OREANDA-NEWS.  July 25, 2012. BP has proposed the payment of a USD 1bn dividend by TNK-BP. The proposal was made prior to the first Board discussion of 2012. This would be the first TNK-BP dividend attributable to 2012 income, reported the press-centre of TNK-BP.

The Board remains inquorate since the resignation of two of the three independent directors last year. With only ten members, and still lacking a third independent director, the Board does not have the quorum to take a whole range of important company decisions, such as minimum quarterly dividends (40% of company net income), management board appointments and strategic transactions above USD 100m.

With only ten members, the Board is able to make a decision on so-called additional, or interim, dividends, which require the unanimous approval of all members. AAR directors agreed to study BP’s proposal and make a decision during the course of the coming week.

Last year BP paid out USD 4.1bn in dividends. Of this amount, dividends from TNK-BP accounted for USD 3.7bn, or more than 90% of BP’s total payout to shareholders.

Teleconference discussion was the first time the TNK-BP Board has met since 9 December 2011. The next TNK-BP Board meeting is scheduled for October 2012. At present, there remain doubts as to whether it will meet as the search for the third independent director has not yet commenced.