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Bowleven defends non-exec directors against challenge from shareholder

Bowleven operations in Africa
Bowleven operations in Africa

Scottish oil explorer Bowleven is defending its three non-executive directors against a challenge from one of its stakeholders.

Crown Ocean Capital P1 (COC) planned to propose the removal of the directors at Bowleven’s annual general meeting on December 14.

But Bowleven, an Edinburgh-based firm which is primarily focused on exploration activities in Cameroon, said the resolutions would not be put to shareholders as the requisitions from COC were “defective”.

Bowleven said incumbents John Martin, Tim Sullivan and Philip Tracy were of the highest calibre.

COC, which holds 7.79% of the London-listed firm, wanted to replace them with Breht McConville, Titus Gebel and Matt McDonald, all three of whom are residents of France, according to Bowleven.

Bowleven chairman Billy Allan said: “Bowleven maintains high standards of corporate governance, ensuring that the directors appointed have the appropriate skills and capabilities to provide constructive challenge to the executive directors.

“Bowleven has a nomination committee that is responsible for ensuring a robust process for the identification of independent high calibre non-executive directors.

“As part of my remit for joining the Company I have overseen a comprehensive review of the composition, skill-set and governance framework provided by the board.

“Having conducted this exercise, I firmly believe that the board of Bowleven has the appropriate governance structure in place and importantly, John Martin, Tim Sullivan and Phil Tracy as non-executive directors of the company have the extensive experience and have demonstrated the requisite skills necessary to ensure the board delivers on its strategy for the benefit of our shareholders.”

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