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TNK-BP Chief Dudley Survives Vote on Ouster.
(From The Moscow Times)
The Russian shareholders who own half of TNK-BP on Monday failed to dismiss the firm's American CEO, Robert Dudley, who they argue has run the venture in favor of 50 percent shareholder BP.
Viktor Vekselberg, one of the four Russian shareholders who split ownership of TNK-BP with BP, had called an extraordinary shareholder meeting of subsidiary TNK-BP Management in a bid to push out Dudley in favor of an "independent director."
Board members, voting by absentee ballot, dismissed the initiative 3-2, AAR, the consortium that represents the Russian shareholders, said in a statement. AAR says BP has three members representing its interests, compared with two for AAR.
BP welcomed the decision in a statement late Monday. "We believe the allegations made by AAR lack substance, are misleading and inaccurate," the statement said.
TNK-BP could not be reached for ...
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