MOSCOW (MRC) - Former Prime Minister of France, who is also a representative of Russia on the board of directors of Zarubezhneft, Francois Fillon has been nominated and elected to the board of directors of SIBUR Holding, Interfax reports.
The Board of Directors included Fillon in the list of candidates on November 18, but SIBUR announced this simultaneously with the disclosure of the decision of the shareholders' meeting of December 22 on the election of a new board.
In addition, the board of directors includes Anton Ustinov from SOGAZ (head and owner of SG-Invest LLC, which holds 16.54% of the insurer's shares) and Albert Shigabutdinov from TAIF.
Fillon became an independent director. As noted in SIBUR, "Mr. Fillon is not only a top-level manager, but also a consistent supporter of promoting the sustainable development agenda, the importance of recycling and reusing raw materials." SIBUR in its strategy is also guided by the principles of the circular economy. Mr. Fillon's experience, his extensive knowledge of management, economics and business processes will help the company in promoting ESG initiatives, "SIBUR said.
SIBUR's shareholder Kirill Shamalov, independent director Andrei Vernikov (leading researcher in the sector of evolution of socio-economic systems at the Center for Evolutionary Economics of the Institute of Economics of the Russian Academy of Sciences), and the deceased Vladimir Razumov left the board of directors, consisting of 12 people.
Otherwise, the council remained unchanged: Ksenia Sosnina, General Director of JSC Ilim Group, Sergey Vasnetsov (previously he worked as Senior Vice President for Strategy at LyondellBasell), Alexey Komissarov (Vice-Rector and Director of the Higher School of Public Administration RANEPA), Head of Gazprom oil Alexander Dyukov, Chairman of the Board of PJSC SIBUR Holding Dmitry Konov, Chairman of the Board of PJSC NOVATEK Leonid Mikhelson, member of the Board of Directors of NOVATEK Gennady Timchenko, Executive Vice President of the Silk Road Fund Wang Dan, and CEO Chemical Department of Sinopec Corporation Li Chengfeng.
Mikhelson, the main shareholder of SIBUR, was re-elected Chairman of the Board. Fillon joined the Audit, Human Resources and Remuneration Committee and the Sustainable Development Committee. Ustinov and Shigabutdinov - to the Committee on Strategy and Investments, Shigabutdinov also to the Committee on Sustainable Development.
Mikhelson owns 31% in SIBUR, Timchenko - 14.45%, shares of Chinese Sinopec and the Silk Road Fund - 8.5%, SOGAZ - 10.625%, current and former top management - 12.325% (of which Shamalov's share is 3 , 3%), as well as TAIF shareholders - 15%. In early December, a number of personnel changes were announced in the management of SIBUR and TAIF.
In October, SIBUR closed the deal to acquire 100% of TAIF JSC, which includes Nizhnekamskneftekhim, Kazanorgsintez and TGK-16.
Ethylene and propylene are the main raw materials for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,226,530 tonnes in January-October 2021, up by 26% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding stat-copolymers of propylene (PP random copolymers) decreased significantly.
SIBUR manufactures and sells petrochemical products on the Russian and international markets in two business segments: olefins and polyolefins (polypropylene, polyethylene, BOPP, etc.), as well as plastics, elastomers and intermediate products (synthetic rubbers, expanded polystyrene, PET, etc.)
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