BHP Billiton plc (LON:BLT) has seen activist shareholder Elliott Management step up the pressure on the miner with a call for the group to "upgrade" its board of directors as it prepares to select a new chairman this week.
In a statement, the US investment group said: "BHP has an entrenched board, with long-tenured directors having approved the disastrous acquisitions and poorly timed share buybacks that are at the root of much of today's underperformance.”
They added: "A significant upgrade in directors is needed."
READ: Broker's opinions differ over BHP Billiton
BHP's board of directors is currently meeting in Chile, home to the company's vast copper mining business, where it is expected to select a new chairman.
Jac Nasser, the current chairman of the FTSE 100-listed company, will step down later this year.
In April, Elliott, a New York-based fund which has built up a 4.1%stake in BHP Biliton, urged the firm to consider some radical moves to unlock shareholder value.
In a letter sent to BHP Billiton directors, Elliott has said the firm should scrap its dual-corporate, Anglo-Australian structure, demerge its oil business and rejig its capital return policy.
READ: BHP Billiton outlines plans to grow value after Elliott Management calls for strategic review
Since then the investor has backtracked on its proposal for BHP Billiton to have its main listing in London, following opposition from the Australian government, but has repeated calls for the firm to overhaul its petroleum business.