Iluka board faces collateral damage from MinRes scandals
An influential proxy advisor has recommended shareholders vote against an Illuka director because of her presence on the board of Mineral Resources.
Influential proxy adviser Ownership Matters is advising clients to vote against the re-election of Iluka Resources director Susie Corlett because of her longstanding presence on the board of troubled lithium and iron ore producer Mineral Resources.
In a report distributed to clients and viewed by Capital Brief, Ownership Matters said Corlett should not be re-elected "in the interests of seeking non-executive director accountability for tenured directors of [MinRes]."
"Susie Corlett has been an independent non-executive director at ASX-listed Mineral Resources (ASX:MIN) since January 2021, a tenure of 4.5 years," the report said.
"During this period there have been material corporate governance shortcomings at MIN, particularly regarding related party transactions and board oversight."
