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Investor group considering voting against Gulf Keystone chairman-report
July 14, 2013 / 9:19 PM / 4 years ago

Investor group considering voting against Gulf Keystone chairman-report

July 14 (Reuters) - A group of investors in Gulf Keystone are considering voting against the oil company’s new chairman, Simon Murray, at its annual meeting later this month, Sky News reported on Sunday.

The shareholder group is headed by M&G Investments, an activist investor that has criticised governance and “excessive” executive pay at the company, Sky News reported.

M&G met Murray on Friday to discuss corporate governance concerns and was angered when, at the meeting, the company refused to disclose the former Glencore chairman’s annual salary, Sky News said.

As a result, M&G and other investors are believed to be reluctant to vote in favour of Murray until they have seen the full details of his pay, the broadcaster reported on its website.

Murray, who was at the helm of Glencore in 2011 when the resources group listed, and oversaw its $39 billion takeover of Xstrata, was hired this month in what analysts saw as an attempt to calm investor concerns over corporate governance.

In a statement on Saturday following its meeting with M&G representatives, Gulf Keystone said its board would recommend that shareholders vote against four proposed directors backed by M&G.

The company said it had interviewed three out of the four candidates during the week and concluded that the nominees did not have the right experience.

Gulf Keystone and M&G, which holds a 5.1 percent stake in the company, could not be immediately reached for comment outside regular business hours.

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