Norilsk Nickel board meeting results

At the regular in-person meeting of the Board of Directors of OJSC MMC Norilsk Nickel (“MMC Norilsk Nickel” or “the Company”) that took place on 3 August the following decisions were made:

I. Composition of the Committees of the Board of Directors was approved.

Budget Committee: Vladislav Soloviev (Chairman), Andrey Bougrov, Marianna Zakharova, Maxim Sokov, John Gerard Holden;
Audit Committee: John Gerard Holden (Chairman), Andrey Bougrov, Bradford Alan Mills, Maxim Sokov;
Strategy Committee: Bradford Alan Mills (Chairman), Vladislav Soloviev, Boris Bakal, John Gerard Holden;
Corporate Governance, Nomination and Remuneration Committee: Marianna Zakharova* (Chairwoman), Bradford Alan Mills, Maxim Sokov.

II. Changes in the Management Board membership were approved.

This decision terminates the powers of the Management Board member Valery Matvienko, who served as the First Deputy General Director in charge of production before his resignation in July 2010.

III. “Mitigation Commission” of the Board of Directors.

Having discussed the proposal moved by Independent Director J.G. Holden to create a “Mitigation Commission” with purpose to reach compromise between major shareholders of MMC Norilsk Nickel, the Directors approved of the idea and appointed the following persons to the Commission: Аndrey Bougrov (Managing Director of Interros HC), Barry Cheung (Independent Director, UC RUSAL), John Gerard Holden (Independent Director, MMC Norilsk Nickel), Vladimir Strzhalkovsky (General Director of MMC Norilsk Nickel).

All of the Board members took part in the meeting today.


* elected to replace Andrey Klishas, who was appointed President of MMC Norilsk Nickel and as the management representative cannot serve in the Committees of the Board of Directors.