Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at

Artemis’ Dodd: Bumi board failures are ‘unacceptable’

by Emma Dunkley on Feb 13, 2013 at 07:00

Artemis’ Dodd: Bumi board failures are ‘unacceptable’

John Dodd is backing Nathaniel Rothschild’s proposal to replace the majority of the board at Bumi and views its corporate governance failures as ‘unacceptable.’

The Artemis co-founder and manager of the Artemis Alpha trust has pledged his support for Rothschild, who quit the board in October, and his plans to replace 12 of the 14 directors on the board of the mining group.

‘I have followed closely the situation at Bumi. The current board’s relationships make them conflicted,' Dodd said.  

‘I cannot see how they can change that. Furthermore, they now appear to be attempting to blame Nat Rothschild for their own lack of leadership and their failure to address the serious corporate governance concerns that are obvious to everyone. This is unacceptable.’

Dodd added: ‘I trust Nat’s judgment and integrity completely. The team he has assembled is impressive. In my opinion, it offers shareholders the best chance of restoring value at this company.’

However, at the end of January the board of Bumi rejected the bid by Rothschild and his call to overhaul the board.

The firm warned if these board changes occurred, it would cause further shareholder disputes among other issues, and is urging shareholders to vote against Rothchild’s proposals.

It also believes Rothschild’s board would not be able to separate the firm from the Bakrie Group and its 29% stake in Bumi Resources.

Rothschild, who founded Bumi in 2010 in conjunction with the Indonesian Bakrie family, is seeking to install himself as executive director and Conservative MP Jonathan Djangoly as chairman of a new corporate governance committee, according to reports.

He is also proposing Brock Gill as CEO and Wal King as chairman.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

The Citywire guide to investment trusts

Investment trusts have proved to be a highly effective way to invest in the market. Citywire has interviewed the experts to find out more.

Investing for income in a changing environment

With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • Artemis Alpha Trust PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the investment trusts

  • Artemis Alpha Trust (Ordinary Share)
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • John Dodd
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them


On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet