Business Irish

Thursday 14 December 2017

Petroceltic receives support ahead of shareholder showdown

Brian O'Cathain, chief executive of Petroceltic
Brian O'Cathain, chief executive of Petroceltic

Donal O’Donovan

Petroceltic said it has received the backing of three corporate governance advisory groups ahead of a show down next week with its biggest shareholder.

The Irish oil explorer says influential shareholder advisors ISS Governance Services and Glass Lewis are recommending that their subscribers should vote against shareholder Worldview’s resolutions to remove Brian O’Cathain as a chief executive of Petroceltic and to appoint two new directors at an emergency general meeting (EGM) next week.

The EGM was called for by Worldview, which is Petroceltic’s biggest single shareholder and is locked in an increasingly bitter series of legal and boardroom spats with the company management.

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