Megafon Appoints British Executive to Directors Board

The St. Petersburg Times

Published: November 21, 2012 (Issue # 1736)

MOSCOW — A British executive was appointed to MegaFon’s board of directors Monday, in an apparent move to boost the cell phone operator’s corporate governance outlook on the eve of its London IPO, Itar-Tass reported.

“[Paul] Myners’s experience and previous work as top manager and member of the board of directors of public companies is very valuable to us,” said Ivan Tavrin, MegaFon’s director general.

Myners joins Swedish entrepreneur Yan Rudberg to become the second independent director at MegaFon, The Times of London reported. His appointment brings the number of board members at MegaFon to seven.

Besides Megafon’s two independent directors, three board members represent Russia’s richest man Alisher Usmanov, who has a controlling stake, and two are nominated by the Stockholm-based TeliaSonera telecom holding, Itar-Tass said.