LONDON United Co. Rusal
chief executive officer Oleg Deripaska and Trafigura Beheer BV
chairman Claude Dauphin left the Norilsk Nickel board of
directors after shareholders voted for the early termination of
the boards powers at an extraordinary general
The meeting was held March 11
and neither of the men had been up for re-election to
the board of the Russian nickel producer.
The chairman of the board is now
Norilsk independent director Gareth Penny, while Potanin
remains chairman of the companys management board.
Aluminum producer Rusal, a
25-percent shareholder, retains four seats on the board, equal
to the number held by CJSC Interros Holding Co., which owns 28
percent of the company.
Norilsk Nickel has entered a
"time of peace," market participants said, since Rusal and
Interros reached an agreement following a four-year feud over
the management of the company.
Rusal is satisfied that its
shareholder agreement has been met, a spokesman for the company
told AMM sister publication Metal
"Rusal notes that new Norilsk
Nickel board composition meets the agreements reached. Rusal
has four representatives on the Norilsk board which is equal
with Interros," the spokesman said.
As part of a series of disputes
starting in 2008, Rusal accused Norilsk and Interros of
conspiring to cause disadvantage to Rusal, which also claimed
it was underrepresented on the Norilsk board. Rusal vehemently
and publicly criticized both Interros and Norilsk itself,
attracting equal denigration from the latter.
In late November, it emerged
that a shareholder agreement was being negotiated and was
dependent on the departure of then chief executive office
Vladimir Strzhalkovsky, to be replaced by Interros chairman
Media reports at the time said Russian oligarch and Chelsea
Football Club owner Roman Abramovich was being urged by
Deripaska to buy a 6.9-percent stake in Norilsk through his
investment company Millhouse Capital. In December, it was
confirmed that an agreement had been reached in which Potanin
would take the helm and Abramovich would take a 7.3-percent
Editor's note: An earlier version of this story incorrectly
stated Vladimir Potanin left MMC Norilsk Nickels board of
directors in March. Potanin had actually left the board
A version of this article was first published by AMM
sister publication Metal Bulletin.