - 190pq - 2rq
Subscribe Now