A row between M&G's Tom Dobell and the board of an AIM-listed oil group has intensified after the manager called for new directors to be appointed and labelled the current pay deals for bosses 'excessive'.
The spat involves Dobell's £7.5bn Recovery fund and one of its shareholdings, Gulf Keystone Petroleum (GKP). Over the weekend the fund - which owns 5.1% of GKP - said it had ongoing concerns regarding the "standards of corporate governance at the company". M&G acknowledged the group has made progress in recent months, but added there "remains much room for improvement". GKP has seen its shares halve from a peak of 253p reached in September 2012, and today the shares are trading at 160.6p. The asset manager said it is seeking a meeting with new chairman Simon Murray as soon as ...
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