Pressure from investors forces BHP board changes

BHP chairman, Jac Nasser, announced on Wednesday that Grant King, a non-executive director, will not stand for re-election to the board "owing to concerns expressed by some investors."

In parallel, Nasser announced two new appointments to the board which he said reflected the outfit's structured and robust approach to succession in its top ranks, based among other things on the firm's outlook for the next five years.

The announcement came after investors expressed concerns over King's record for returns while at the helm of Origin Energy.

Meanwhile, Wesfarmer's outgoing finance director Terry Bowen and former BP executive John Mogford had been appointed to the board, starting from October.

Mr Nasser said that the appointments would be "excellent additions to the BHP Board and that the appointments were "the outcome of our structured and robust approach to board succession."

He also added that Malcolm Brinded was to step down from his position as non-executive director of the company in October due to his involvement in ongoing legal proceedings in Italy relating to his prior employment at Shell.