M&G demands crisis talks with Gulf's Murray
The M&G Recovery Fund, which owns 5.1 per cent of Gulf Keystone Petroleum, has demanded a meeting with new chairman Simon Murray to discuss its "concerns about corporate governance" at the oil firm.
The £7.4bn fund revealed yesterday that it has met in recent weeks with two of Gulf Keystone's non-executive directors over the issue. In a statement M&G said it "wishes to highlight to other shareholders its continuing concerns regarding the standards of corporate governance at the company".
It added that "the separation of the roles of chairman and chief executive is a step in the right direction but there remains much room for improvement".
Simon Murray is a 73-year old former French legionnaire and chairman of Glencore who was appointed to Gulf last week. It was an attempt to head off growing shareholder discontent ahead of this month's annual meeting in Bermuda. Former chairman Todd Kozel remains as chief excutive.
Yesterday M&G criticised the "excessive" current level of directors' remuneration. "We note the payment to the chief executive of $13.6m, plus $9.1m deferred cash, in respect of 2012 when the company declared a loss before tax of $80m", it said.
It has voted against the re-election of two existing directors and in favour of four independent candidates. M&G criticised Gulf Keystone for failing to circulate to all shareholders full details of the proposed directors.
- 1 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 2 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 3 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Isis burns thousands of books and rare manuscripts from Mosul's libraries
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Family of man named as 'Jihadi John' described by neighbours as 'normal Muslim family'
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
Mohammed Emwazi: Man identified as Isis killer 'Jihadi John' 'stopped by MI5' while on safari holiday in Africa in 2010
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
This is what it's like to be dead, according to a guy who died for a bit
iJobs Money & Business
£22,000 - £25,000: Christine McCleave: Are you looking for a new opportunity i...
£60,000 - £70,000: Loren Hughes: Are you a qualified accountant looking for a ...
£23,000: Beverley James: Are you looking to join a finance team shrouded in th...
£35,000: Anna Woodward: My client is a leader in the Superyacht design industr...