Sykes exits ENRC board
Thursday 09 June 2011
The FTSE 100-listed Kazakh miner ENRC abruptly parted company with the City veteran Sir Richard Sykes and another independent director at its annual meeting yesterday.
Resolutions to re-elect Sir Richard, the former head of GSK, and Ken Olisa, the IBM veteran who founded the tech bank Interregnum, were rejected by 84 per cent of the voters at the meeting.
ENRC announced a three-month review of its board structure as Mr Olisa declared the board "dysfunctional".
The copper miner is 44 per cent owned by three Kazakh oligarchs. Its local rival Kazakhmys owns another 26 per cent, and the Kazakh government holds 12 per cent.
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