YUKOS Board Names Director Nominees

The Board of Directors of YUKOS Oil Company, after due consideration of a number of factors, agreed that following the Company's substantial interim nine-month dividend payment, it would not recommend to the annual general shareholders meeting any further dividends for 2003.

The proposed slate of nominees does not include any members of the executive management of YUKOS. Simon Kukes, Chairman of the Board and CEO of YUKOS Oil Company is not proposed to be re-nominated as a member of the Board of Directors, but will continue in his executive role as CEO.

Mr. Kukes said: "The practice of not having YUKOS executives on the Board of Directors is another example of the Company's commitment to internationally recognized procedures of good corporate governance. The nominees for directors include individuals who have extensive experience within or related to the international oil industry and others who are respected for their contribution to the Russian economy. I commend the nominees to the annual shareholders meeting."

The Board also reviewed nominees for the Board of Directors of YUKOS Oil Company proposed by shareholders. The nominees to be considered by shareholders at the annual shareholders meeting scheduled for June 24 are:

  • Viktor Geraschenko - member of the State Duma of the Russian Federation
  • Yuri Golubev - independent consultant
  • Francois Buclez - Director, GM Investment & Co. Ltd.
  • Raj Kumar Gupta - independent consultant
  • Jacques Kosciusko-Morizet - Manager, Kajis Sari
  • Alexei Kontorovich - Director, Institute of Oil and Gas Geology, Siberian Branch of the Russian Academy of Sciences
  • Edgar Ortiz - adviser to the CEO of Halliburton
  • Sarah Carey - Attorney at Law; Partner, Squire, Sanders & Dempsey LLC
  • Bernard Loze - President, Loze & Associes
  • Yuri Pokholkov - Rector, Tomsk Polytechnic University
  • Michel Soublin - Treasurer, Shlumberger Limited

  • The Board of Directors also unanimously supported YUKOS management in vigorously defending the company against any claims by the Russian Tax Service for illegal retrospective taxes, surcharges and fines.

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