Moscow, May 21, 2012 – TNK-BP announces the cancellation of a Board meeting that had been scheduled for May 25, 2012.
The reason for the cancellation is a lack of quorum, given that there are currently only 10 directors on the Board. Under the terms of the Company Charter, the Board of Directors is unable to take any decisions unless it is at full strength – which means 11 directors, including three independent directors.
In late 2011, James Leng and Gerhard Schroeder announced their decision to resign from the TNK-BP Board. Alexander Shokhin, the head of the Russian Union of Industrialists and Entrepreneurs (nominated by AAR), remained in his position on the Board. Evert Henkes, a former senior manager at Shell, who was nominated by BP, has become the second independent director. The third position, however, remains vacant.
Due to the absence of a quorum, the Board is unable to take a decision on declaring and disbursing dividends for the 1st quarter of 2012. This decision has been postponed until a third independent director has been appointed and the Board is once again at full strength.
NOTES FOR EDITORS:
TNK-BP is Russia’s third largest oil company, 50% held by BP and 50% held by the AAR Consortium (Alfa Group, Access Industries, and Renova). TNK-BP also owns close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia’s production (including its share of Slavneft). SEC proved reserves (life of field basis) were 9.115 billion boe as of December 31, 2011.
Since its creation in 2003, TNK-BP has been an exceptionally successful business for its shareholders, paying out around $38 billion in dividends to AAR and BP.
References to “TNK-BP” or “the Group” mean “TNK-BP Limited” unless the context requires otherwise.
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