Gulf Keystone, an oil exploration firm, announced that its board would advise that shareholders do not vote in favor of the four proposed directors supported by the M&G Recovery Fund. The statement came following the interviews conducted by the senior board members, where they deduced that the nominees did not have the needed experience.  

"Following the meeting, the board unanimously recommends shareholders to vote against all of the proposed M&G candidates," a statement from Gulf Keystone said. It also added that the company would be sending out a circular for their shareholders to clarify their reasons.

On July 25, shareholders are set to convene for their annual meeting where they would also be voting on the proposed nominees. Additionally, they will also be voting for the re-appointment of two current directors, whom M&G already declared they will be voting against.

M&G, which owns 5.1% of the oil firm, said last week that Gulf Keystone still needs to reinforce its board. This was despite the fact that Gulf Keystone had recently hired a new chairman in the person of Simon Murray, who was previously Glencore's chair.