Statement on the Resignation of Mr. Victor Vekselberg as the Chairman of UC RUSAL
13 MARCH 2012We strongly beleive that the Board of a global leader - and UC RUSAL is a global leader, beyond all doubt - should be chaired by an independent director. This is perfectly in line with the world's best practices of corporate governance.We don`t agree with the subjective judgment of the company given by Viktor Vekselberg. UC RUSAL is a real top class asset, it is the global leader in its industry, it has a clear-cut strategy and ambitious development plans. The company not only builds new and high-tech enterprises (the construction of the Khakass aluminium smelter, 5th stage of the Irkutsk smelter has already been completed; the Boguchany, Taishet smelters and the Boguchany hydropower plant are currently under construction), but has also been proactive in upgrading the enterprises built back in the soviet times. UC RUSAL has been actively reducing its debt .