Furious Gulf Keystone blasts ‘disingenuous’ M&G demands
Oil company Gulf Keystone hit back today after major shareholder M&G Recovery Fund lambasted its corporate governance policy.
The 5.1 per cent shareholder said Gulf Keystone needs to do more to strengthen its board, just days after the company attempted to address corporate governance criticisms by splitting the roles of chairman and chief executive for the first time, appointing 73-year-old former French legionnaire Simon Murray to the former job.
In a statement today, Gulf Keystone defended its corporate governance, pointing to the appointment as evidence that it took the matter seriously.
Furthermore, Gulf Keystone said it was “wholly disingenuous for M&G to state they are ‘seeking a meeting with new chairman Simon Murray as soon as possible’”.
“Advisers to Gulf Keystone contacted M&G on July 5 by phone to arrange such a meeting, to which M&G agreed in principle. A follow-up email to finalise the details of the meeting has yet to receive a reply,” the company’s statement continued.
The company’s shares rose by 2.50p, or 1.6 per cent, to 160.25p following its statement.
Gulf Keystone says a non-executive director met with M&G on June 12 to discuss corporate governance, seven days before M&G issued a resolution nominating four proposed candidates for election as independent non-executive directors.
Gulf Keystone said: “At no time during the meeting did M&G raise the intention of sponsoring their own nominees. Indeed, Lord Guthrie had arranged, on request by M&G, to meet with Jeremy Asher, one of their proposed nominees and a former director of Gulf Keystone who was voted off the board on 1 April 2010.”
“The meeting was scheduled to take place, as it turned out, two hours after the submission by M&G of their nomination of the four candidates.
“At no time prior to this meeting was the nomination of the four candidates mentioned either by M&G or Jeremy Asher. Lord Guthrie was left with no choice but to cancel the pre-arranged meeting due to the behaviour of M&G,” the statement continued.
Murray, the former chairman of Glencore, will work alongside Todd Kozel, who will retain his chief executive role.
Gulf Keystone said it was also engaged in a search for another independent director.
Gulf Keystone’s annual shareholders meeting on July 25 is likely to involve a likely discussion on corporate governance.
- 1 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...