Mineral Resources shares swing to red after board shake-up
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More news: Shares in Mineral Resources erased early gains to slump into negative territory after the mining group announced two new non-executive directors this morning. It followed the resignation of three board members in April in the aftermath of a series of scandals last year.
MinRes shares were down 2.4% to $24.37 at 2:30pm AEST, having spiked more than 3% at the open.
Mineral Resources appoints two non-execs after board exodus
The news: Mining group Mineral Resources has appointed Lawrie Tremaine and Ross Carroll as independent non-executive directors, effective today, following a board exodus earlier this year.
The numbers: Tremaine was most recently chief financial officer at Origin Energy, leaving last year after seven years in the role. He was previously CFO at oil giant Woodside Energy for six years.
Carroll, who stepped down as chief executive of Toronto-listed miner Commerce Resources in March, was previously CFO at Hong Kong-listed metals group MMG from 2015 to 2024.
Between 2012 and 2015, Carroll was CEO of ASX-listed mining services company Macmahon Holdings, following time as CFO at Woodside and more than 18 years at mining heavyweight BHP.
The context: The new appointments follow the resignations of three board members in April, including the final member of the miner's ethics and governance committee set up in the aftermath of a series of scandals last year.
MinRes said both Tremaine and Carroll will join that committee, with Carroll as chair, in addition to new non-executive board chair Malcolm Bundey and non-executive and former cricketer Justin Langer.
Tremaine will now chair the audit and risk committee, consisting of Carroll, Bundey and Xi Xi, who has stepped down as chair. Colleen Hayward will leave the committee but remain on the board.
The company is currently facing a formal investigation from corporate regulator ASIC after managing director Chris Ellison last year admitted to involvement in an alleged tax evasion scheme. It is also facing class action proceedings in the Supreme Court of Victoria.
What they said: "Their appointments reflect by immediate priorities as chair — to strengthen our board composition, our corporate governance and place a comprehensive focus on the balance sheet," said Bundey.
"This is a major first step in our board renewal process. I acknowledge that regaining trust takes time, sustained effort and delivery of performance outcomes, but I am confident our new directors will greatly assist the MinRes board and executive in ensuring we deliver on our commitments."
The source: ASX
