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New records

ING names new chief executive

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CATHY ADAMS

Dutch bank ING this morning confirmed that Ralph Hamers will succeed Jon Hommen as chief executive in October.

Hamers is currently chief executive of ING Belgium, and has been in the role since 2011.

Hommen, whose four-year term on the executive board will expire after the AGM in May, has headed up the Dutch bank since 2009.

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L Kelaty Ltd.

Rothschild hit by epic defeat

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CATHY ADAMS

BUMI co-founder Nat Rothschild yesterday suffered an embarrassing defeat at the coal miner’s EGM, with 19 out of 22 proposals for a board overhaul flattened by shareholders in a public City showdown after months of increasingly bitter exchanges.

Rothschild, who arrived at the extraordinary meeting with his mother Lady Serena Rothschild, proposed last month ousting 12 out of the 14 current Bumi directors and bringing in a team of his own.

Investors yesterday chose to back the current Bumi board, with more than 61 per cent of stakeholders supporting incumbent chief executive Nick von Schirnding and the deputy chairman director Sir Julian Horn-Smith.

Rothschild’s proposed appointment as an executive director was rejected by 63 per cent of investors, which marked the weightiest defeat of all the resolutions.

The outcome of the EGM, held at the Honourable Artillery Company on City Road yesterday morning, will see two current Bumi board members – former chief executive Nalin Rathod and independent non-executive director Jean-Marc Mirzhai – step down.

In a narrow victory, one of Rothschild’s proposed new team, former British ambassador to Indonesia Sir Richard Gozney, has been voted onto the Bumi board.

In a statement following the results of the meeting, the FTSE 250 coal miner welcomed Sir Richard’s appointment and the “decision of shareholders to support the board on substantially all resolutions”.

The board will now speed up the divorce of Bumi Resources from the London-listed Bumi PLC, as well as a restructuring of the board, which will be “pursued with a sense of urgency”.

“The board will be re-structured and will be significantly smaller while retaining a majority of independent directors,” the firm said last night.

Speaking at the EGM, von Schirnding said that the agreement signed last week with the Bakries, which saw them put $50m (?33m) in a ringfenced account for the buyback of Bumi Resources, was a “tangible step forward” for shareholders.

The powerful Indonesian investors last night welcomed the outcome of the meeting.

Hedge fund veteran Rothschild, also speaking last night, labelled the result a “pyrrhic victory” for the Bumi board, adding that a “substantial majority” of non-aligned shareholders voted for his proposals.

Calling again for the full release of the probe by law firm Macfarlanes, the financier added that he will continue to remain a shareholder of Bumi, and he will “continue to fight for the rights of the minority independent shareholders”.

     
     
  L Kelaty Ltd.  
 

ADDRESS: Kelaty House First Way

CITY: Wembley

COUNTY: Middlesex

POST CODE: HA9 0JD

TELEPHONE NUMBER: 020-8903-9998

CATEGORY: Carpets, Rugs and Matting

 

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Miles: Print ?175bn more

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TIM WALLACE

BANK?of?England policymaker David?Miles yesterday called for at least an additional ?175bn of quantitative easing (QE), arguing it is the best way to help boost the economy.

Miles believes there is a large output gap in the UK currently which could be reduced by printing more money, boosting demand and encouraging firms to invest more, increasing output capacity in the longer term.

Sir Mervyn King and Paul Fisher joined Miles in voting for another ?25bn QE this month, a change from his recent lone call for more easing.

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