In statement to shareholders in the company’s annual report, Bundey acknowledged it had been a difficult year for the company.
MinRes chairman Malcolm Bundey.
“The past year has brought significant governance challenges for MinRes, including shortcomings related to transparency, oversight and risk management,” he said.
“As a result, the company’s reputation and stakeholder confidence have been impacted, prompting a rigorous response across all levels of the organisation.
“Beyond regulatory compliance, MinRes recognises effective governance is essential for long-term value creation. The company is prioritising a culture of greater transparency, disciplined capital management and proactive risk oversight.”
Responding to a shareholder question as to why Ellison was still in his role and whether he would continue to be paid by the company, Bundey quickly shut down any further discussion.
“I believe we have covered that question in my address, and we will not be taking any further questions on that topic,” he said.
Almost exactly 12 months ago, Ellison told shareholders he made an “error of judgment” in failing to report his personal tax and expressed regret for the impact his decision had on the business and its staff.
In November last year he assured investors he had repaid the funds he owed to the company and vowed to support the board as it embarked on a global search for his replacement within the next 18 months.
“I can’t express how much I hate what I have done, this is a dark cloud in my life that I will live with forever,” Ellison said at the time.
