Standard Life Investments, one of the largest shareholders in Bumi, said yesterday that it would support the coal miner’s board and vote against proposals from co-founder Nat
Rothschild to oust 12 of 14
Rothschild last month called for a meeting to allow shareholders to vote on his plan to revive Bumi by bringing in a new board and a more operational focus, without the participation of his one-time partners, the Bakrie family.
The alternative is to back a plan led by the current board, including an agreed split with the Bakries. Rothschild has cast doubt on whether that split will go ahead.
David Cumming, head of equities at SLI, said: “After careful consideration of the resolutions, we believe the restructured Bumi board has the best prospects of exiting the Bakrie relationship and maximising long-term value for the remaining shareholders.”