Lord Barker steps down as En+ chairman
Lord Barker has stepped down from his role as chairman of En+ after more than four years in the role.
The Conservative peer faced pressure to cut ties with the company, which owns Russian metals firm Rusal, following Russia’s invasion of Ukraine.
The aluminium giant was founded by Russian oligarch Oleg Deripaska, who is said to have close ties with Vladimir Putin, and has faced sanctions in the US but not the UK.
Lord Barker’s departure will take effect when he hands over Christopher Bancroft Burnham, the company’s current senior independent director.
EN+ said Joan MacNaughton, a non-executive director, had also resigned with immediate effect.
EN+ is reviewing options for Rusal, in which it is majority shareholder, including turning its international business into a separate entity.
The company said on Monday that its strategic review of Rusal was at a preliminary stage and any moves would be subject to “further consideration” as well as talks with regulators and stakeholders.
Rusal is the world’s largest aluminium producer outside China and is in the process of spinning off its higher-carbon assets located in Russia into a separate entity.