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. Last Updated: 07/27/2016

Vasilyev Takes Post at Mosenergo

Corporate governance advocate Dmitry Vasilyev joined Moscow utility Mosenergo on Wednesday as first deputy CEO for corporate policy and property management and will be in charge of its restructuring.

"My main task ... is to go from the theory of restructuring to actual implementation," he said.

Vasilyev, who most recently was director of the Institute of Corporate Law and Governance, took up his post as the share price at Mosenergo continued to fall on fears that industry restructuring would devalue investors' holdings.

Vasilyev said he would seek to improve Mosenergo's transparency, as well as improve its attractiveness and minimize conflicts that arise during restructuring. "I won't allow violation of minority shareholders' rights," he said.

In November 1991, Vasilyev was named deputy chairman of the State Property Committee under Anatoly Chubais, now CEO of UES.

In 1994, Vasilyev moved to the Federal Securities Commission, again as Chubais' deputy. He took over as commissioner in 1996 and resigned in 1999, citing personal reasons.

Since 1999, Vasilyev has chaired the board of directors of the Investors Protection Association and in 2000 founded the ICLG. The ICLG will continue under new management, Vasilyev said.

Analysts cheered Vasilyev's appointment at Mosenergo, saying his reputation as an outspoken champion of investors' rights should at least boost confidence and at best increase transparency and protect the company's minority shareholders.

The news was not enough to support Mosenergo's share price Wednesday, which closed down 6.25 percent at $0.0285.