On 28 June 2018, Russian aluminium company RUSAL elected a new board of directors in an effort to have US sanctions lifted (OFAC had imposed sanctions on 6 April 2018). The new board of 12 directors comprises 3 executive directors, 3 non-executive directors and 6 independent non-executive directors. RUSAL press release here.
We reported in May 2018 that Russian ‘oligarch’ Oleg Deripaska had resigned from the board of RUSAL due to US sanctions (previous blog). He has a 66% stake in US-sanctioned entity EN+ Group, which in turn controls 48% of RUSAL. As a result of the US sanctions, Mr Deripaska “agreed in principle” to reduce his shareholding in EN+ Group to below 50% and to resign from the board and consent to the appointment of new directors so that the board would be comprised of a majority of new independent directors (previous blog). On 27 June 2018, EN+ Group announced that in furtherance of the ‘Barker Plan’ it has accepted 4 resignations from its board of directors and, as an interim measure, appointed 7 directors to the board.