TNK-BP Cancels Board Meeting After Directors Step Down, IFX Says

The board of TNK-BP, the Russian oil venture owned by BP Plc and a group of billionaires, cancelled a Feb. 24 meeting because two independent directors stepped down last year, leaving it without a quorum, Interfax said, citing an unidentified person with knowledge of the matter.

Former German Chancellor Gerhard Schroeder and James Leng left the 11-member board, which may be asked to vote on whether the venture should sue a shareholder, the news service said. The board needs three independent directors for a quorum, it said.

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