Bumi shareholders have voted against a plan by co-founder Nathaniel Rothschild to replace directors including chief executive Nick Von Schirnding and chairman Samin Tan.

Mr Rothschild, scion of a centuries-old banking dynasty, had asked investors to back his proposals to oust board members, saying they’d failed investors. Shareholders also rejected his proposal to take a board seat himself.

The 41-year-old financier has been locked in a battle for control of Bumi with Indonesia’s Bakrie family, with whom he founded the company in 2010 in a $US3 billion deal that bundled Indonesian coal assets.

Bumi plunged 69 per cent in London trading last year amid boardroom infighting and financial probes in the UK and Indonesia. Both Rothschild and the Bakries are seeking to unwind their collaboration and the board is also pursuing a separation from the Bakries.

Liberum Capital said before the vote that a rejection of Rothchild’s plan to oust directors would make it easier to split Bumi from its Indonesian unit PT Bumi Resources and help the share price.

Rothschild had vowed to maintain pressure on the board and management to recover lost value for shareholders should he lose the vote.Shareholders did back Rothschild’s proposal to remove Bakrie representative Nathin Rathod from the board.

Bloomberg