RUSAL | 29 June 2010 г. | 10:43

RUSAL intends to convene extraordinary general meeting of MMC Norilsk Nickel

 RUSAL intends to convene extraordinary general meeting of MMC Norilsk Nickel

RUSAL, the world’s largest aluminium producer and owner of 25% shares of MMC Norilsk Nickel, intends to convene an extraordinary general meeting of MMC Norilsk Nickel following the announcement of the results of the elections to the Board of Directors of Norilsk Nickel.

The outcome of the elections to the Board of Directors of Norilsk Nickel that were held today disturb the balance between the shareholders of Norilsk Nickel. It was the result of manipulation of Norilsk Nickel shares belonging to the company. In particular, the company’s management transferred quasi-treasury shares to offshore companies and voted them against the election of Aleksandr Voloshin, whose candidacy had been agreed on by RUSAL and Interros and supported by the state. Instead, the management of the company used shares that had been transferred to offshore companies to contribute to the election of Norilsk Nickel managers who are subordinate to and report to the CEO of Norilsk Nickel.

In this regard, RUSAL intends to convene an extraordinary general meeting. We expect that this initiative will be supported by Interros, which has agreed with RUSAL to cooperate in matters concerning MMC Norilsk Nickel.

We consider such actions by a public company to be gross violations of corporate governance procedures, the principles of transparency and observance of the interests of all shareholders. We also intend to initiate legal action to contest the actions of Norilsk Nickel management connected with the transfer of shares to offshore structures and to uphold our interests as a minority shareholder.

Source: RUSAL press-service
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