OREANDA-NEWS. On May 28, 2008 MMC Norilsk Nickel announced that at a board meeting this afternoon, Messrs. Denis Morozov (General Director) and Tav Morgan (Deputy General Director) have communicated their decision not to stand as candidates for election to the Board of  Directors at the forthcoming AGM, reported the press-centre of Norilsk Nickel.

"We believe that the interests of minority investors will be best served if their votes are concentrated on the independent candidates”, - Morozov said following the meeting.

The Board remarked that it accepted the decision and the underlying rationale. Messrs Morozov's and Morgan's executive management responsibility will not be affected by this decision.

Under Russian company law, the system of cumulative voting for Board candidates means that the votes of minority shareholders participating at the AGM, if not aligned in favor of particular independent directors, could result in a less than proportionate representation of the minority shareholders in the Board of Directors.

Norilsk Nickel will issue detailed voting recommendations on all agenda items to be brought forth at the AGM and will present the Company’s financial performance at its results presentation next week and during its discussions with investors before the AGM on June 30th.