On January 19, 2023, Pensions & Investment Research Consultants Ltd (PIRC) announced that Capricorn Energy shareholders should oppose a proposal to remove its chief executive and 6 other directors from the board at a vote on February 1, 2023. The proposal has been put forward by activist shareholder Palliser, which also opposes Capricorn's planned merger with Israeli gas producer NewMed, a deal shareholders will be asked to vote on a few hours ahead of the vote on the board. PIRC said that the merger itself will be proposed for voting at a separated shareholder meeting, which makes the proposal of rejecting the merger by taking over the board redundant, on this basis, opposition is recommended.

IRC also said neither the Company, nor Palliser had made a clear argument as to how the firm would invest to fit into the transition to a low carbon energy system. Upon the merger, the Company will hold a stake of Leviathan, one of the largest gas fields in the Mediterrandean Sea, and it is hard to see how this will be linked with decoupling from fossil fuels.