The two most powerful proxy advisers have backed the re-election of Santos chairman Keith Spence in the face of a campaign by an activist shareholder group to have investors vote against him on the grounds of “poor performance and strategic failings”.

But the support from Institutional Shareholder Services and CGI Glass Lewis is tempered by “concerns” raised by the former about remuneration at the oil and gas producer, in particular over the use of a corporate jet for travel by CEO Kevin Gallagher and the rest of the board and top management.