Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Chubais Ready For UES Vote on His Job




The chief executive of national power utility Unified Energy System, Anatoly Chubais, said Wednesday he was ready to face a possible shareholders' meeting that could result in his dismissal.


Chubais' comments came after reports that a group of investors were trying to gather the 10 percent of votes necessary to call an extraordinary shareholders' meeting.


"This initiative by a group of investors is to call an extraordinary shareholders' meeting to discuss a whole series of issues including a change of UES' chief executive officer," Chubais said.


"I completely and aggressively support it. This question has long been at issue and it is completely right to discuss it. I will actively support it at a meeting of the board of directors [scheduled for Thursday]," he said.


Chubais is locked in a battle with shareholders over a restructuring plan.


Investors say they are worried that plans to spin off generating companies would amount to assets being sold on the cheap.