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Power Sharing in Practice at TNK-BP

These two appointments show some progress in one of Russia’s most disastrous corporate governance problems, but the lack of normal legal recourse is notable in how these two parties settle their disputes.  From the Financial Times:

The two new directors appointed to the management board of TNK-BP Ltd, which has six members at full strength, are Jonathan Muir, who has been appointed chief financial officer, and Didier Baudrand who is the new executive vice-president of the downstream business, which includes refineries and petrol stations.

The appointments are evidence against the suggestion that it has become impossible to hire non-Russians to work at TNK-BP.(…)

The appointments reflect the power-sharing deal thrashed out by BP and the Alfa-Access-Renova group of Russian tycoons last year.

Under that deal, two of the executive directors are to be drawn from each side of the partnership and two are intended to be neutral.