TNK-BP BOARD APPOINTMENTS

RNS Number : 6934L

BP PLC

15 January 2009

 



press release

January 15, 2009

FORMER GERMAN CHANCELLOR GERHARD SCHROEDER AGREES TO JOIN TNK-BP BOARD

BP today announced that the shareholders in TNK-BP have agreed to appoint three independent directors, including former chancellor of the Federal Republic of Germany, Gerhard Schroeder, to the restructured main board of TNK-BP. His fellow independents will be James Leng, the chairman designate of Rio Tinto, and Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs. 

BP and Alfa-Access Renova (AAR) have agreed to appoint the three directors to avoid the risk of deadlock between the 50:50 owners of the joint venture, which are represented on the 11-strong board by four directors from each side. 

BP's four nominated directors on the main board of TNK-BP are: Andy Inglis, chief executive of BP's upstream business, David Peattie, BP's head of Russian business, Iain Macdonald, BP's deputy chief financial officer and Lord Robertson of Port Ellen. The AAR-nominated  directors are Alfa Group chairman, Mikhail M Fridman, Renova Group chairman, Viktor F Vekselberg, Access Industries chairman, Len Blavatnik and Chairman of Pamplona Capital Management, Alex Knaster. 

Until a new CEO of TNK-BP is announced, Tim Summers will continue in the role. 

Welcoming the new structure, BP chief executive Tony Hayward said: 'We believe the composition of this board, which includes individuals of significant distinction in business and politics, can achieve good business alignment between the shareholders of TNK-BP and safeguard the interests of all sides. 

'I am especially pleased that Gerhard Schroeder has agreed to join the restructured board. The counsel of such a distinguished statesman, who brings both enormous geo-political experience and a history of strong relationships with Russia, gives me particular confidence that the next chapter in the progress of TNK-BP will be good for all shareholders and for Russia.'

Herr Schroeder said: 'I am looking forward to working together with the other members of the main board of TNK-BP.  I feel certain that, with the support and trust of both shareholder groups, I will be able to make a contribution to the company's success that will serve as an important example of Russia's cooperation with international investors, thereby providing a significant contribution to Russia's integration in the global economy.' 

Further enquiries:

BP Press Office, London: [phone]

BP Russia, Moscow: [phone]

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