Directors of Alfa-Access-Renova (AAR) Consortium on the TNK-BP Board have voted against BP's proposal for TNK-BP to pay a $1 billion interim or additional dividend. As reported by TNK-BP, BP directors made this proposal at the board meeting on July 20, the AAR press release said.
AAR CEO Stan Polovets comments: "At a time of continuing market uncertainty and while corporate governance at TNK-BP remains strained, we believe that a cautious stance by shareholders is called for. A payment now of an additional dividend is not prudent."
TNK-BP contributed over 90% of BP's dividends last year (i.e.: $3.75 billion out of $4.1 billion). TNK-BP has not paid any dividends this year attributable to 2012 income.
About AAR Consortium
In 2003, three of Russia's leading investment, financial, and industrial groups -- Alfa Group, Access Industries, and Renova -- formed the AAR Consortium. AAR's key asset is its 50 percent share in TNK-BP. The Consortium represents the interests of the Russian shareholders in the oil company.