A significant set of sanctions announced by the board against Chris Ellison, as well as the chair to step down in due course.

The Board of Mineral Resources Limited (ASX: MIN) (MinRes or Company) provides the following update on the conclusions the Board has reached and the actions the Board will take in relation to governance issues involving the Company’s Managing Director Chris Ellison and others. The major actions the Board will take are:

• Introduction of new processes to strengthen corporate governance
• Mr Ellison to incur Board-imposed financial penalties of $8.8 million, and loss of remuneration of up to $9.6 million, reflecting the significance of corporate governance and reputational issues to the Company
• An acceleration of the leadership succession plan in a manner that protects shareholder value and investors’ interests 
• Mr Ellison expected to remain in role of Managing Director while an orderly transition is effected within the next 12-18 months
• James McClements to step down as Chair at or before next year’s AGM

Full announcement here

Disc: Not held