Rosneft Nominates Ex-Morgan Stanley Chief to Revamped Board
OAO Rosneft nominated former executives from Exxon Mobil Corp. (XOM) and Morgan Stanley (MS) as well as BP Plc (BP/)’s chief executive officer to its board as the company prepares to become the world’s largest traded oil producer.
The 10 nominees included John Mack, former chairman and CEO of Morgan Stanley, Donald Humphreys, who was senior vice president for finance at Exxon, and BP head Robert Dudley, according to a regulatory filing today. Rosneft will hold a shareholder meeting on June 20 to elect the board.
“Having such experienced and well-known directors will be taken as a positive in terms of corporate governance and show that the company is determined to be treated as an international oil major,” Chris Weafer, chief strategist at Sberbank CIB, said today by telephone.
Rosneft, Russia’s largest oil producer, already has links with BP and Exxon. It plans to close a $55 billion deal in the first half of this year to acquire TNK-BP from London-based BP and a group of billionaires. The company also has a strategic agreement to explore Russia’s offshore and tight-oil deposits with Exxon in return for opportunities abroad.
CEO Igor Sechin, a long-time ally of Russian President Vladimir Putin, travels to Houston today where he’ll present the company’s development strategy, a separate statement shows.
Rosneft nominees also include Matthias Warnig, managing director of the Nord Stream AG pipeline group. Warnig is a former East German Stasi agent who has known Putin since at least 1991, and also serves as board chairman of Russia’s oil pipeline monopoly OAO Transneft and United Co. Rusal. (486)
Shareholders at the June 20 meeting, to be held in St. Petersburg, will also vote on dividend payments, according to the filing. The register to participate in the meeting closes on May 6.
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