Bumi Board Members Shoot Down Rothschild’s Proposals

Reuters reported that Bumi plc co-founder Nat Rothschild was unsuccessful in his attempt to replace the majority the company’s board members and rejoin the board as executive director.

As quoted in the market news:

Shareholders elected to keep Bumi’s chairman and chief executive and most of the current board, rejecting 19 of the 22 proposals made by hedge fund veteran Rothschild, scion of the banking dynasty.

Rothschild’s own bid to rejoin the board, as executive director, received the least support from voting shareholders. Only 37 percent of those voting backed him.

Rothschild had wanted to oust 12 of 14 board members and bring in a new team that included himself, proposals which he said would have helped draw a line under past dramas and revive a share price languishing at a third of its June 2011 level.

Click here to read the full Reuters report.