BHP yesterday launched the “Think Big” national advertising campaign and unveiled a new logo without the Billiton name.

It comes after the company publicly rebuked a three-step plan by Elliott to improve the company, including the spin-off of US petroleum assets, the scrapping of the dual-listed structure, and an increase in shareholder returns.

Elliott said today that BHP had a “do nothing” approach to generating shareholder value and called on shareholders to demand a halt to chronic underperformance.

Elliott noted the underperformance of BHP compared to its peer Rio Tinto, as well as underperformance against the ASX 200, FTSE 100 and the S&P 500 over the year-to-date, as well as over the last 2-8 years.

“BHP’s total shareholder returns from November 2008 to date have been 128% lower than Rio Tinto, its nearest peer,” Elliott said.

Since unveiling the plan on April 10, Elliott representatives have been seeking feedback from shareholders, including during a trip to Australia, on its proposal.

In a letter to the BHP board, Elliott said there was “extremely broad and deep-rooted support for proactive steps to be taken by BHP management to achieve and optimal value outcome for BHP’s petroleum business”.

Other takeaways from its meetings with BHP shareholders were that management’s response to the proposal was inadequate, shareholders want a renewed focus on capital returns, and that the dual-listed company structure should be reviewed.

Elliott has called for an in-depth, open and timely independent review of the petroleum business with full disclosure of the results.

It also denied that the cost of unification would be over $1 billion, as BHP has claimed, saying it would be closer to $200 million.

Australian Treasurer Scott Morrison has ruled out a BHP move offshore, and has the power to veto it under foreign investment laws.

But under a revised proposal to address those concerns, Elliott said even if the primary listing moved to London, BHP could remain incorporated and headquartered in Australia, and its shares could continue to trade on the ASX.

Elliott said its proposals had unearthed a groundswell of dissatisfaction against BHP’s current direction, and that the company needed to regain the trust of its shareholders.

The “Think Big” campaign aims to do just that.

“In this context, Elliott and other shareholders look forward to an end to BHP management’s negative campaign on all the shareholder value related issues raised by Elliott – to be replaced with a constructive and transparent approach to address the chronic underperformance shareholders are suffering,” Elliott said.

“Only then may current management gain the trust of BHP’s owners.”

BHP is yet to respond to the latest letter.

Shares in BHP were up by 0.7% to A$23.985 this morning.