29 Sep 2017 16:00

Schroeder, Novak elected to Rosneft board of directors

ST. PETERSBURG. Sept 29 (Interfax) - Rosneft shareholders approved changes to the company charter to increase the number of seats on the board of directors from 9 to 11 people, an Interfax correspondent reported from the meeting.

The shareholders elected two new members to the board of directors: former German Chancellor and head of Nord Stream AG shareholders committee, Gerhard Schroeder, and Russian Energy Minister Alexander Novak.

The previous members of the Rosneft Board of Directors kept their seats: Qatar Foundation President for R&D Faisal Alsuwaidi, Russian presidential aide Andrei Belousov, Nord Stream 2 AG CEO Matthias Warnig, Professor of the Finance Department of the State University Higher School of Economics Oleg Vyugin, Glencore plc CEO Ivan Glasenberg, BP CEO Robert Dudley, Guillermo Quintero, Rosneft CEO Igor Sechin and Donald Humphreys.

Rosneft shareholders elected Glencore plc CEO Ivan Glasenberg and Qatar Foundation President for R&D Faisal Alsuwaidi to the board at the AGM in June; they took the seats previously held by Energy Minister Alexander Novak and Gazprombank CEO Andrei Akimov. Rosneft proposed increasing the number of board members from 9 to 11 to return Novak to the board in the future.

Rosneft's charter capital is 105,981,778.17 rubles and is divided into 10,598,177,817 shares with a face value of 0.01 ruble. Rosneft's biggest shareholders on September 1, 2017 were state-owned JSC Rosneftegaz (50% plus one share), BP Russian Investments Limited (19.75%) and QHG Shares Pte Ltd, a JV between Glencore and QIA (19.5%).

In addition, the consortium of Glencore and Qatar Investment Authority (QIA) signed an agreement to sell a 14.16% stake in Rosneft to CEFC. After the deal is transacted, Glencore will have 0.5% of Rosneft shares and QIA will have 4.7%. The deal will be closed when final negotiations have been completed and regulatory approval has been received. CEFC has not announced its plans regarding participation in Rosneft corporate governance.