Melbourne — 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 in May joined billionaire Paul Singer’s Elliott Management in calling for changes aimed at shifting strategy at BHP, believed five or six members of the 11-person board need to be replaced, portfolio manager Craig Evans said Tuesday in a phone interview. 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. Tribeca has said the fund holds BHP’s London and Sydney traded shares, without disclosing the size of its holdings. Elliott spokesperson Michael O’Looney declined to comment on whether the fund a...
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