AAR reaches agreement with BP to resume normal TNK-BP Board function

MOSCOW, Nov. 8, 2012 /PRNewswire-USNewswire/ -- AAR confirms that it has reached agreement with BP to restore the normal functioning of the Board of Directors of TNK-BP Limited.

The parties agreed to amend certain provisions of the Articles of Association of TNK-BP Limited. The agreed amendments will allow the current TNK-BP Board of Directors, which still lacks a third independent director, to make decisions on matters requiring simple majority approval, as well as unanimous reserved matters.

Following such amendments, the Board will become fully functional and able to consider all matters within its remit. 

AAR CEO Stan Polovets said: "This agreement will enable the parties to better focus on preparing their respective transactions with Rosneft, while having a fully-functioning Board of Directors will ensure effective corporate governance and business continuity in TNK-BP during this transition period."

SOURCE AAR Consortium