SYDNEY: Pension fund Health Employees Superannuation Trust Australia (Hesta) says it has sold its remaining stake in billionaire Chris Ellison-founded Mineral Resources, citing “serious governance concerns”.
The mining services provider has been grappling with governance issues, primarily involving Ellison, with allegations including tax evasion and misuse of company resources for personal projects.
In an email to Reuters, Hesta confirmed it had divested approximately A$14mil (US$8.99mil) worth of its stake in Mineral Resources.
Hesta said concerns about the company’s governance were not addressed quickly enough, despite repeated engagement with the board.
The pension fund added that departures of directors on the ethics and governance committee were a “significant step backwards” in addressing the concerns. — Reuters
