Independent directors might not be elected to work for Tatneft`s board this year, analysts say. Earlier Rustam Minnikhanov, the chairman of the board, declared that the company might not hire independent directors before 2005. Just one independent director will be a positive factor for the company, analysts say. This factor diminishes the possibility of major shareholders benefiting from intentional misstatements. Currently the Tatarstani government controls Tatneft and thus the authorities might use Tatneft`s profits for purposes other than to add to the value of its equity.
The Tatneft board of directors approved 17 candidates for a 15-member board, which will be elected at the annual shareholder meeting on June 25. There are two candidates representing Societe Generale and two candidates representing Credit Swiss First Boston (CSFB). The other candidates are currently board members.