FT Reports

FT: Activists target US oil patch’s trustees for life

Alternate version

The dissidents say the trust suffers from poor corporate governance and a lack of. Accusing the incumbent trustees of a “total disregard for investors’ view and rights”, they allege TPL’s management “has demonstrated poor judgment” in arranging land sales in recent years.

“We think it’s time for modern corporate government,” Mr Oliver said in a video directed at TPL shareholders. “We think it’s time for term limits. We think it’s time to expand the board.”

Mr Liekefett disagrees. “They have outperformed Apple and Amazon and 99 per cent of the New York Stock Exchange,” he said. “How do you attack a company with that kind of performance? You can’t, so you come up with other pretexts. This is all they’ve got.”

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