These appointments took effect on 20 January 2014. Both the new directors were recommended to the Company’s board by Seneal International Agency Ltd (“Seneal”), which acquired a 29.99% interest in the Company’s share capital in December 2013. Seneal is ultimately controlled by Alexei Khotin, who is the ultimate beneficial owner of the RusOil group.
Having considered the new directors’ knowledge and experience of the Russian oil and gas and financial sectors and interviewed them both in Moscow, the Company’s Board and Nomination Committee concluded that the new directors would make a valuable contribution to the Company’s future growth and development. Accordingly, the appointments were unanimously approved.
The Board has also decided to mandate a leading international recruitment consultant to conduct a search for a CFO who will also join the Board. This decision was taken unanimously by the newly enlarged Board. Exillon attaches the greatest importance to corporate governance and financial oversight. The appointment of a CFO to the Board will serve to strengthen and reinforce the high quality of our financial monitoring and controls. After the appointment of the CFO, the Board will comprise eight Directors:
Non Executive Directors
Executive Directors (and therefore not deemed independent)
Commenting on the appointments, David Herbert, Non-Executive Chairman, said: “In making these appointments the Board has sought to balance the interests of all shareholders, including RusOil Group who are now our largest shareholder. The proposed Board will contain 50% (four out of eight) Independent Non-Executives. The new directors have much to offer the Company and will enhance the quality of the Board’s decisions.”
Anne Belveze, Head of the Audit Committee, added: “The decision to appoint a Board level CFO demonstrates Exillon’s continuing determination to ensure the highest levels of financial control, scrutiny and transparency. We will shortlist candidates who are fluent in Russian and English, and who have experience of both Western corporate governance and the Russian business environment.”
About Alexander Suchkov:
Mr Suchkov is the head of the oil and gas production and development division of Oil and Gas LLC and NK Dulisma, a rapidly developing oil and gas company based in Moscow. Mr Suchkov has extensive experience in the oil and gas and real estate development industries. Before joining Oil and Gas LLC and NK Dulisma in 2011, Mr Suchkov managed CDC group LLC (also based in Moscow) for 13 years and was responsible for fund raising for mid-size and large real estate development projects, M&A transactions and overall group management. Mr Suchkov has a degree in Management from Moscow State Technological Academy.
About Sergey Koshelenko:
Mr Koshelenko has more than 20 years of experience in investment and banking industries and is currently the Deputy CEO of VEB Capital LLC, Investment Company of Vnesheconombank. Mr Koshelenko is also currently a member of the Board of Directors of OPIN (Onexim Group), Globex Capital and Expert RA. Prior to this, Mr Koshelenko held the following positions: Chairman of the Board of the International Financial Club Bank, Deputy Chairman of ROSBANK, Deputy Head of the Investment Banking Department of VTB, Director of Credit Suisse First Boston. Mr Koshelenko has a degree in International Economic Relations from the State Finance Academy.
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