One incident that sparked investor complaints occurred at ENRC, which is controlled by a trio of Kazakh billionaires. Two independent directors were voted off the board and two others resigned in 2011 after tensions rose between them and the founders over a controversial mining project in the Democratic Republic of Congo.

ENRC’s three founding investors, Alexander Machkevitch, Patokh Chodiev, Alijan Ibragimov and his family together own nearly 44 percent of the company.

Dalman’s Threat

The company’s chairman, Mehmet Dalman, may leave over a disagreement with company executives on “issues of principle,” the Financial Times said this week, citing a person it didn’t identify. The shares, which have slumped by more than half since ENRC’s 2007 IPO, fell 4.7 percent in London percent yesterday, the most in more than two weeks.

Dalman is leading an internal probe into allegations of fraud in connection with ENRC’s assets in Kazakhstan, the paper said. In a statement, Dalman said he’s committed to the role.

“Our chronic failure to meet the governance standards expected of a FTSE 100 company was eventually laid bare,” director Ken Olisa wrote in a farewell letter after he was voted off the ENRC board.

In another governance controversy, Essar Energy, an Indian oil and gas producer that listed in London in 2010, replaced chairman Ravi Ruia with his 44-year-old nephew in 2011. Ruia resigned when he was charged with concealing certain facts as he sought licenses to run mobile-phone services in India.

Ruia Control

Ruia and his brother Shashi control 77 percent of the company, and shareholders easily approved the appointment of Prashant Ruia over objections from Pensions Investment Research Consultants, a U.K. investor group, which said he could not be independent based on his close connection to his uncle.

Essar Energy shares have declined 66 percent since its IPO. Ravi Ruia has pleaded not guilty to the charges. A spokesman for the company declined to comment.