By Svea Herbst-Bayliss

(Reuters) – Starboard Value LP is an activist hedge fund that has named four directors. This includes its chief executive. Huntsman (NYSE:) Corp board, arguing new members will help maximise the potential of chemical manufacturer.

Starboard CEO Jeffrey Smith has sent out a note on Wednesday confirming that two of Huntsman’s largest shareholders, with more than 5 percent, have nominated three women and two men who are experienced in both the chemical-refining and public company boards to join the board.

Smith wrote that he believes shareholders deserve a board free from past loyalty, that welcomes new perspectives, that demands accountability, so the company can realize its amazing potential,” Smith said.

Huntsman had just appointed Cynthia Egan, Huntsman’s new independent lead director, to his board. Sonia Dula, who was named to the compensation committee, has been named chair of that body.

Starboard said it is concerned that the new faces are “perpetuating old shareholder-unfriendly tendencies”.

Smith said in the letter that Smith posted on the fund’s site, “Rather than engaging constructively with us,”

Starboard’s announcement caused Huntsman stock to rise 2.3% during early trading. This company will announce its fourth quarter earnings in the next month.

“The Huntsman board… is fully engaged in the active oversight of Huntsman’s continuing portfolio transformation, and the company is delivering the strongest profit and margin performance for the current businesses,” a Huntsman spokesperson said.

We value all shareholder views, Starboard included, and we maintain open communication with them.”

Huntsman is $7.8 Billion in value and is located in The Woodlands Texas. It makes chemicals for products that range from plastics to construction materials.

Starboard has criticised the stock price performance of the company, and blamed management and board for the poor returns it claims have made long-term shareholders “significantly less well off” than they would be if they had invested more in broad indices.

Industry data shows that the fund was one of the most active activists in the industry and won six boards seats at listed companies within the first three quarters 2021.