Selim Zilkha, a former board member who stood down in 2001, has launched a proxy battle to oust the 12-person board and replace it with a team of nine executives of his choice.

El Paso’s market capitalisation is a tenth of what is was two years ago, shrinking from US$37 billion to an anorexic US$3 billion.

Zilkha owns around 1.5% of El Paso and has witnessed his stake eroded from US$626 million to around US$40 million.

He has set up a website at www.saveelpasonow.com which outlines his complaints against El Paso’s management.