A recent wave of scandals among major Australian companies has raised concerns about corporate governance and board oversight, as reported by Financial Times journalist Nic Fildes.
Over the summer, for example, Mineral Resources founder Chris Ellison was fined and forced to step down after a review found he used company resources for personal benefit, including assigning employees to work on his private boat. Ellison expressed regret, saying he was "deeply sorry" for the impact on the company's reputation. In another case, Wisetech founder Richard White stepped down following salacious reports about his romantic relationships and allegations of a "bullying culture" within the company.
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