Minority shareholders seek board reshuffle at Ingosstrakh
MOSCOW, April 23 - RAPSI. Minority shareholders of Ingosstrakh have submitted to the Moscow Commercial Court a lawsuit to obligate the company to include their representatives in the list of candidates to be elected as board members at its annual general shareholders meeting in May, according to the court materials.
A board meeting was held on April 19, which confirmed the list of candidates to the council and scheduled Ingosstrakh's annual general shareholders meeting for May 10.
The board was offered a list of eight individuals for approval, instead of an earlier list with 26 candidates. The eight candidates represent Ingosstrakh's majority shareholder Basic Element.
The minority shareholders demand that nine people be included in the list. The preliminary hearings have been set for June 14.
Ingosstrakh is a leading Russian insurance company operating on the international and domestic markets since 1947. The company has offices in 220 Russian cities and towns, as well as subsidiaries and representative offices abroad. Its authorized capital is 2.5 billion rubles. The Jersey-based PPF Investments holds a 38.46 percent stake in the company. The majority of the shareholders are companies affiliated with Basic Element.