Thursday 23rd October 2014
slib33
WEDNESDAY TICKER: OCTOBER 22ND 2014: The governor of the Bank of England, Mark Carney, has launched a probe into the causes of yesterday’s disruption to Real-time gross settlement (RTGS), the bank's system for settling high value payments - A major loophole in the UK’s criminal records checking system means that IT staff, including those working in critical functions within financial services firms are not permitted to be vetted for fraud, says Simon Culhane, Chartered FCSI and chief executive officer of the Chartered Institute for Securities & Investment (CISI) - Employment in financial and related professional services in London reached a record high of 703,900 in June 2014– 11%, according to TheCityUK’s October 2014 London Employment Survey - LSE-backed multilateral trading facility Turquoise has launched Block Discovery, a new service designed to allow users within the Turquoise Midpoint Dark Book to trade larger block orders by matching block indications - Dominic Wheatley will take up the job of chief executive of Guernsey Finance as of December 1st. Wheatley will replace Fiona Le Poidevin, whose resignation was announced in July and who will head up the Channel Islands Stock Exchange.

UC Rusal appoints Barry Cheung as new chairman

Friday, 16 March 2012
UC Rusal appoints Barry Cheung as new chairman The board of aluminium producer UC Rusal, has appointed Barry Cheung as chairman of the board with effect from  March 16th, replacing  Viktor Vekselberg who resigned earlier this week, having suggested the firm was in crisis and charging that management had over-burdened the firm with debt.  http://www.ftseglobalmarkets.com/

The board of aluminium producer UC Rusal, has appointed Barry Cheung as chairman of the board with effect from  March 16th, replacing  Viktor Vekselberg who resigned earlier this week, having suggested the firm was in crisis and charging that management had over-burdened the firm with debt. 

Cheung, a non-executive director of the board since 2009, will have an expanded role in providing leadership and guidance for RUSAL’s growth strategy, especially in China and the rest of Asia.

The board of directors also ruled to conduct a comprehensive review of corporate governance with the results to be presented at the next board meeting in April 2012. Additionally, the firm wants to have one third of the board comprised of independent directors and will start a search for new INEDs with a help of an international executive search firm.



The question is whether Cheung's appointment will shore up the confidence of investors after this week's broadside by Vekselberg, who together with partner Len Blavatnkik owns 15.8% of the company. The company's market capitalisation has nearly halved since it floated in Hong Kong in early 2010, and its equity value barely exceeds its $11bn debt burden.

Cheung, is currently chairman of the Hong Kong Mercantile Exchange, Chairman of the Board of Hong Kong's Urban Renewal Authority, and the Standing Committee on Disciplined Services Salaries and Conditions of Service. He is also Alternate Chairman of the Pay Trend Survey Committee, a member of the Commission on Strategic Development and a member of the Standing Commission on Civil Service Salaries and Conditions of Service. 


Related News

Related Articles

Related Blogs

Related Videos

  • CEO Roman Lokhov talks through BCS strategy Monday, 08 October 2012 CEO Roman Lokhov talks through BCS strategy
    FTSE Global Markets talks with Roman Lokhov CEO of Russian brokerage BCS about the Russian equity trading market and his… Read more...
  • Investing in Russia (Part 1) Friday, 01 July 2011 Investing in Russia (Part 1)
    Mattias Westman, founding partner, Prosperity Capital Management, discusses the key challenges and opportunities of investing in Russia during the Accessing…
  • Russia's derivatives and FX markets Friday, 01 July 2011 Russia's derivatives and FX markets
    Tim Bevan, director, global electronic trading services, Otkritie Securities Ltd discussed the Russian derivatives and FX markets during the Accessing…

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP

White Paper

Seeking Optimal ETF Execution in Electronic Markets

Seeking Optimal ETF Execution in Electronic Markets

 
pdf Download PDF View all Whitepapers