Gazprom proposes secrecy clause for directors meetings

Dec 11, 2000 01:00 AM

The board of Gazprom, under instruction from German company Ruhrgas, has proposed a secrecy clause effectively gagging Boris Federov, current director representing minority shareholders in Gazprom, from revealing information about the directors meetings.
This apparent lack of transparency in dealings has concerned the minority shareholders and has led Federov to send a list of detailed questions to Gazprom CEO Rem Vyakhirev, asking why the company is transferring its reserves to Itera when its own production is falling.

Federov has said that most of his questions have remained unanswered and the Gazprom managers seem reluctant to shed light on the company's links to Itera "No other Russian company is as concerned about preserving secrecy as Gazprom," Fedorov said.
"Fedorov said the government seemed determined to pursue the issue of Gazprom's relationship with Itera. German Gref, the minister of economic development, has been asked to oversee an independent inquiry into the relationship between the two companies.

Source: Energy24
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