US shale gas giant EQT has nominated three new independent directors to its slate of 12 board candidates in a proxy battle with former Rice Energy executives that is set to culminate at a shareholder meeting in July.

The Appalachia-focused company has been warring with brothers Toby and Derek Rice since last year, after what the brothers have said is poor performance following the $6.7 billion sale of Rice Energy to EQT in 2017.

The brothers hold a 3.1% stake in the company and with the support of shareholders DE Shaw and Elliott Management have nominated nine candidates to replace the majority of the board, with Toby Rice as chief executive.

Last week, EQT announced the retirement of three directors and said it would nominate Janet Carrig, Jame McManus, and Valerie Mitchell to replace them, all of whom have upstream experience.

Carrig served at ConocoPhillips from 2007 to 2018.

McManus was chief executive of Permian shale player Diamondback Energy before its $9.2 billion sale to Energen in 2018.

Mitchell was chief executive and founding member of Corterra Energy.

In a scathing letter addressed to Toby Rice, EQT aired concerns about a potential conflict of interest and the overall experience of the Rice slate of candidates.

Daniel Rice, one of the Rice brothers, currently sits on the EQT board.

The company said it failed to see why EQT would need two brothers with similar backgrounds when it could instead benefit from directors with varied upstream experience.

“The board should not be a friends-and-family club, and it is not in the best interests of all EQT shareholders for the company to become a family business,” EQT said.

In response, Toby and Derek Rice said they were pleased with the board reshuffle but disappointed that it took so much time and effort to prompt change, although they said the move is not sufficient to achieve fundamental change at the company without leadership changes.

“We are also disappointed that members of EQT’s board have disingenuously claimed our campaign is an attempt to further our family’s interests,” the brothers said, adding that the campaign began after shareholders voiced their disappointment with the company’s performance.

The shareholder meeting is set for 10 July.

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EQT and Rice brothers set for crunch meeting