YUKOS Oil Company Board of Directors realigns management and endorses efforts to negotiate tax claims
Posted: 24 June 2004
The Annual General Meeting of shareholders (AGM) of YUKOS Oil Company took place today in Moscow. The shareholders elected a new Board of Directors (see below). After the AGM the new Board of Directors held its first meeting and Victor Geraschenko was elected Chairman.
In addition, the Board of Directors considered the appointment of Steven Theede as Chief Executive Officer of the Company replacing Simon Kukes.
Steven Theede was duly appointed Chief Executive Officer. Yuri Beilin was appointed as Deputy Chief Executive Officer.
The Board of Directors remarked that Simon Kukes is greatly respected in the oil and gas industry and that the company had benefited significantly from his extensive experience. The Board of Directors expressed their gratitude for his efforts during his tenure as CEO and hope that, as an adviser, he will continue to contribute to the Company's growth.
Simon Kukes declared: "From my professional point of view the time that I have spent with YUKOS Oil Company has certainly proved invaluable. I am sincerely grateful to the Board of Directors for their high appraisal of my work during the period of time I was CEO".
Steve Theede stated: "I am grateful for the trust the Board of Directors has vested in me to lead one of Russia's most successful companies. My goal is to lead YUKOS through this period of uncertainty so that it can continue the remarkable success it has demonstrated so far".
The Board of Directors expressed their support of the management team's efforts to negotiate the settlement of the tax claim asserted by the Tax Ministry against the Company, noting that a successful settlement will be in the best interest of the Company and all its stakeholders.
The Annual General Meeting approved the 2003 YUKOS Oil Company annual financial report and accounts including the profit and loss account.
Following the significant dividend which was paid by the Company for the first nine months of 2003, the Annual General Meeting decided to not pay further dividend for the remainder of 2003.
The Annual General Meeting approved the appointment of ‘PriceWaterhouseCoopers Audit' as YUKOS Oil Company's auditors for the 2004 financial year in relation to Russian accounting and US GAAP standards.
The new Board of Directors of YUKOS Oil Company elected during the Annual General Meeting held on 24 June 2004
- Viktor Geraschenko – Chairman of Board of Directors
- Yuri Golubev - independent consultant
- Francois Buclez - Director, Cube Capital Ltd .
- Raj Kumar Gupta - independent consultant
- Jacques Kosciusko-Morizet - Manager, Kajis Sarl
- Alexei Kontorovich - Director, Institute of Oil and Gas Geology, Siberian Branch of the Russian Academy of Sciences
- Sarah Carey - Attorney at Law; Partner, Squire, Sanders & Dempsey LLC
- Bernard Loze - President, Loze & Associes
- Edgar Ortiz - Adviser to the Chairman of Halliburton Company
- Yuri Pokholkov - Rector, Tomsk Polytechnic University
- Michel Soublin - Treasurer, Shlumberger Limited
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
