Interros Holding Company and United Company RUSAL have reached an understanding on cooperation in relation to MMC Norilsk Nickel in order to restore the companys value and to add dynamism to its development.
According to the understanding, the parties intend to coordinate their viewpoints regarding the structure of the new Board of Directors to be elected at the Extraordinary General Meeting on December 26th, thus securing the balance of interests of all groups of shareholders. The parties consider as optimal the following composition of the Board of Directors: four representatives from Interros; four representatives from RUSAL; three independent directors; General Director of MMC Norilsk Nickel Vladimir Strzhalkovsky and a representative from the State. The list of candidates will be approved at the meeting of the Board of Directors on December 1st.
The parties also support the election of an independent Chairman of the Board of Directors and intend to consult with minority shareholders on the candidature. RUSAL and Interros expect that the State will also support this candidature as its representative.
The companies reachedmutual understanding on corporate procedures for decision making regarding major deals and other important issues, including the dividend policy, fundraising, transactions with Norilsk Nickels shares and M&A.
Interros and UC RUSAL believe that their cooperation would provide a solid ground for securing rights and interests of all shareholders, which is important for sustainable development of the company and for strengthening of the confidence of the Russian and international communities in the company. The global crisis is the best time to consolidate efforts and cooperation, thus enabling to rapidly recover the value of Norilsk Nickel and to unlock the potential of the company to the benefit of all shareholders. This cooperation has a significant importance for the investment climate in Russia and for strengthening its image in the international markets as it represents an example of an elaborated strategy and of search for most effective solutions in difficult situations.