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GKP rejects M&G candidates

A spat over corporate governance is hardly welcome as Gulf Keystone Petroleum attempts to transition towards a possible FTSE 250 listing.
July 16, 2013

Gulf Keystone Petroleum (GKP) is playing hardball in a dispute with 5 per cent shareholder M&G Recovery Fund over the latter's proposal to appoint four independent directors to the board of GKP at the annual general meeting on 25 July.

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GKP advised shareholders to reject the proposed appointments in next week's vote, adding that one of M&G's candidates, Jeremy Asher, had been a "disruptive presence" on the board during his previous tenure as director of the Kurdistan-focused oil & gas company. M&G is also pressing management to release details of new chairman Simon Murray's pay deal. Mr Murray was appointed in order to split the dual role previously held by chief executive Todd Kozel, as the company plans to move from Aim to the London Stock Exchange (LSE) main board as soon as practicable.