Mineral Resources Ltd has appointed Malcolm Bundey as its new chairman, signalling a governance reset following a period of leadership turbulence and scrutiny over corporate conduct.
Bundey will officially join the board on 1 July and replaces James McClements at a time when the company faces ongoing reputational challenges linked to managing director Chris Ellison’s involvement in a tax evasion scheme and various related party dealings. The leadership reshuffle follows a wave of board departures, with independent directors Jacqueline McGill and Susie Corlett stepping down shortly after Bundey's endorsement on April 10, and Denise McComish departing by the end of the month.
A departure from the company’s traditional mining industry roots, Bundey brings broader corporate experience, having served as deputy chairman of Brickworks Ltd and previously holding senior executive roles at Goodman Fielder and Rank Group.
Bundey will also chair MinRes’ ethics and governance committee, previously served by the three departing directors, and will lead the company’s board renewal efforts. According to MinRes, he had been engaged with the board and executive team over several months, including a visit to the Onslow Iron project in Western Australia’s Pilbara region.
“Mr Bundey is committed to dedicating a substantial amount of time to the role and will be actively engaging with shareholders and working with management and board colleagues to ensure a seamless transition into the chair role,” the company stated.
“At the same time, he will remain focused on continuing to address the company’s challenges, including further strengthening corporate governance.”
The appointment follows criticism from stakeholders, including industry superannuation fund HESTA, which divested its remaining stake in MinRes last week, expressing concern over the company’s ability to implement necessary reforms.