Deripaska calls for independents and minorities at core of Norilsk board

© RIA Novosti . Sergei Guneev / Go to the mediabankOleg Deripaska
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Independent directors and representatives of minority shareholders should become the core of Norilsk Nickel's board of directors, billionaire shareholder Oleg Deripaska said on Tuesday.

NORILSK, Russia, August 31 (RIA Novosti) - Independent directors and representatives of minority shareholders should become the core of Norilsk Nickel's board of directors, billionaire shareholder Oleg Deripaska said on Tuesday following a meeting with Prime Minister Vladimir Putin in Norilsk.

"I am most likely to talk with American Depository Receipt holders and minority shareholders, so that the majority of the board of directors is represented by independent directors and minority shareholders' representatives," said Deripaska, whose RusAl aluminum company owns a quarter of Norilsk Nickel shares.

Deripaska and Vladimir Potanin, another Norilsk Nickel core shareholder, said they and the government saw no need for Norilsk to have a third core shareholder.

"Everything must be done so that shareholders cannot influence production and the operating businesses of the company," Potanin said.

Deputy Prime Minister Igor Sechin said the government had not discussed becoming a Norilsk Nickel shareholder.

Potanin and Deripaska have been fighting for control over Norilsk since the company's annual shareholders meeting in June, when Deripaska's RusAl got only three seats on the board of directors.

Interros, Potanin's investment arm, also got three seats. Norilsk's management, including Andrei Klishas, an Interros senior manager, got four seats and independent directors three.

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