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ALROSA chief Andreyev's labor contract converts to indefinite

15 july 2014

(Interfax) - ALROSA (MOEX: ALRS) President and CEO Fyodor Andreyev's five-year labor contract converts to an indefinite time period effective July 15, in accordance with the provisions of Russian labor law.
“Fyodor Andreyev's five-year labor contract, governing his term as ALROSA president, expires on July 14, 2014. In accordance with Russia's Labor Code (Art. 58), since neither party to the agreement annulled the contract as of the expiration date, the contract will remain in force for an indefinite period beginning on July 15,” an ALROSA spokesman reported.
The directive instructing state representatives on the board how to vote has not been signed yet, a source familiar with the progress in drafting the directive said. The draft directive on extending the term of Andreyev's contract has been approved by the presidential administration, a source close to the board said.
ALROSA's supervisory board recommended in April that Andreyev be reelected for a new five-year term. Deputy Prime Minister Yury Trutnev, who was recently appointed to oversee ALROSA, opposed the candidacy of Andreyev, which had been agreed upon in the government.
Chief federal inspector for Yakutia Yury Podturkin and Rosimushchestvo chief Olga Dergunova have been named as candidates for the post.
Trutnev recently told the press that it was not yet necessary to change ALROSA's management, but that the company could nonetheless operate more efficiently. “If he [Andreyev] is in the condition to guarantee development, if there is an overall confidence, not just mine, but [that] of my colleagues in the government as well, [and] if [he is] in the condition to effectively move forward, then thank God. If not, then it is necessary to appoint another person,” Trutnev said.
Andreyev was elected to the ALROSA supervisory board at the AGM on June 28.
The Russian Federation owns 43.9% of ALROSA and the internal Russian republic of Yakutia, where most of the company's diamond mines are located, owns 25% plus one share. Eight districts of Yakutia own 8% between them. In the company's IPO last October, substantial stakes were acquired by the Lazard and Oppenheimer funds, Russian Direct Investment Fund (RDIF) and the Blagosostoyanie nongovernmental pension fund. ALROSA's free float is around 23%.