TNK-BP board unable to hold May 25 meeting due to lack of quorum
MOSCOW. May 14. (Interfax) - The board of directors at TNK-BP has had to cancel a meeting scheduled for May 25 due to the absence of a quorum.
Shareholders have not yet approved two new independent directors, a source close to the board told Interfax.
The board will be unable to meet until new independent directors have been appointed to replace former German Chancellor Gerhard Schroeder and James Leng, former board chairman of Rio Tinto.
TNK-BP, AAR and BP are not commenting on the information.
A quorum requires 11 directors, including three independents, to be present. The only independent director currently on the board is Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RUIE), nominated by the Alfa-Access-Renova (AAR) consortium.
AAR and TNK-BP's other shareholder, BP, continue the search for candidates for independent director.
Jonathan Muir, TNK-BP's CFO, has said the company hoped a fully fledged board would be formed by the middle of the year and that as far as he knew certain progress had been made with the quest for independent directors.