Russian shareholders fail with bid to oust TNK-BP CEO
Russian shareholders seeking to oust the British chief executive of joint oil venture TNK-BP failed to garner enough votes for his dismissal at a board meeting on Monday, they said.
"Two directors voted for (Robert) Dudley's dismissal and three against," said a statement from the Russian shareholders, who have been engaged in an intense struggle with British shareholder BP.
The two sides each own 50 percent of TNK-BP, Russia's third largest oil producer.
"We are disappointed but not surprised by the results of the vote," Stan Polovets, representing the Russian shareholders, said in the statement.
"We had hoped and still hope that they would exercise their fiduciary obligation to all TNK-BP shareholders and vote in favour of the dismissal," he said.
The statement accused TNK-BP's management of "numerous violations" of Russian law and said the company had underperformed by comparison with market competitors.
From its formation in 2003 "to June 1 this year, TNK-BP's market capitalisation rose only 138 percent. By contrast Lukoil's value has increased 467 percent and the Russian stock market rose by 355 percent.
"There is only a handful of companies who have done worse than TNK-BP in the past five years ... One of them is BP, whose stock has remained flat since 2003," the statement said.
The Russian shareholders' struggle is the latest high-profile effort to remove foreign control over major Russian energy assets.
However analysts note the state has been unusually reluctant to take a clear stand.
Moscow opened up the sector in the 1990s, seeking outside help to revive an industry crumbling due to bad management and low investment.
The Russian side in the TNK-BP dispute -- Alfa Group, Access Industries and Renova -- says BP is treating TNK-BP as a subsidiary and obstructing its overseas expansion.
In mid-June BP chairman Robert Sutherland accused the Russian shareholders of returning to "corporate raiding activities that were prevalent in Russia in the 1990s."
AFP
