Following media reports published in regards to Mr Vekselberg’s decision to resign as Chairman of the Board of Directors of the Company, UC RUSAL considers it necessary to make the following statement.
The issue related to the change of the Board Chairman had been discussed on several occasions during recent Board meetings and further discussions were scheduled to take place at the forthcoming Board meeting on 16 March 2012.
These discussions centred on improving the efficiency of the Board and were deemed necessary by the fact that Mr Vekselberg had failed to perform his functions as a public company board chairman over the past 12 months. In his role as an acting Chairman of the Board, Mr Vekselberg has not attended any of the live board meetings dating back to February 2011, was not present at the Annual General Shareholders’ meeting on 25 June 2011 in Hong Kong; neither had he taken part in any investor meetings over the year.
In this respect, the decision of Mr Veskelberg to resign as Chairman of the Board preempted the planned decision of the Board.
In line with the best international practices of corporate governance, UC RUSAL will endeavor to appoint Independent director as Chairman of Board, which will undoubtedly raise the efficiency of the Board.
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