Statement by the Simon Kukes, Yukos Chairman
Posted: 29 January 2004
The Board expressed its full confidence in the management. It also
reiterated its commitment to abide by the highest principles of
good corporate governance. The board also reiterated that it will
not tolerate direct interference by any core shareholder in the
functioning of the company. It will take any necessary actions to
assure that executive management is independent. The Board of Directors
has also appointed Steven Theede, President of Yukos-Moscow, as
the Executive Secretary of the Board to ensure tight interaction
between the Board and Management.
The Board also approved the retention of Squire, Sanders &
Dempsey as special counsel to the Board and JP Morgan as financial
adviser to the Board.
The Board also directed management to continue negotiations with
former core shareholders of Sibneft in order to determine how best
to implement the merger. The company has called an EGM of its subsidiary
Sibneft to be held on March 28, 2004. The agenda includes amendments
to the Sibneft Charter and election of a new Board of Directors
of Sibneft.
The results of the Company's production activity will be announced
before February 12, 2004. The Company's tentative 2004 production
plan will be approved at the February 26, 2004 Board meeting.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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