August 12, 2022

Former Inventory Alternate boss Xavier Rolet refuses to stop Russian fertiliser firm in wake of Ukraine struggle

Former London Inventory Alternate (LSE) boss Xavier Rolet has refused to stop a Russian fertiliser firm within the wake of the Ukraine struggle. 

The French businessman has sat on the board of Moscow-based PhosAgro since 2018 and has been chairman since 2019. 

He earned greater than £325,000 for the function in 2020. 

Staying put: Xavier Rolet has sat on the board of Moscow-based PhosAgro since 2018 and has been chairman since 2019

The agency has an inventory in London, although buying and selling in its shares was suspended by the LSE this week. Rolet was LSE boss for eight years between 2009 and 2017, and is considered one of a string of Western businessmen underneath strain to sever ties with Russian companies, notably these linked to President Putin. 

Oligarch Andrey Guryev is the largest shareholder, with a stake of over 23 per cent. The second-largest investor is Vladimir Litvinenko, who oversaw Putin’s doctoral thesis. 

Rolet’s refusal to step down got here a day after influential enterprise physique the Institute of Administrators stated it was ‘untenable’ for British administrators to remain on Russian boards. 

When requested concerning the assertion he stated he had ‘commented publicly on the tragedy unfolding within the Ukraine’. 

He added that he was not British and requested: ‘Maybe British chairs of Russian firms can provide you a British perspective on the logic of punishing LSE-listed firms for the failure of diplomacy?’ 

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The 62-year-old was awarded the Order of Friendship of the Russian Federation in 2017 and is the chairman of Shore Capital Markets. 

Others underneath strain to stop Russian boards embody Prince Charles’ former aide Sir Michael Peat, who’s on the board of Roman Abramovich-backed steelmaker Evraz. 

The ex-courtier is because of go away on the finish of March however has up to now declined to step down early. 

Yesterday, a fellow British director at Evraz, Metropolis veteran James Rutherford, stop all of the sudden.