Rusal looking to put new directors on Norilsk board 18th August 2008

Rusal is attempting to gain support for proposals that would see the number of members on Norilsk Nickel's board increased to 13 from nine.

Artem Volynets, Rusal's Director for Corporate Strategy, is trying to gain support for plans that would also see the number of independent directors increase.

The saga has gathered pace after Vladimir Potanin installed his associates in key positions at Norilsk Nickel after an annual meeting last month.

One of the most controversial appointments was that of Vladimir Strzhalkovsky who was appointed as Chief Executive, despite having no experience in the mining industry.

Mr Volynets has described the appointment as a "comedy" although the lack of value to shareholders was not something he found amusing.

Rusal has now short listed six candidates to take positions on the board of Norilsk Nickel to exercise more power over its 25 per cent stake.

The list of candidates will be put to minority shareholders to gauge opinion but shareholders of Interros, which is owned by Mr Potanin, are unlikely to support the plans.

Source:

Russian mining row moves to City, 17/08/08
http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/08/18/cnrus118.xml

Rusal calls in mining's big hitters in battle for Norilsk, 17/08/08
http://www.independent.co.uk/news/business/news/rusal-calls-in-minings-big-hitters-in-battle-for-norilsk-899545.html

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