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Founders And Large Shareholders: Ignoring Shareholders And Run Companies As Private Entities
Ken Olisa, the high-flying businessman who famously described the London-listed, Kazakh-based, miner ENRC as being “more Soviet than City”, feels like he has had a bit of a flashback this week.
A former senior independent board director of ENRC, Mr Olisa was unceremoniously ousted in June last year, along with the former boss of GlaxoSmithKline, Sir Richard Sykes, as the pair sought to bring greater transparency to the company’s corporate governance.
On Monday, history more or less repeated itself, as financier Nat Rothschild dramatically quit the board of Bumi, the London-listed Indonesia-focused coal miner he set up in 2010.
“It’s déjà vu, all over again. The same story as with ENRC,” Mr Olisa told The Independent. “In both cases, we have a case of a private company with a public listing, with large founder shareholders trying to run the business as their own. That doesn’t work on the London Stock Exchange.” READMOREHERE
