Once again, there were many questions at the Rosneft shareholders meeting.
Photo: Dmitry Dukhanin
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Rosneft Shareholders Vote with Sales
Yesterday’s Rosneft shareholders meeting showed that the company’s minority shareholders have seriously raised their financial literacy. Nonetheless, Rosneft chairman Igor Sechin and the company’s executives heard mainly complaints from the more than 900 attendees at the Expocenter. More than 7 percent of the minority shareholders expressed their feelings even more eloquently in the last year when they sold their Rosneft stock. A year ago, there were 154,000 shareholders in the oil company. Today, there are 141,000.
BP topper Tony Hayward and vice president of the Indonesian oil company Petronas George Ratilal came to the meeting to support Rosneft and its management. They were the only ones. Both of those companies own 1 percent in Rosneft. The minority shareholders asked much more penetrating questions this year.
The question of dividends was again this year the most pressing. Rosneft president Sergey Bogdanchikov admitted that they were low and said that the dividend policy may change after 2010. The shareholders had suggestions on how to spend the profits they were not receiving. They also criticized independent Rosneft board member Andrey Kostin, who is also president of Vneshtorgbank, where his performance was found to be unsatisfactory.
www.kommersant.com
All the Article in Russian as of June 06, 2008
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