Investors support Tullow Oil board

Tullow Oil shareholders have unanimously voted in favour of the company’s planned board changes and executive pay policy despite some criticism in the lead up to its AGM yesterday.

More than 92% voted to re-elect Aidan Heavey as a director of the Irish-founded exploration company, at the London meeting, while 99.9% backed the re-election of Paul McDade.

Earlier this year, Tullow announced its plans for then chief operating officer Mr McDade to become its new chief executive; succeeding Mr Heavey — the explorer’s founder and leader since 1985 — who would then become interim chairman. Those changes formally came into being with yesterday’s vote. Earlier this week, Tullow gained 95% backing for its near €700m share sale/rights issue aimed at lowering its debt mountain.