Shareholder calls for Exillon reshuffle Exillon Energy, the London-listed Russian oil producer, suffered another setback at the weekend as one of its shareholders called for an extraordinary meeting and a significant reshuffle of its board. Switzerland-based Worldview Capital Management, which owns about 13 per cent of Exillon, wants to replace the oil company's chairman following disappointing oil production, a Financial Services Authority fine and a 60 per cent drop in the company's share price over the past 18 months. Exillon, which declined to comment, is expected to accept the call for an extraordinary meeting. Worldview said in a statement that it had been trying since May to engage Exillon's board and that the EGM request came as a "last resort." It noted in a statement: "Worldview believe this performance is the result of an inappropriate board who have implemented a flawed operational strategy and overseen a period of serious corporate governance failings." But Worldview knew of many of these issues when it made its investment in Exillon in late June, at which point Exillon's shares were beginning slowly to recover. Nevertheless, Worldview's move is likely to put pressure on Exillion and also the FSA, which is considering whether listing rules should be tightened. in response to worries that current rules do not adequately protect investors in overseas companies that list in London. Exillon came to the market in March 2011 when Maksat Arip, the Kazakh founder of the company, sold $130m in shares together with a $150m issue at 400p a share. The Arip family trust is still the company's biggest shareholder with 30 per cent of the group. The company's shares last week closed at 146p. In April, the FSA fined Exillon £292,950 because the company failed to disclose that it was paying Mr Arip expenses, including travel and children's tuition. However, the regulator did not find wrongdoing by Mr Arip, who paid the money back with interest and there was no evidence that shareholders suffered losses. David Herbert is Exillon's chairman, a position the ING banker got after he handled the company's float and offering. Mark Martin, also an ING banker, joined as chief executive. Exillon said Mr Herbert and Mr Martin did not want to comment. Worldview questioned the current board's independence and experience. It wants Mr Herbert replaced and to install three directors of its choosing. "Worldview believe that the Board has the wrong strategic focus by developing its high risk and less profitable assets in the Russian region of Timan-Pechora, which is diverting capital and other resources away from developing its assets in Western Siberia that have been shown to produce higher returns," it said.