M&G's Dobell wins boardroom battle after GKP U-turn

M&G has won its fight to add four non-executive directors to the board of Gulf Keystone Petroleum (GKP) after the small-cap oil group backed down at the last minute.

GKP had opposed the appointment of the new non-execs - John Bell, Jeremy Asher, Thomas Shull and Philip Dimmock - but said in a statement this morning it will endorse the choices at its 25 July AGM. The announcement comes despite GKP having described the four as unqualified just a week earlier. M&G's Recovery fund, managed by Tom Dobell (pictured), holds 5.1% of GKP and had put forward the new board members in a bid to improve corporate governance at the company. The fund manager had reportedly been angered by GKP chief executive Todd Kozel's £23m pay package over the past two year...