Shareholders in power company Inter RAO voted at their annual shareholders meeting on June 25 to appoint Rosneft CEO Igor Sechin as chairman of the board.
They also decided to waive dividends for 2012 due to losses of 14.36 billion rubles ($440 million), Interfax reported. The company did not pay a 2011 dividend for the same reason.
Rosneft's board gave its approval for Sechin to combine his current position with the planned position at Inter RAO.
Sechin headed the board at Inter RAO from 2008 to 2011, before being forced to step down by an initiative sponsored by then-President Dmitry Medvedev barring government officials from holding positions on the boards of state-owned companies.
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