Pension fund HESTA exits Australia's Mineral Resources, flags governance issues
May 12 (Reuters) - Australian pension fund HESTA said on Monday it had sold its remaining stake in billionaire Chris Ellison-founded Mineral Resources (MIN.AX), opens new tab, 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$14 million ($8.99 million) worth of its stake in MinRes.
HESTA said concerns about the company's governance were not addressed quickly enough, despite repeated engagement with the board.
It added that departures of directors on the ethics and governance committee were a "significant step backwards" in addressing the concerns.
($1 = 1.5571 Australian dollars)
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