Megafon Shareholders Nominate New Independent Director

Date : 11/19/2012 @ 3:35AM
Source : Dow Jones News

Megafon Shareholders Nominate New Independent Director

By Olga Razumovskaya

MOSCOW--Russia's No. 2 mobile operator MegaFon said Monday that shareholders have nominated former U.K. Treasury Minister Lord Paul Myners as a non-executive independent director, a move apparently aimed at calming investor concerns over corporate governance ahead of a delayed initial public offering in London later this month.

The appointment will take effect after a formal nomination process and shareholder approval, the company said in a statement.

Megafon is owned by Russian billionaire Alisher Usmanov's AF Telecom and Swedish telecommunications company TeliaSonera AB (TLSN.SK).

"With the appointment of Lord Myners, MegaFon will have a balanced Board structure with two independent non-executive directors, two directors nominated by TeliaSonera and three directors nominated by AF Telecom, which puts in place a strong corporate governance structure," said Megafon Chief Executive Ivan Tavrin.

Megafon said Nov. 15 that it hoped to raise around $2 billion from listing in London and Moscow. It said the book will close Nov. 27.

-James Marson contributed to this story.

Write to Olga Razumovskaya at

Subscribe to WSJ:

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:43 V:us D:20171119 17:33:32