TeliaSonera plans to replace both reps on MegaFon board of directors
MOSCOW. Sept 3 (Interfax) - The board of directors at Russian 'big-three' telecommunications operator OJSC MegaFon has confirmed a list of board of directors candidates to be voted on at an EGM scheduled for September 27, a list on which the representatives from TeliaSonera are to be replaced, according to a MegaFon statement.
TeliaSonera representatives hold two seats on the board. They are its vice president for corporate communications, Cecilia Edstrom - who has already left the company, and Vice President Jan Henrik Ahrnell. Neither is on the list.
Four TeliaSonera candidates will vie for the two seats: CEO Johan Dennelind, Executive Vice President Per Arne Blomquist, the head of TeliaSonera Mobility Services Kenneth Karlberg, and former acting CFO Christian Luiga.
The remaining candidates are members of the current board. They are former UK treasury minister Paul Myners and Hogia AB chairman Jan Rudberg, both independent directors, USM Advisors head Vladimir Streshinsky, MegaFon's former chief and board chairman Sergei Soldatenkov, and Jan Erixon of LLC Olimp, the latter three of which were nominated by the companies of controlling shareholder Alisher Usmanov.
The MegaFon board has seven seats, three of which are held by representatives of Usmanov, two by TeliaSonera, and two by independents.
This board structure was established after MegaFon's IPO on the London Stock Exchange and Moscow Exchange in November 2012. Garsdale owns 50% plus 100 shares in MegaFon, TeliaSonera owns 25.174%, the operator's subsidiary MegaFon Investments owns 7.57%, and MegaFon General Director Ivan Tavrin's Cyprus-based firm Anfimako Ltd. holds 2.545% of shares. Usmanov's USM Holdings owns 82% of Garsdale, and Telconet Capital and state corporation Rostec own the remaining shares.