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Artemis’ Dodd: Bumi board failures are ‘unacceptable’
Markets
by Emma Dunkley on Feb 13, 2013 at 07:00
Following a fourth quarter update yesterday, in which Bumi said it was 'committed to growing the business and driving shareholder value’, Rothschild reiterated his call for a board overhaul.
‘Bumi needs a new independent management team with the requisite operational expertise,’ Rothschild told the Stock Exchange.
‘In Brock Gill and Wal King, investors have the opportunity to ensure that the Berau operations are run efficiently, free of conflicts of interest and that the expansion delivers long term value for shareholders.’
He added the announcement by Bumi at the end of January that it had strengthened its operational management is further evidence of the current board attempting to ‘mislead’, as Eko Budianto and Tony Redman were already in place.
The vote will occur at Bumi’s general meeting on 21 February.
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