AAR reaches agreement with BP to resume normal TNK-BP Board function
MOSCOW, Nov. 8, 2012
MOSCOW, Nov. 8, 2012 /PRNewswire-USNewswire/ --AAR confirms that it has
reached agreement with BP to restore the normal functioning of the Board of
Directors of TNK-BP Limited.
The parties agreed to amend certain provisions of the Articles of Association
of TNK-BP Limited. The agreed amendments will allow the current TNK-BP Board
of Directors, which still lacks a third independent director, to make
decisions on matters requiring simple majority approval, as well as unanimous
Following such amendments, the Board will become fully functional and able to
consider all matters within its remit.
AAR CEO Stan Polovets said: "This agreement will enable the parties to better
focus on preparing their respective transactions with Rosneft, while having a
fully-functioning Board of Directors will ensure effective corporate
governance and business continuity in TNK-BP during this transition period."
SOURCE AAR Consortium
Contact: Further enquiries: London: John Eisenhammer, +44 (0)20 7233 9444, or
Andrew Hayes/Maria Ignatova, +44 (0)20 7796 4133, Hudson Sandler/Quiller; or
Moscow: Mikhail Loskutov, +7 (495) 663-7143, +7 (916) 641 9079, or Alexander
Mikhailiants, +7 (495) 663-7143, +7 (985) 410-0263
Press spacebar to pause and continue. Press esc to stop.