BP wants TNK-BP to pay $1 Bln as 2012 dividend
MOSCOW. July 21 (Interfax) - BP has proposed the payment of a $1 billion dividend by TNK-BP from profits for 2012, the Russian-British venture said on Saturday.
The proposal was made prior to a board teleconference on Friday, "the first Board discussion of 2012," TNK-BP said in a statement. "This would be the first TNK-BP dividend attributable to 2012 income."
"The Board remains inquorate since the resignation of two of the three independent directors last year. With only ten members, and still lacking a third independent director, the Board does not have the quorum to take a whole range of important company decisions, such as minimum quarterly dividends (40% of company net income), management board appointments and strategic transactions above $100m," it said.
"Yesterday's teleconference discussion was the first time the TNK-BP Board has met since 9 December 2011," TNK-BP said. The Russian version of the statement said the board "took no decision on this issue due to lack of sufficient time to study it in advance."
"With only ten members," said the English version, "the Board is able to make a decision on so-called additional, or interim, dividends, which require the unanimous approval of all members. AAR directors agreed to study BP's proposal and make a decision during the course of the coming week."
The English version said the next TNK-BP board meeting "is scheduled for October 2012." "At present, there remain doubts as to whether it will meet as the search for the third independent director has not yet commenced," it said.
"TNK-BP dividends," said the Russian version, "play a key role for the BP shareholders. Last year, BP paid $4.1 billion dividend to its shareholders, of which $3.7 billion or more than 90% had been received from TNK-BP."
