23 Nov 2012 19:19

State could nominate Investor Protection Association chief for Rostelecom board

MOSCOW. Nov 23 (Interfax) - The Russian Federal Property Agency's (Rosimuschestvo) commission for the selection of professional directors decided on November 16 that it would be advisable to nominate Denis Kulikov, executive director of the Investor Protection Association, as state candidate for the board of directors at Rostelecom , the agency says in materials.

It is for the government to make the final decision. Rostelecom is also on a list of companies where board candidates are subject to approval by the presidential administration.

Kulikov would be nominated as a professional trustee, meaning he would vote in line with government directives of elected. Vadim Semyonov, general director of Svyazinvest, currently votes on the board as per government directives, Rostelecom told Interfax.

Rosimuschestvo, which owns a 7.43% voting stake in Rostelecom, does not currently have candidates on the company's board. Rosimuschestvo nominated Denis Afanasiyev, former advisor to the Russian communications minister, for the board, but he requested that his nomination be disregarded as he stopped being advisor to Igor Schyogolev when the latter stopped being communications minister.

Russian laws states that the state, as shareholder, can vote for a candidate not nominated by Rosimuschestvo if the candidate