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34

Norilsk Nickel Owners In Disagreement

Russian aluminium giant RUSAL on Thursday demanded the re-election of the board of Russian miner Norilsk Nickel

Russian aluminium giant RUSAL on Thursday demanded the re-election of the board of Russian miner Norilsk Nickel, because it believed it to be controlled by a rival shareholder.

"As a result of these meetings, UC RUSAL intends to file an application in early September to call for an extraordinary meeting of Norilsk Nickel shareholders to elect truly independent directors to a new enlarged board."

Norilsk's current board is chaired by Potanin and comprises nine directors, three of whom represent UC RUSAL. Interros also has three official representatives, although UC RUSAL has argued that at least one of the three remaining independents is also affiliated to Potanin's company.

UC RUSAL has also asked minority shareholders to propose candidates for independent directors and an independent chairman for the board to ensure that the new board is not controlled by either of the two largest shareholders, UC RUSAL said.