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COMING up in the latest round of AGM revolts, coking coal miner Contango Holdings could face a showdown with investors next week over concerns about its board.

Proxy advisers ISS and Glass Lewis have urged shareholders to abstain or vote against the re-election of directors at next week’s annual meeting.

ISS cites, among several bugbears, that the two non-executive board members have too many share options to be considered independent.

Glass Lewis takes umbrage with the reelection of non-executive chairman Roy Pitchford because the firm does not have pay or audit committees.

Setting up these groups could be tricky with only three board members – but it is still City best practice.