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Telenor's Corporate Assembly's chairman to quit

Last Updated: Friday, May 4, 2012 - 22:23

London/New Delhi: Just two days after Telenor Chairman Harald Norvik announced his plans to quit, Jan Erik Cross Lake - another top representative at the Norweigan firm - has said he will resign to protest against government's decision that lead to Norvik's resignation.

Telenor's Corporate assembly Jan Erik Cross Lake, on Friday announced plans to resign after the general assembly in Telenor on May 16, 2012.

"The reason for my resignation is that I disagree with the largest shareholder in the background, timing and implementation of the process that led to the chairman of Telenor ASA resigning," Lake said in a statement to Oslo Stock Exchange.

The government holds around 54 stake in the company.

Lake was the head of Telenor's Corporate Assembly since 2001.

The company's Corporate Assembly, whose majority members are selected by shareholder and rest by employees, supervises the Board's management of company business. It also has decision-making powers in limited but important areas.

Lake also withdrew from the position as head of Nomination Committee.

The recent developments come at a time when Telenor, which is present in India through Uninor, is embroiled in the 2G spectrum controversy.

Telenor in a filing to the Oslo Stock Exchange had earlier this week said it will write down USD 682 million, thereby bringing its accounting exposure in India to nil.

Norvik , on May 2, resigned from the post saying that representative of government, The Minister of Trade and Industry, Trond Giske, has expressed lack of confidence in him following the company's stake sale in a media company.


First Published: Friday, May 4, 2012 - 22:23
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