BHP Billiton shareholders have had their second win in two days, with Grant King bowing to investor pressure on opting not to stand for election to the board.

Just a day after BHP confirmed it would sell off its controversial shale division, addressing a central criticism from investors led by activist US hedge fund Elliott Associates, the resources giant said that "owing to concerns expressed by some investors" Mr King had decided would not face shareholders at this year's annual general meetings.