Posted on 05/05/2002 1:00:29 PM PDT by ittybittyspider
Aeroflot will add two seats to its board of directors and replace Arthur Andersen as its auditor, a company official said Monday.Aeroflot's current board voted Saturday to recommend that shareholders agree to boost the number of directors from nine to 11 at the company's annual meeting May 25, deputy general director and executive secretary of the board Anatoly Brylov told reporters Monday.
Brylov said the decision was made in line with the new charter of the company, also approved Saturday, which gives the board more power over the airline's operations. It will appoint the general director, something that previously required a shareholder decision.Brylov said additional directors would allow minority shareholders to be more involved in the decision-making process of the company."We are the only large company with such a modest board," he said. The government, which owns 51 percent of the company, has five representatives on the current board and has put forward nine candidates for the May 25 meeting. The other nine candidates include Aeroflot general director Valery Okulov and his deputy Alexander Zurabov. Carroll Trading SA has put forward seven candidates -- Prospekt brokerage general director Mikhail Vinchel, Profit House managing director Alexander Nemtsov, and five officials from recently formed holding company Millhouse Capital U.K. Ltd. Carroll, together with another offshore company, Nimegan, bought up 26 percent of the company last year. Both companies are linked to Chukotka Governor Roman Abramovich, co-owner of Sibneft and Russian Aluminum, whose assets, including Aeroflot shares, are managed by Millhouse. Aeroflot's board also voted to end the company's contract with troubled Big Five firm Arthur Andersen, appointing Deloitte and Touche in its place.
I rode an Aeroflot Boeing 777 to Moscow in '99, and a 767 last August. The service was good, and the cabin comfortably missing all the screaming, diaper-blowing adopted babies found on Delta.
Its like a mobster firing an unsavory lawyer.
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