As Thursday’s AGM draws nearer, Mineral Resources’ $45 million deal for a minority stake in an undeveloped Perth industrial park has become a pussing sore.

This week, the Australian Council of Superannuation Investors urged shareholders to vote against the company’s remuneration report, disturbed by Financial Review revelations that in May the debt-laden MinRes paid tens of millions for its Northern Gateway investment. It neglected to tell shareholders that company founder Chris Ellison, his wife Tia and their associates owned the majority stake.