An emotional Chris Ellison has spoken of how an investigation into a major corporate governance scandal gripping the mining company he founded almost 20 years ago is a "dark cloud over [his] life" and is something he will "live with forever".

A long-awaited Mineral Resources annual general meeting kicked off in Perth's south-east on Thursday morning, the first since the company's mining magnate boss Mr Ellison announced he would step down over alleged tax evasion.

Disgruntled Mineral Resources shareholders expressed anger over the affair, with one telling reporters waiting outside the meeting he felt like he wanted to "throw a punch".

Mr Ellison addressed the cohort, speaking to his "judgement error" and how he "deeply regrets" the impact his behaviour has had on the business.

"I hate what I've done," he said.

Just prior to the meeting, Mr Ellison released a statement to the ASX saying he made mistakes but took "full responsibility".

"I made an error of judgement with reporting of personal tax. I deeply regret the impact this has had on our business and our people," he said.

"Looking back, I accept things could have and should have been done differently around corporate governance, but those measures are now in place.

'Chris lacked judgement': Chairman

The meeting commenced with Mineral Resources chairman James McClements acknowledging the last few months had "been difficult" and that it "wasn't easy getting to the facts".

He said the board accepted there was no intention to cause detriment to shareholders, and Mr Ellison repaid the company "in a timely manner."

Mr McClements ended his address by speaking about how MinRes planned to rebuild and focus on governance by "working ethically".

He also reaffirmed he would step down from his role as chairman within the next 12 to 18 months.

Shareholders demand answers

One shareholder asked why several of Mr Ellison's financial transactions were not shared with them, to which Mr McClements said transactions were "not as robust as they should have been".

Mr McClements also defended the board's decision to give Mr Ellison a time frame up to 18 months to stand down.

"A sudden departure was not in the best interest of the company," he said.

A question from the floor was then taken regarding the governance issue and how it became known to shareholders "through the media" and why they "weren't advised".

Mr McClements said reporting about the issue emerged while they were already investigating and that it was reported differently to how the board saw it.

Another question was asked if the company was expecting a "class action" from shareholders who bought shares prior to their downturn caused by the findings.

Mr McClements said none had been received.

One question indicated how a shareholder felt the company would be better off if Mr Ellison stayed in the position and that he "deserves another chance" — which was met with large applause in the room.

Tax issue high priority

Upon an investigation ordered by the company, it was revealed Mr Ellison did not disclose he had a financial interest in one of the British Virgin Island companies that a Mineral Resources subsidiary bought almost $4 million in mining equipment from in the early 2000s.

However, the company said he voluntarily disclosed the income from the BVI company to the Australian Tax Office in 2021, and in May 2023, paid the ATO almost $4 million in unpaid taxes.

Investigations into Mr Ellison's other financial matters also revealed he misused company resources for his own personal gain.

The board determined the mining magnate would have up to 18 months to step down while they searched for a new successor — but some shareholders weren't so convinced by that time frame.

The board also decided not to pay him almost $10 million in planned executive remuneration and ordered him to pay almost $9 million in fines.

Shareholder anger

Before he went inside the meeting, shareholder Stephen Rogers told the ABC he was angry and said it's the people like him who will be paying the price for Mr Ellison's actions.

"The CEO and the Chairman have screwed over the small shareholders and seemingly they aren't going to suffer that much as a consequence," he said.

"People in the self-managed super-fund classification such as myself rely on these dividends to live.

"When you invest in, what was 18-months ago a reputable, profitable, West Australian company and then to be kicked in the you know what sometime later, it's hard to swallow."

Mr Rogers said he'd previously been invited to attend the Mineral Resources' head offices and at the time was delighted with how the company was run.

"I don't think I'll take up their invitation to go out there again."