HESTA said it sold its remaining stake in Mineral Resources (ASX:MIN) over what it said were concerns regarding governance, according to a Monday release.
The super fund said that the decision to divest from the mining firm came after the "sudden" departure of three directors from the firm's board in April, who together formed the ethics and governance committee.
HESTA CEO Debby Blakey said that the fund had stated its 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," and it had engaged with senior leaders and directors at the firm to encourage action it believed was necessary to restore investor confidence.
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