Gulf Keystone appoints directors after governance row

3rd Sep 2013 08:08

Gulf Keystone Petroleum has appointed five new directors as the oil company tries to put a bitter governance row with a major investor behind it.The company tried to display a united front after an acrimonious dispute with fund manager M&G that led to new directors being imposed on the company.Andrew Simon has joined with immediate effect and has lots of public company experience including a current non-executive directorship at Travis Perkins, Gulf Keystone said. He is joined by Jeremy Asher, Thomas Shull, John Bell and Philip Dimmock. They were forced on Gulf Keystone in July by M&G, which had criticised the group's high pay and weak corporate governance.Chairman Simon Murray said the board would direct the company as it moved from the AIM market to the standard segment of the official list."I have great confidence in the ability of this enlarged, balanced and united Board to complete this move and to continue developing the company in the interests of all our shareholders."Lord Guthrie, who as chairman of the nominations committee opposed M&G's board candidates, has been made deputy chairman. He is looking for at least one more independent non-executive director.