Proposals by the nominating committee
In accordance with a resolution at the Annual General Meeting in May 2007, the
four largest shareholders in West Siberian Resources Ltd appointed a nominating
committee in November 2007. The nominating committee for the Annual General
Meeting 2008 has consisted of Mr Christer Sandberg, Chairman of the nominating
committee representing Alltech Investments Ltd and Meadowlane Holding Ltd, Mr
Hernán Luis Dayen, representing Repsol Exploracion S.A, Mr Fred Boling,
representing Investors Life Insurance Corp, and Mr Eric Forss, Chairman of the
board of West Siberian Resources Ltd
The Nominating Committee will present proposals relating to the following items
on the agenda for the Annual Shareholders' Meeting to be held on May 21, 2008:
Agenda item 2. Mr. Bo Lindqvist is proposed as chairman of the meeting.
Agenda item 10. It is proposed that the board of directors consists of seven
members and one alternate director.
Agenda item 11. It is proposed that the board of directors is remunerated in the
following way for their work until the next annual general meeting. To the
chairman, USD 120.000. To each other member of the board USD 60.000. No
remuneration shall be paid to any alternate director. To each member of the
audit committee and remuneration committee a sum of USD 10.000 is proposed
Agenda Item 12. It is proposed that Maxim Barski, Nemesio Fernández-Cuesta, Fred
Boling, Claes Levin and Eric Forss, be re-elected as directors and that Fernando
Martinez-Fresneda is reelected as alternate director for Nemesio
Fernández-Cuesta. The nominating committee proposes that Mr. Arsen Idrisov and
Mr. Raymond Liefooghe are elected as new directors. It is proposed that Mr. Eric
Forss is appointed chairman of the board.
Arsen Emiyevich Idrisov was born in 1970 and is a Russian citizen. He has been a
member of the Board of Directors of Alliance Oil Company since its establishment
and has served as the Chairman of its Board of Directors since July 2006. Mr.
Idrisov graduated from the Russian Economic Academy named after G. V. Plekhanov
in 1993 after majoring in international economic relations. Between 1993 and
1997, he was marketing director and then general director at the Moscow
representative office of Lia Oil before becoming a counsellor to the President
of Sidanco in 1997 and 1998. In 1998 and 1999, Mr. Idrisov became the general
director of Alliance Capital. In 1998, he also joined the board of directors of
Alliance Group. Since 2002, he has served as a vice-president at Alliance Group.
In 2001, he was elected to serve on the board of directors of Alliance Oil
Company. Mr. Idrisov was president of the Alliance Oil Company from 2002 until
July 2006.
Raymond Liefooghe was born in 1942 and is a Swiss resident with Swiss and French
nationalities. Raymond Liefooghe has served as a member of the Board of
Directors of Alliance Oil Company since July 2006. Mr. Liefooghe graduated from
the International Trade Institute in Paris in 1973. Between 1974 and 1991, Mr.
Liefooghe worked in BNP New York, Montreal, Geneva and Paris. From 1992 to 2002,
he worked in the United European Bank (Geneva) and in 1999 he was elected as its
chief executive officer. Mr. Liefooghe founded a consulting company in 2002 that
worked mainly until July 2005 for the BNP Paribas Group. Between 2002 and 2005,
he was the chairman of the supervisory board of BNP Paribas Bank ZAO in Moscow.
Mr. Liefooghe also holds a position of Director at Diamond Capital Fund, Diamond
Growth Fund, Sucafina S.A., Sucafina Ingredients SA and Metinvest International.
Agenda Item 13. The nominating committee proposes that remuneration to the
auditors shall be paid in accordance with approved invoice.
Agenda Item 14. The nominating committee proposes re-election of Öhrlings
PriceWaterhouseCoopers AB as company auditors with the authorised public
accountants Klas Brand and Johan Rippe as responsible.
.
Agenda Item 15. The nominating committee proposes that the principles adopted at
the 2007 AGM shall continue to apply. This means that the shareholders are asked
to resolve that the nominating process which already today is in place shall
form the basis for future nominations. The proposal suggests that the Chairman
of the board contacts the four largest shareholders. These are asked to appoint
one member each of the Nominating Committee in which the Chairman of the Board
shall be the fifth member.
The Chairman of the Nominating Committee shall be the member representing the
largest shareholder, save that the Chairman of the Board or other Board Member
may not be appointed Chairman of the Nominating Committee.
The names of the Nominating Committee members and the names of the shareholders
they represent shall be made public no later than six months before the
Shareholders' Meeting 2008 and shall be based on the number of votes then held.
Should any of these shareholders wish not to appoint a member of the Nominating
Committee the right to appoint that member shall be transferred to the
shareholder who after these shareholders represent the highest number of votes.
Should a member of the Nominating Committee wish to leave the Committee before
the end of the Committee's term, a new member shall be appointed by the same
shareholder who appointed the departing member or, if this shareholder is no
longer one of the four largest shareholders, of that other shareholder who
belongs to that group.
If any of the shareholders who has appointed a Nominating Committee member,
before to the Committee has finalized its work, no longer belongs to the group
of the four largest shareholders, the Committee member appointed by such
shareholder, should the Committee so decide, shall resign and be replaced by a
new member appointed by the shareholder who at that time is the largest
shareholder not already represented in the Nominating Committee. Decisions by
the Nominating committee shall be taken by majority rule.
The Committee members shall not be remunerated.
The Nominating Committee shall present a proposal for election of the Board of
Directors as well as related questions for adoption at the Annual Shareholders'
Meeting and complete the tasks and consider the independence of the Directors as
set out in the Swedish Code of Corporate Governance.
Further information about the nominating committee's work and proposals to the
2008 Annual General Meeting will be available at www.westsiberian.com
For further information:
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
West Siberian is a leading independent oil company with vertically integrated
operations in Russia and Kazakhstan. Following the merger with Alliance Oil
Company, West Siberian Resources has proved and probable oil reserves of 489
million barrels, a production of close to 45,000 barrels per day in the first
quarter of 2008, refining capacity of 70,000 barrels per day and a network of
255 gas stations and 24 wholesale oil terminals. West Siberian's depository
receipts are traded on the OMX Nordic Exchange Stockholm under the symbol WSIB.
