Prokhorov is happy with everything

The businessman does not intend to sell Polyus Gold and change the management of Norilsk Nickel

The head of the Onexim group, a minority shareholder of the united company Russian Aluminum, Mikhail Prokhorov, yesterday told reporters about his policy regarding Polyus Gold and Norilsk Nickel, to whose board of directors he was elected last Monday . Polyus Gold remains the last asset that he still has not shared with his former partner Vladimir Potanin . However, as Mr. Prokhorov told reporters yesterday, until 2011, when Polyus can increase gold production to 55-57 tons per year, he does not intend to part with his shares in the company, just as he does not intend to increase his 30 -interest package. And with regard to Norilsk Nickel, whose board of directors he got on through RUSAL’s quota (the businessman sold a blocking stake to this company), his views diverged from the previously expressed position of the aluminum company. While RUSAL previously criticized Norilsk Nickel's strategy and corporate governance, as well as the company's environmental and investment policies, Mr. Prokhorov said yesterday that he supports Denis Morozov as the company's CEO.

The stumbling block in the struggle of Messrs. Potanin and Prokhorov for Polyus Gold is a divergence of views on the company's development strategy. Last year, Mr. Prokhorov’s team prepared proposals for the separation of geological exploration assets into a separate structure, the “great-granddaughter” of Polyus Gold. However, Interros considered this scenario unacceptable, since, in their opinion, it would complicate the ownership structure and reduce the value of the company. As a response, Mr. Potanin’s supporters tried to limit the sole powers of the company’s general director, Evgeny Ivanov, who initiated the withdrawal of assets, and at the annual meeting voted to introduce a number of changes to the Polyus charter aimed at improving corporate governance. These changes have been adopted, but it remains to be seen whether they will actually make a difference.

However, with regard to the actions of the management of another asset - Norilsk Nickel - the positions of businessmen are similar. Mr. Potanin has repeatedly said that he is satisfied with the work of General Director Denis Morozov and does not intend to raise the question of replacing him. And yesterday Mr. Prokhorov made a similar statement. “I am satisfied with the results of the meeting (the annual meeting of shareholders, which took place on June 30 - Ed. ), - he told reporters. -- I will support the candidacy of Denis Morozov as general director of Norilsk Nickel.

The issue of changing the management of the nickel giant received wide resonance after RUSAL sharply criticized the company's work. After this, Mr. Morozov said that at the very first meeting of the new board of directors of Norilsk Nickel he intends to raise the issue of confirming his powers as general director, despite the fact that his contract ends only in a year and a half. “Today the situation has changed, a new shareholder has appeared and Interros has increased its stake,” Mr. Morozov noted after the annual shareholders meeting on Monday. “If the board of directors is satisfied with my candidacy and it confirms that I correctly understand my responsibilities, then I will remain in my position.” After all, in his opinion, “without constructive interaction between management and the board of directors, it is very problematic to ensure effective management of a public company.” Yesterday, RUSAL told Vremya Novostey that “they have no objection to Morozov’s candidacy.”

Experts consider such statements quite logical. Firstly, Mr. Morozov copes with his responsibilities quite successfully and can become a kind of “island of reliability” in Norilsk Nickel. And secondly, RUSAL now simply does not have a worthy replacement for Mr. Morozov.

To avoid further conflicts, experts believe, Norilsk Nickel shareholders will soon need to decide on the company’s development strategy. Mr. Potanin wants to merge Norilsk Nickel with Alisher Usmanov's Metalloinvest, and Oleg Deripaska previously proposed his own option - merging Norilsk Nickel with RUSAL. A third scenario is also being discussed - a merger of three companies, but so far the matter has not gone beyond consultations.

Irina TSYRULEVA