ISS Recommends Voting for Holden & Mills Only as INEDS at 11th March EGM

As you all know, we are faced with another EGM on March 11

MMC Norilsk Nickel (“Norilsk Nickel”) December 2011 Board Meetings Outcomes

Independent Non-executive Directors’ Blog January 2011

Feedback from shareholder meetings

During the last few weeks I visited a large number of the non-aligned shareholders in Europe and North America.

Update on Audit Committee Held on 20th October 2010

On 20^th October 2010 I chaired a meeting of the Audit Committee (the “Committee”) of MMC Norilsk Nickel (“Norilsk Nickel” or the “Company”).  We enjoyed a full quorum, with other members present being Andrei Bougrov, Brad Mills and Max Sokov. 

Getting to the truth of RUSAL, the ISS and the EGM

Dear Shareholders,

Board Meeting Thursday 23rd September 2010

Visit to Norilsk of Bradford Mills and Gerard Holden on 15th - 17th September

Brad Mills and myself landed early morning Wednesday 15th September, 7 time zones east of London after a comfortable 4 hour flight from Moscow on one of Norilsk’s NordStar Airlines’ leased 737-800 NG planes.

Some thoughts on the developments around Norilsk Nickel

I believe that there is a strong message from 35-40 percent of the shareholder base that they want to have strong independent non-executive director representation on the Board. The two messages they gave to us when we went to talk to independent shareholders were: we want transparency in what happens, and we want all shareholders to be treated equally.

Comment on rumored merger with Rusal

I see no reason for Norilsk to consider a merge with the world's top aluminum producer RUSAL, (which has a 25 percent stake in Norilsk) at this stage.. There are no obvious operational or corporate synergies from the merger as the two companies are very different businesses with no operational or marketing overlap.. In my view, the market prefers high quality focused businesses. In Norilsk case this is a unique business which has high margins and should command a higher premiums in the market place. To mix the two businesses would potentially confuse the market and may result in a lower valuation of the new company than that of the sum of its parts.

Shaping the future of Norilsk

The current objective for Norilsk is to maintain its production at the current stable level. The company is starting to invest in growth, and this growth will impact production starting from 2015.