A sweep­ing over­haul of its board

The Star Early Edition - - COMPANIES -

BHP BIL­LI­TON’s board is be­ing tar­geted for a sweep­ing over­haul by Tribeca Global Nat­u­ral Re­sources Fund, open­ing a po­ten­tial new front in the bur­geon­ing ac­tivist cam­paign against the world’s big­gest min­ing com­pany. The Sydney-based hedge fund, which last month joined bil­lion­aire Paul Singer’s El­liott Man­age­ment Cor­po­ra­tion in call­ing for changes aimed at shift­ing strat­egy at BHP, be­lieves about five or six mem­bers of the 11-per­son board need to be re­placed, port­fo­lio man­ager Craig Evans said yes­ter­day. BHP de­clined to com­ment. “It ap­pears there’s been no sig­nif­i­cant and sen­si­ble de­bate on is­sues at a board level and part of that is be­cause there’s no-one with sub­stan­tial tech­ni­cal and op­er­a­tional ex­pe­ri­ence that is chal­leng­ing se­nior man­age­ment on some of th­ese is­sues,” Evans said.

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