TNK-BP Announces New Board of Directors
TNK-BP today announces a number of important appointments which underpin the new system of corporate governance in the company consistent with the revised shareholder agreement signed by AAR and BP at the beginning of January.
The new Board of TNK-BP Ltd. will consist of four representatives from each of the two shareholder groups and three independent directors.
Former Chancellor of the Federal Republic of Germany Gerhard Schroeder, Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs and James Leng, Chairman designate of Rio Tinto, will join the Board of Directors of TNK-BP Ltd. as independent directors.
The AAR nominated directors are Alfa Group chairman, Mikhail Fridman, Renova Group chairman, Viktor Vekselberg, Access Industries chairman, Len Blavatnik and Chairman of Pamplona Capital Management and Alfa Group shareholder, Alex Knaster.
The BP nominated directors are: Andy Inglis, chief executive of BP's upstream business, David Peattie, BP's head of Russian business, Iain Macdonald, BP's deputy chief financial officer and Lord Robertson of Port Ellen.
Commenting on the appointment of independent directors, Mikhail Fridman, Chairman of the Board of TNK-BP Ltd., said: "We are pleased that such experienced and respected individuals are joining the Board of our company. Their experience and wisdom will be invaluable as the company enters the next stage of its development and focuses on transforming itself into an independently managed international major with global ambitions."
TNK-BP was established in 2003 as a joint venture between BP and the consortium of Alfa Group, Access Industries and Renova. The company presented the largest direct foreign investment in Russia, and its shareholder structure remains unique for the Russian oil industry. Creation of TNK-BP was welcomed by leaders of Russia and the UK as a strong evidence of Russia's integration in the global economy.
From 2003 to date, TNK-BP has delivered industry-leading performance on a number of key metrics, including a proved reserve replacement rate (138%) and an average annual production growth rate of 8.3%. Taxes, duties and excises paid in Russia to state budgets at all levels from 2003 through end 2008 exceed $90bn.
Find out more about:
Search for more News