When Transneft’s shareholders complained about the gradual 75% reduction in dividends over the last eight years, the company gave an answer that no one could argue with. If we pay more dividends, that will mean less money for all the orphans and monasteries and infirm people that we’re supporting, they said. Transneft’s shareholders responded by demanding details of the company’s philanthropic activities. Anti-corruption campaigner and activist shareholder Alexei Navalny discusses the current situation with Bloomberg, saying that he can’t understand why major Transneft shareholders like Prosperity Management and East Capital don’t just sue the company themselves. Navalny also offers his opinions on the removal of Igor Sechin from the board of Rosneft, saying that Moscow investment bankers would not be the best replacements for state officials on company boards as they are ‘not really independent‘ (see today’s announcement about the finance executives moving over to replace government heads at Sberbank).