Bumi sets date for boardroom battle

Coal miner Bumi said this morning its general meeting would be held on 21 February, for shareholders to vote on co-founder Nat Rothschild’s proposals to overhaul the board.

The financier has proposed the removal of 12 out of 14 current directors of Bumi.

But in a circular to shareholders this morning, Bumi said that Rothschild’s proposals “are not the way forward for the company and, if passed, will lead to stalemate, continued shareholder disputes and further value destruction”. It urged shareholders to reject his proposals.

The London-listed miner also confirmed the appointment of new Berau director Eko Budianto and Tony Redman as a technical adviser to the company.