Mineral Resources Limited (ASX: MIN) has appointed Malcolm Bundey as non-executive director and chair-elect, effective immediately. Mr Bundey will take over as chair from 1 July 2025.
Following an extensive international search assisted by Korn Ferry, the MinRes Board unanimously endorsed Mr Bundey as its preferred candidate on 10 April 2025, after which reference checks and final negotiations confirmed his appointment.
To ensure an orderly transition, Mr Bundey commences as a non-executive director effective immediately and will assume the position of non-executive chair on 1 July 2025 when current chair James McClements steps down.
Mr Bundey is a highly experienced board director and executive who has led multinational and multibillion-dollar private and ASX-listed organisations through significant change, performance improvement, acquisitions and sustainable growth. As a leader of diversified global businesses based out of Australia and the United States, he brings expertise in managing complex global heavy industry operations and deep experience across professional services, manufacturing and primary industries and private equity.
Mr Bundey is currently deputy chair of building products, property and investment company Brickworks Limited (ASX: BKW), having joined the board in 2019. He also chairs the company’s Nominations and Remuneration Committee and is a member of the Audit and Risk and Independent Board committees.
Since 2019, Mr Bundey has served as an executive and adviser to portfolio companies for a major international private equity firm, a role he currently holds and will continue following his appointment. Prior to this, Mr Bundey was managing director and CEO of Pact Group Holdings Ltd (ASX: PGH) between 2015 and 2019.
From 2003 to 2015 he held senior executive positions for privately-owned Rank Group, including president and CEO of US-based Graham Packaging, Closure Systems International and Evergreen Packaging, which are all complex global businesses. He was also chief financial officer at agriculture and food manufacturing business Goodman Fielder.
With a Bachelor of Business (Accounting), Mr Bundey began his career at Deloitte and held several senior positions over 15 years including as a Partner in Corporate Restructuring and Management Consulting. He is a graduate of the Australian Institute of Company Directors and was formerly a Registered Insolvency Practitioner and qualified Chartered Accountant.
Prior to his appointment, Mr Bundey engaged with the MinRes Board and management over several months, conducting extensive due diligence including visiting MinRes’ Onslow Iron project.
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. At the same time, he will remain focused on continuing to address the company’s challenges, including further strengthening corporate governance. Mr Bundey also intends to continue visiting MinRes’ sites and meeting with front-line staff to gain a detailed appreciation of the company’s people and operations.
From his commencement as a non-executive director, Mr Bundey will chair the Ethics and Governance Committee (EGC), bringing his corporate governance experience to drive the next stage of the committee’s work. He will continue as an EGC member when he begins as MinRes Board chair.
Work to appoint additional non-executive directors has begun, with a number of highly credentialled candidates already identified by the Nominations Committee. Mr Bundey will now play a central role in the recruitment process and the ultimate Board constitution. Following the recruitment of additional directors, it is expected the Board committee structure and membership will be reviewed to best suit the next phase of the company’s growth, and the skills and experience of Board members.
In engaging Mr Bundey for this critical role at MinRes, the Board has structured a remuneration package heavily weighted toward an increase in shareholder value and aligned with shareholders’ interest through the provision of unlisted options, which is also reflective of the time commitment required. Mr Bundey will be paid MinRes’ standard non-executive director fees during the transition period.
Chair of the MinRes Board Nominations Committee, Zimi Meka, said:
“Mal was the standout candidate and unanimous choice of the Board through our extensive international search.
“He brings a multi-dimensional background in finance, corporate restructuring, general management and M&A, with broad geographic experience as both a previous CEO and current NED in complex private and ASX listed businesses.
“He’s a measured leader who strikes the right balance between strong corporate governance and savvy commercial outcomes, with extensive experience in entrepreneurial founder-led businesses.
“In my three years on the MinRes Board, I’ve grown a deep appreciation for the unique capability of the Company’s people and culture – which is focused on self-delivery, innovative solutions and shared ownership of outcomes. Mal will be a significant value-add to that capability with an unswerving focus on realising value for our shareholders.”
Outgoing MinRes Chair, James McClements, added:
“For the past 10 years, I’ve been privileged and proud to contribute to MinRes’ growth.
“I am confident this company has the assets, people and strengthened governance structures in place to take full advantage of its next chapter, creating leading, long-term returns for shareholders.
“Mal was the Board’s unanimous first choice. His temperament, extensive experience leading founder-led businesses and focus on commercial outcomes backed by robust internal governance will help MinRes capitalise on the many opportunities ahead.
“I feel confident and reassured to be handing the baton to such a high-quality, experienced and committed leader.”
MinRes non-executive director and chair-elect Mal Bundey commented:
“It’s an honour to have the support of the MinRes Board and join this great Australian company. I’m committed to putting in the hours and working as hard as it requires to restore shareholder confidence and value.
“MinRes was built on the entrepreneurial and proactive culture that has attracted me to every senior role I’ve occupied in my career. I look forward to addressing the challenges before us, which we’ll approach head-on. I’m confident the new Board will lead the Company through the next chapter, continuing to strengthen the company’s corporate governance while focusing on a collegiate and success-driven culture in the boardroom. I look forward to engaging with all of our stakeholders as we navigate this path.
“MinRes’ 7,000-strong team, founder Chris Ellison, the MinRes Board and senior management have together built a unique and formidable business that is poised to advance its position as a world-leading mining services and resources developer and operator.
“I’ve already visited the impressive Onslow Iron project and seen firsthand the size and scope of what MinRes has achieved in a short timeframe. This is a world-class operation that will transform the Company.
“MinRes has significant asset backing with a flexible capital structure and no near-term debt maturities. The Board and I are in lock-step that while we will continuously review capital management and options to reduce debt, there is no need to raise equity and the focus should remain on creating additional value for our shareholders.
“I want to thank James McClements for his leadership of MinRes and his support during this transition.”
