Rosneft follows the corporate policy of openness and plans to establish the Committee to work with minority shareholders of TNK-BP Holding. The Committee will consider suggestions and recommendations received as a result of discussions with minority shareholders and stock market players.
The Committee will develop proposals for Rosneft management on further work with minority shareholders according to Russian legislation, the Company’s long-term interests as well as international best practices. The Committee will be chaired by Svyatoslav Slavinskiy, Rosneft Vice President for economics and finance, and Igor Maydannik, Rosneft Vice President for Legal Support, property and corporate governance.
Rosneft President Igor Sechin said: “Rosneft is the leader of Russian and international oil and gas industry by key operating indicators and its development potential. Rosneft management considers issues of corporate governance and respect for rights of its shareholders a priority”.
On June 5, 2013 TNK-BP Holding Board of Directors recommended not to pay dividends to its shareholders for the year 2012. Rosneft corporate standards can be extended to TNK-BP Holding only from the moment Rosneft closed the transaction to acquire TNK-BP on March 21, 2013.
Rosneft decisions relating to TNK-BP Holding dividend policy will be announced after the issue is considered by the TNK-BP Holding Minority Shareholders Committee that is being established. The Committee is expected to discuss the issue after TNK-BP Holding AGM that will take place on June 27, 2013.
Please send suggestions and recommendations on the Committee work at firstname.lastname@example.org.
Notes for Editors:
On March 21, 2013 Rosneft completed transactions to acquire TNK-BP. Rosneft closed the deals to acquire BP’s 50 per cent interest in TNK-BP for $16.65 billion in cash and 12.84 per cent of Rosneft shares. According to separate agreements, Rosneft closed the deal to acquire AAR's 50 per cent share in TNK-BP in exchange for cash consideration of $27.73 billion. On completion of the independent transactions Rosneft consolidated 100% of TNK-BP and became the largest publicly traded company in the world by production and hydrocarbon reserves.