A sweeping overhaul of its board
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.