MOSCOW, May 30 (RIA Novosti) – Former European Trade Commissioner Peter Mandelson and head of RTI hi-tech group Sergei Boev were nominated for the board of directors of Russia’s largest publicly-traded diversified holding company AFK Sistema, the company said on Thursday.
“The Board recommended two new candidates to the Board of Directors - Sergei Boev and Peter Mandelson - who will replace Vyacheslav Kopyev and Yevgeny Novitsky. The size of the Board and the level of independent directors will remain unchanged totaling 13 and eight members, respectively,” Sistema said.
Lord Mandelson was the European Trade Commissioner between 2004 and 2008, when he negotiated trade agreements with many countries and led European negotiations in the WTO Doha World Trade Round.
He was a Minister without Portfolio, Secretary of State for Trade and Industry, Northern Ireland Secretary and Secretary of State for Business, Innovation and Skills in the British government under Tony Blair and Gordon Brown between 1997 and 2010.
Sistema is the largest publicly-traded diversified holding company in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, electronics and aerospace, banking, retail, mass-media, tourism and healthcare services, according to the company’s website.
Sistema was ranked number 315 in the 2011 edition of the Fortune Global 500 list.
Sistema is controlled by Vladimir Yevtushenkov, who is ranked 175th in the Forbes World’s Billionaire List with a fortune of $6.7 billion.
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Any response would likely boomerang on Russia – the partnership between Rosneft and ExxonMobil is a case in point. The United States has hit Russia with a third round of sanctions. This time the Americans went with a higher caliber weapon, targeting Russia’s biggest energy companies (Rosneft and Novatek) and banks (VEB and Gazprombank).