HESTA places MinRes on watchlist due to governance concerns

8 November 2024

Attributable to HESTA CEO Debby Blakey:

HESTA has been engaging directly with Mineral Resources Limited (MinRes) regarding its recent governance failures and we remain disappointed with the company’s response to date.

Our concerns include that the Managing Director’s succession timeframe does not reflect the seriousness of the issues and that the issues identified indicate a systemic failure of governance at the senior management and Board level.

As a result, HESTA has placed MinRes on our watchlist, and subject to our engagement escalation framework.

Watchlist companies are the focus of closer direct engagement and monitoring. Our engagement escalation framework also considers voting against Director elections, supporting or filing of shareholder resolutions, and/or consideration of divestment where HESTA considers there is inadequate evidence of progress to address risks and it is in members’ best financial interests.

We believe the MinRes Board has a critical opportunity ahead of the company’s upcoming Annual General Meeting to provide investors with confidence they are taking appropriate action to address these governance failures.

Alongside MinRes, Woodside and Santos remain HESTA watchlist companies.

Ends.

About HESTA

HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $88 billion* in assets invested around the world.

*Information is current as at the date of issue.