EUROTUNNEL bosses who are facing a French shareholders’ revolt have won the backing of three important groups.

The decision by the National Association of Pension Funds (NAPF), Institutional Shareholder Services Inc. (ISS), and Deminor Rating, independent consultants in shareholder information and representation, to back the Channel Tunnel operator strategy will give comfort to the British-led board.

Rebel shareholders, led by French maverick investor Nicholas Miguet, want to oust the board because they say it has failed to deliver a return on their investments. They have put forward a number of radical proposals which they hope will be passed at the annual meeting on April 7.

They also appear concerned that the board has a British chief executive Richard Shirrefs - based in Folkestone - and chairman Charles Mackay.

Eurotunnel has tried to defuse some of the nationalist criticism by announcing the appointment of Frenchman Philippe Bourguignon as the next chairman when Mr Mackay retires in October.

It has also unveiled the Galaxie Project designed to reduce access fees to the tunnel and encourage more passenger and freight use.

The supportive investors say that they have “several concerns regarding these shareholder proposals, whose adoption at this meeting would bring about considerable change at the company, not only from a management strategy point of view, but also from a governance perspective."

They added: "The dissidents fail to demonstrate a fundamental understanding regarding Eurotunnel's underlying business and legal structure.

“This is reflected in several arguments made by the dissidents, including the proposal to involve governments to assist in the recovery of the company, despite the fact that the founding treaty of the Tunnel project explicitly excludes this possibility.

“In addition, the shareholders propose to introduce a Supervisory Board at Eurotunnel, a board structure authorised in France, but not authorised under UK law.”

Mr Shirrefs welcomed the support from independent experts, saying that the dissidents did not have a strategy and did not understand Eurotunnel’s business.

He said: “They are not in a position to ensure the company's long-term viability. We, on the other hand, have drawn up the Galaxie Project, which takes account of the industrial and financial constraints of the company and its partners.

“With Philippe Bourguignon, who has indicated his intention to join our team, we are determined to carry this project through and so ensure a better future for the company and all its shareholders."