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business|mining|resources

Mining chief Ellison tells shareholders: ‘I hate what I’ve done’

Chris Ellison

Chris Ellison

21st November 2024

By: Bloomberg

  

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Chris Ellison, the MD and founder of Mineral Resources, told shareholders that he deeply regretted actions that have been revealed in recent weeks, including not paying personal tax.

“I put that behind me,” Ellison said at the company’s annual general meeting in Perth on Thursday. “I deeply regret the impact this has had on the business and our people. I can’t stress enough how much I hate what I’ve done.”

Ellison and the board have been under pressure to explain why the company made historic payments to offshore entities controlled by Ellison. He has pledged to step aside within 18 months but will remain as managing director until a successor is found.

Chairman James McClements told the meeting that while Ellison had lacked judgment and integrity, he backed the managing director to remain in the role. The board was working to strengthen conflict-of-interest procedures, he added.

Edited by Bloomberg

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