media release

12 May 2025

HESTA sells MinRes stake on serious governance concerns

HESTA has sold its remaining shareholding in Mineral Resources Ltd (MinRes) due to concerns the company may be unable to make the changes we believe necessary to restore investor confidence. 

The decision follows news of the sudden resignations of three directors in April, who together formed the ethics and governance committee that was established in November 2024.

A future re-inclusion of MinRes shares in HESTA’s portfolio would be contingent on there being a demonstrated pathway to address our serious governance concerns, an effective mechanism to prevent similar issues occurring in future, and a timely and orderly succession of the Managing Director.

HESTA placed MinRes on its watchlist in October 2024 based on the view appropriate action was not being taken to address governance issues. The sale of the remaining stake follows a reduction in the fund’s holdings of MinRes last year. While no longer in HESTA’s portfolio, a watching brief on the company will be maintained.

Quotes attributable to HESTA CEO Debby Blakey:

“Last year we outlined our concerns that the Managing Director’s succession timeframe did not reflect the seriousness of the issues, and the issues indicated a systemic failure of governance. We have since regularly engaged with senior leaders and directors at the business to encourage action we believe necessary to restore investor confidence.

“The departures of the directors on the ethics and governance committee last month in our view represented a significant step backwards in seeking to address the serious governance concerns. Given these departures and the forthcoming succession of the Chair, we don’t currently see a path to our concerns being addressed. 

“We are focused on the delivery of strong long-term returns to our members, and believe selling our remaining holdings was in their best interests at this time. We may reconsider our position if circumstances change.”

Background

• Other companies on HESTA’s watchlist are: WiseTech, Woodside and Santos.
• AGL and Origin have previously been removed from the watchlist after their climate strategies moved toward alignment with the Paris-aligned pathway. 

Ends. 

Media contact:

Sam Riley

General Manager Media Relations and Corporate Affairs

(03) 8660 1684

Back to Media Centre