Interros proposes influential Voloshin for independent directorship on NorNickel's BoD
The Interros Group has included Alexander Voloshin — the former powerful head of the Russian Presidential Administration under former Presidents Boris Yeltsin and his successor Vladimir Putin, who has since retirement from active political life been on the boards of directors (BoD) of several leading Russian corporations, including the now defunct RAO UES, and also the MRSK Holding and Energy Systems — in the list of its nominees for the Norilsk Nickel’s BoD that will be presented at the company’s Extraordinary General Meeting (EGM) on December 26.
Apart from Voloshin, the list also contained both the representatives of Interros, controlled by Vladimir Potanin and other candidates chosen after consultations with other Norilsk Nickel key shareholders. The Interros’ proposal of candidates followed an agreement reached with NorNickel’s principal shareholder, UC RusAl, which is affiliated with Base Element controlled by Oleg Deripaska, on cooperation in running the nation’s metals giant. Specifically, under the agreement, announced on November 25, the two companies noted that they intend to coordinate their viewpoints regarding the structure of the new BoD that will be elected at the EGM, thus securing the balance of interests of all the groups of shareholders. “The parties consider as optimal the following composition of the BoD: four representatives, each from Interros and RusAl; three independent directors, NorNickel CEO Vladimir Strzhalkovsky and a representative from the State. The final list of candidates will be approved at the BoD meeting slated for December 1.
The parties also said that they will support the election of an independent BoD chairman and intend to consult with minority shareholders on the chairman’s candidacy, noting that they both expect that the Russian government to also support this candidacy as its representative. “The companies reached mutual understanding on corporate procedures for decision making regarding major deals and other important issues, including the dividend policy, fundraising, transactions with NorNickel shares and mergers and acquisitions,” the companies said in a joint statement. Both Interros and UC RusAl also noted that they believe that their cooperation would provide a solid ground for securing rights and interests of all shareholders, which is important for sustainable development of the company and for strengthening of the confidence of the Russian and international communities in the company.
With regard to the current global crisis, both Interros and UC RusAl noted that now was the best time to consolidate their efforts and cooperation, thus enabling them to rapidly recover the value of NorNickel and to unlock the potential of the company to the benefit of all its shareholders. “This cooperation has a significant importance for the investment climate in Russia and for strengthening its image in the international markets as it represents an example of an elaborated strategy and of search for most effective solutions in difficult situations.”
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