7 questions lodged at 2025 Mineral Resources hybrid AGM

Q1. The Australian Financial Review published a big front page story on Mineral Resources on Saturday covering all sorts of internal workings of the company. Did anything in that story surprise new chair Malcolm Bundey? What, if any, impact did it have and what was the response? Were there any factual inaccuracies in the story which you wish to put on the record today or should shareholders take it as being factual?

Answer: Not asked in the general business section at the start or the end of the meeting.

Q2. It was disappointing you didn't disclose the proxy position to the ASX 40 minutes before the AGM started like you did with the 39 pages of formal addresses. Such disclosure would allow for a more fully informed AGM debate and avoid questions like this one. Did any of the proxy advisers recommend a vote against this remuneration report item, or any other item of business today? If so, what concerns did they raise and has this translated into any material against votes?

Answer: Not asked but the moderator left this message on the Computershare system: "Hi Stephen, The chair addressed that in his remarks on the resolution, all proxy advisors have recommended voting “yes” for this resolution except ISS, who have strictly applied their voting policy."

Q3. It is very unusual to have 5 new directors up for election at the one meeting, with no-one seeking re-election, such has been the turnover on this board. Could the first candidate up for election, Ross Carroll, please describe his experience with the recruitment process. Also, what do Ross and the chair think about the idea of asking CEO Chris Ellison, who is a voting director like them, to present himself for election at next year's AGM to seek a formal endorsement from the shareholders. The Australian governance system, which exempts public company CEOs from election, is not common globally. How many years has it been since Chris Ellison was last elected to the board?

Answer: The chair Malcolm Bundey said he'd look at this and Ross Carroll provide a good summary of the process. Watch video of exchange via Twitter.

Q4. There has been a revolving door in and out of the Mineral Resources board over the past two years. As part of his due diligence, did Lawrie Tremaine talk to any of the now departed independent directors about their concerns before agreeing to join this board. Could chair Malcolm Bundey also outlined his approach on this issue.

Answer: The chair Malcolm Bundey said he spoke to anyone and everyone but is primarily focused on moving forward. Watch video of exchange via Twitter.

Q5. The Northern Star board has 8 directors who all live in Perth, whereas Rio Tinto and BHP have zero or close to zero Perth-based directors. According to Linkedin, both Colin Moorhead and the chair are based in Melbourne. Could the chair summarise where the new board has settled in terms of geographic spread and how this is being handled given our sprawling operations in WA. Can he really keep track of an entrenched and sometimes dominating CEO like Chris Ellison from Melbourne or has he set up camp in Perth? As Malcolm Bundey knows, you've got to be in the room to be in the game. Can he do that from Melbourne at Perth-based Mineral Resources?

Answer: The italicised bit wasn't read out and then chair Malcolm Bundey talked about business being a body contact sport and his experience managing factories in 29 country and dealing with 7,000 staff who didn't speak in English. Was a bit rah rah rather than calmly explaining where the directors all live and how they manage the logistics. Watch video of exchange via Twitter.

Q6. There was a circa 20% vote against the chairman's incentive package on the proxies. Was this delivered by an ISS against recommendation? Who did Malcolm negotiate this incentive grant with at the time?

Answer: Watch video of exchange via Twitter.

Q7. Chris Ellison owns 22.34 million shares which after today's 3% jump to $50, these shares are today worth $1.117 billion. Well done quadrupling the share price since the April low, but does he really needs this piddling incentive grant? Could Chris please undertake to not request any more incentive grants in the future. If he'd like to have a resolution related to him on next year's agenda, then let's make it his election to the board. If billionaires like James and Kerry Packer could work for free at public companies they control, surely Chris doesn't need the money that this LTI might deliver.

Answer: If the Mineral Resources question wrangler had actually read this Ellison LTI grant question in full, including the part about billionaires Kerry and James Packer not drawing a salary from public companies they controlled, Malcom Bundey would have taken it more seriously. Watch video of exchange via Twitter.

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