RUSAL says unhappy with Norilsk board, to seek EGM

MOSCOW, July 8 - The world's top aluminium firm, Russia's United Company RUSAL, said on Tuesday it was not happy with rival shareholders' control over the board of metals giant Norilsk Nickel and would seek its reelection. "In the coming days, we plan to consult with the minority shareholders of Norilsk Nickel about the possibility of calling an extraordinary general meeting of shareholders to elect truly independent directors on the enlarged board of 13 directors," a RUSAL statement said. It said it believed an increased number of independent directors would enable them "to represent the interests of all the shareholders and ensure Norilsk Nickel observes high standards of business ethics and corporate governance". Tycoon Vladimir Potanin on Monday tightened his control over Norilsk Nickel by becoming the chairman of its nine-strong board and overseeing an appointment of close ally Sergei Batekhin as the CEO. [ID:nL07184385] The election of Potanin, the largest single shareholder in Norilsk with a stake of just under 30 percent, deals a blow to one-quarter owner UC RUSAL, which had backed independent candidate Guy de Selliers. Billionaire Potanin immediately stamped his authority over the company by shifting ally Sergei Batekhin to CEO to replace Denis Morozov. RUSAL said in a statement on Tuesday that it reserved its rights to "pursue all legal remedies" against the company and its board. Source: Reuters