“We have a very strong board that will ensure the ethics and governance processes are very strong going forward. I support the board and will continue to manage this great business with all my capability and energy through this transition phase.”

Ellison spoke after Mineral Resources chair James McClements opened the company’s annual general meeting by addressing the tax scandal engulfing the miner for the past four weeks.

McClements acknowledged the recent probe which uncovered Ellison had used company resources for personal gain, with the billionaire having been involved in an offshore equipment markup scheme and had staff working on his own properties, his boat and his personal finances.

“From time to time, Chris lacked judgment and used company resources for personal matters,” he said.

“The board accepts that Chris’ intention was never to cause detriment to the company or its shareholders and there were processes in place for amounts to be repaid to the company in a timely manner.

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“As we made clear in our statement on November 4, there have also been occasions, including in respect of historical dealings with Far East Equipment Holdings Limited and the subsequent personal tax implications, where Chris lacked the judgment and integrity we would expect of our managing director. This resulted in a range of financial penalties that we felt were appropriate and warranted in the circumstances.”

McClements, who has declared he would follow Ellison by departing after 10 years with the company, insisted the related-party deals uncovered by the probe would remain the subject of rigorous independent testing and was committed to improved transparency.

But he concluded by praising Ellison for his contribution to the company’s operations, growth and shareholder value creation.

The Osborne Park-headquartered diversified mining services company has been grappling with a plunging share price amid shock revelations by the Australian Financial Review that Ellison and four other executives had profited to the tune of millions of dollars in an offshore scheme that ran for a decade.

Ellison, who remains the largest shareholder with an 11.5 per cent stake in the $7 billion miner he founded 32 years ago, has publicly apologised and vowed to fork out $18.4m in penalties before he departs in the next 18 months.

Ellison had maintained a low profile since the scandal was thrust into the public arena — until now.

He entered the company’s eponymous sporting centre in Lathlain in a private vehicle with tinted windows and VIP plates, avoiding the waiting press pack.

There are understood to be as many as 300 shareholders at the highly-anticipated meeting, where the board has been grilled about its governance failures, its plummeting share price, how it intends to address its debt-laden balance sheet and a succession plan that has divided investors.

The board defended its decision not to disclose the probe it commissioned into Ellison’s involvement in the offshore scheme two years before it became public, insisting it wanted all the facts before addressing investors.

McClements also stood by the board’s decision to allow Ellison to remain at the helm for up to 18 months despite the damning findings, telling shareholders a sudden departure was not in the best interests of the company.

While some were eager to see his departure accelerated, others touted his value and pleaded with the board to consider giving him a second chance and allowing him to remain in some capacity.

The bombshell probe concluded Ellison used company resources for personal gain, from rent paid to entities in which he had an interest, staff directed to work on his personal property and relief afforded to entities tied to his daughter Kristy-Lee Craker.

However, the board insisted it was satisfied that the use of the company assets had not been financially detrimental.

Emails related to East Far Equipment Holdings — the company at the centre of the scheme — had been wiped in 2019.

Two further payments were made by MinRes after the $7 billion diversified mining services company’s initial public offering in 2006 to extinguish its liability, but the revenue generated by the entities went undisclosed until Ellison’s voluntary disclosure in 2021.

The Perth-based billionaire settled his debts with the ATO in May 2023, something the board remained in the dark about until six months later.

The company’s share price has plunged over the past four weeks, wiping more than $2 billion from the value of the $6.8 billion business.

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