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  Tuesday, August 16, 2022
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Norilsk Nickel could appoint a former Kremlin official as chairman
Norilsk Nickel could appoint a former Kremlin official as chairman of the metals giant's board of directors, a Russian business paper reported on Wednesday.

The post could go to Alexander Voloshin, who previously served as the head of the Russian presidential administration, Kommersant said, referring to a source close to the company.

Rival billionaire shareholders in Norilsk Nickel ended on Tuesday a long-standing conflict and agreed to resolve issues over control of the company, the paper said.

Vladimir Potanin, the owner of Interros holding company, which possesses around 30% of shares in Norilsk Nickel, told a press conference that he and Oleg Deripaska, the owner of aluminum giant RusAl, which holds 25% plus two shares in Norilsk Nickel, "had managed to resolve all the disputed issues as a result of dialogue."

According to Kommersant, the parties agreed on parity management of the company. In addition to Vladimir Strzhalkovsky, the general director of Norilsk Nickel who was recently appointed on Potanin's recommendation, Deripaska will appoint an executive director for the metals giant while Voloshin will oversee the company's management on behalf of the state, the paper said.

Both billionaire shareholders will also enjoy parity in the company's board of directors, which will be enlarged from 9 to 13 at a shareholder meeting on December 26, the paper said.

According to Kommersant, RusAl and Interros will have four seats each in the board of directors, which will also include three independent directors, Strzhalkovsky, and the state's representative.

The inclusion of the state's representative in the Norilsk Nickel's board of directors was one of the terms under which state-controlled Vnesheconombank agreed to grant RusAl a $4.5 billion loan to refinance its debt to a consortium of Western banks accumulated as a result of purchasing a stake in Norilsk Nickel, the paper said.


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