OREANDA-NEWS. June 21, 2011. UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, MICEX: RUALR, RTS: RUAL), the world’s largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, announces that the Company today, has initiated a Norilsk Nickel Board Meeting, in the interest of Norilsk Nickel’s minority shareholders, requesting that Norilsk Nickel’s CEO, Vladimir Strzhalkovsky provides a detailed activity report within one month, explaining the execution of the Board’s recent decisions.

In particular, RUSAL requests that Norilsk Nickel’s CEO reports to the Board on all legal aspects of approved transactions recognized as affiliated according to IFRS (decision of the Board from 26 February 2009) and on the parameters of the Stillwater Mining deal execution (decision of the Board from 29 April 2010).

In addition, RUSAL has proposed that the report includes  the terms and conditions of the OGK-3/InterRAO swap deal, further information on alternative options should the deal be rejected and  a comparative analysis of other OGK-3 shares disposal options.

The agenda of the Board Meeting has been shaped by Norilsk Nickel’s constant disregard of the Board's recommendations to improve the Company’s corporate governance according to international standards. RUSAL hopes that the CEO activity report will increase Norilsk Nickel’s transparency to the Members of the Board, in compliance with best practices of world-class public companies.