Russian shareholders fail in bid to oust TNK-BP chief UPDATE

MOSCOW (Thomson Financial) - Russian shareholders seeking to oust the British chief executive of joint oil venture TNK-BP failed to get enough votes for his dismissal at a board meeting on Monday but vowed to continue fighting. In a statement, the Russian shareholders said only two out of five directors at a board meeting of management company TNK-BP Management had voted in favour of dismissing chief executive Robert Dudley, while three had voted against. The two sides each own 50 percent of TNK-BP, Russia's third-largest oil producer, but are not equally represented on the management company's board. 'We are disappointed but not surprised by the results of the vote,' Stan Polovets, representing the Russian shareholders, said in the statement, acknowledging that BP's representatives had supported Dudley. 'We had hoped and... [read full story]                    

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