Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

TNK-BP Lacks Quorum

TNK-BP on Monday postponed a decision on a dividend payout, in a sign of a broadening rift between shareholders BP and a quartet of Russia-connected tycoons.

TNK-BP is still looking to replace an independent board director and was unable to decide on the dividend because the board does not have a quorum, the company said.

The board has been below full strength since December, when two directors quit as shareholders locked horns in international arbitration over BP's attempt to secure a partnership with Rosneft in 2011.

Earlier on Monday, TNK-BP said it appointed a new director to the board of TNK-BP Limited, the main holding company of TNK-BP Group, but will continue its search for another director to restore the board quorum. TNK-BP said the new appointee was former Shell executive Evert Henkes, in the capacity of a BP-nominated independent director. BP and the Russia-linked Alfa-Access-Renova consortium hold 50 percent each of TNK-BP. Both parties nominate one of the three independent directors, with the third having no affiliation to either side.

(Reuters)

Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.