The ongoing ramifications of a tax evasion scandal around Chris Ellison and the portent of iron ore demand upset in a Chinese-U.S. trade war were probably already enough for MinRes (ASX:MIN) shareholders to think about.
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Now they need to make sense of two directors leaving the board one Wednesday morning, especially seeing as one of them was responsible for governance.
Shareholders mightn’t be too pleased about needing to introduce some new factor into their calculus: MinRes was down -3.4% in early hours of trades. While there’s weakness across its peers on Wednesday morning, MinRes’ drop is more pronounced.
(Interestingly, iron ore prices at ~US$98/tn are actually the highest they’ve been since tanking to US$90/tn last week on the SGX as China retaliated with more tariffs on U.S. imports.)
The company didn’t have too much to say about it on Wednesday.
Company NEC James McClements issued a statement farewelling both – both women, which may or may not be worth considering – citing Jacqueline McGill AO and Susan Corlett’s recent effort to “improve governance and procedures.”
What procedures does that mean? Your guess is as good as anybody else’s.
“Both Susie and Jacqui dedicated substantial time and effort over recent months in our efforts to improve governance and procedures across the business, whilst navigating their significant other professional commitments,” McClements wrote.
Mr McClements added: “Susie and Jacqui have contributed an enormous amount to the MinRes Board over their respective tenures.”
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The company’s communique on Wednesday was quick to highlight both women are on the boards of other companies. Busy ladies, surely.
Doesn’t explain why they’ve suddenly walked out the door of MinRes, however.
MIN last traded at $17.63/sh.
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