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11

Former German Chancellor To Become TNK-BP Independent Director

The shareholders in TNK-BP have agreed to appoint three independent directors, including former chancellor of the Federal Republic of Germany, Gerhard Schroeder

His fellow independents will be James Leng, the chairman designate of Rio Tinto, and Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs," the company said in a statement.

The statement said BP and Alfa-Access Renova (AAR) had agreed to appoint the three directors to "avoid the risk of deadlock between the 50:50 owners of the joint venture," which are represented on the 11-strong board by four directors from each side.

BP's four nominated directors on the main board of TNK-BP are: Andy Inglis, chief executive of BP's upstream business, David Peattie, BP's head of Russian business, Iain Macdonald, BP's deputy chief financial officer and Lord Robertson of Port Ellen.

The AAR-nominated directors are Alfa Group chairman, Mikhail M Fridman, Renova Group chairman, Viktor F Vekselberg, Access Industries chairman, Len Blavatnik and Chairman of Pamplona Capital Management, Alex Knaster.

Until a new CEO of TNK-BP is announced, Tim Summers will continue in the role.

Welcoming the new structure, BP Chief Executive Tony Hayward said: "I am especially pleased that Gerhard Schroeder has agreed to join the restructured board. The counsel of such a distinguished statesman, who brings both enormous geo-political experience and a history of strong relationships with Russia, gives me particular confidence that the next chapter in the progress of TNK-BP will be good for all shareholders and for Russia."

Author: Ksenia Kochneva