LUKOIL plans to abolish the post of president of the company
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The Board of Directors recommended to shareholders at an extraordinary meeting in absentia on December 5 to abolish the collegial board and transfer its powers to a sole body. In this regard, it is recommended to rename the position of president to “chief executive director (CEO)”, follows from a press release from LUKOIL (.pdf).
According to the document, the board of directors recommends that shareholders abolish the collegial body (board.— “b”) to improve decision making. The meeting will also exclude all provisions of the charter related to the board. The issue of appointing the sole executive body of the company is proposed to be attributed to the competence of the board of directors.
The chief executive officer for five years will be appointed by the board of directors of LUKOIL. He will be given new powers. Among them is the development and implementation of the general strategy of the company’s subsidiaries, the coordination of their activities.
May 31 Shareholders approved as President of LUKOIL Vadim Vorobyov. This happened against the backdrop of the inclusion of the founder of LUKOIL Vagit Alekperov in the Western sanctions lists. “The sanctions do not apply to LUKOIL, but to me personally, so I made a decision to distance myself from the company’s activities,”— explained Mr. Alekperov his resignation from the post of President of LUKOIL.
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