Those worried about the quality of some of the newer members of the London Stock Exchange will be highlighting recent shenanigans at Norilsk Nickel. The Russian mining company is in the midst of a full-blown tussle for control between two of the country’s richest oligarchs. In the process, minority investors are being trampled underfoot like ripe grapes, in keeping with the already-weak reputation of corporate governance in Russia.

Norilsk is now writing the book on how not to run a company. Last week, shareholders were asked to vote on a new nine-person board. Compatriot miner Rusal, which recently acquired 25 per cent of Norilsk, received three seats, as expected. So did Interros, the vehicle controlled by one of Norilsk’s modern founders, Vladimir Potanin, which owns slightly less. The other three positions went to independents.