Once chief of the president’s administration Alexander Voloshin is likely to join the BOD of Norilsk Nickel, probably chairing it.
Photo: Dmitry Lekay/Kommersant
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Norilsk Nickel Granted Administrative Resource
Vladimir Potanin and Oleg Deripaska have sorted out the conflict of holders at GMK Norilsk Nickel. The parties finally agreed on the parity management of GMK - Deripaska will put forward his executive director in addition to Vladimir Strzhalkovsky, the general director nominated by Potanin. Once the chief of the president’s administration, Alexander Voloshin will monitor peace in the company on behalf of the state.
Vladimir Potanin that controls roughly 30 percent in GMK Norilsk Nickel and Oleg Deripaska that owns a block stake via RUSAL held a joint news conference yesterday to announce the end of the holders’ clashes in GMK. The conflict that continued since spring has expired, Potanin said, specifying that they needed “all courage to overstep their ambition and start the relations by turning over a new leaf.”
The parties pledged to pursue a coordinated policy in all major issues, including clinching the deals, transactions with Norilsk Nickel stocks, dividend payment.
Given the official information, it was Deripaska that met Potanin half-way. Deripaska said RUSAL recalls all claims to Vladimir Potanin’s Interros, including concerning the buyback of Norilsk Nickel stocks. But a source familiar with negotiations’ results specified that RUSAL will get access to the management in return. Norilsk Nickel will have an office of executive director to be taken exactly by the representative of RUSAL. Besides, RUSAL will appoint the first deputy general director for operational business, specified a source close to Interros.
The parties will be equally represented in the Norilsk Nickel BOD that will widen from nine to 13 members. Norilsk Nickel and RUSAL will have four seats each, three more seats will be taken by independent directors, one seat will go to Strzhalkovsky and the last one will be taken by the representative of Russia’s government. Neither Deripaska nor Potanin will be the members of BOD, which is to be chaired either by an independent director or by the state representative. Once the chief of the president’s administration, Alexander Voloshin might become the chairman, supposed a source close to Norilsk Nickel.
www.kommersant.com
All the Article in Russian as of Nov. 26, 2008
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