Australian pension group rejects Mineral Resources pay proposal
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation