30 Mar 2022 20:02

Grachev, Ferlenghi quit Federal Grid Co board

MOSCOW. March 30 (Interfax) - Pavel Grachev, CEO of Polyus , and Ernesto Ferlenghi, Executive Vice President, Eni, have left the board of directors at Federal Grid Company FGC UES) , according to information posted on the company's website.

Both were independent directors and resigned of their own accord. Ferlenghi resigned on February 24.

One other independent director, Igor Kamenskoi of Renaissance Capital, remains on the board.

Interfax asked power grid holding Rosseti , the core shareholder in FGC, for comment.

Neither company has been hit by sanctions imposed by several countries in response to Russia's special operation in Ukraine, however personal sanctions were imposed against Rosseti's general director, Andrei Ryumin.

FGC owns and manages the power grid facilities of the Unified National Electric Grid of the Russian Federation. Rosseti owns 80.13% of FGC's shares. In turn, Rosseti is 88.04% owned by the government, and another 1.28% belongs to GazpromFinance B.V.