Gazprom boss awaits fate

Gazprom workers: Tapping a quarter of the world's known gas reserves

By the BBC's Caroline Wyatt in Moscow

The board of Russia's most powerful company, Gazprom, meets on Wednesday to decide whether or not to replace chief executive Rem Vyakhirev.

The meeting is being described as the corporate equivalent of a presidential election.

Rem Vyakhirev: Under pressure

Gazprom is Russia's mightiest company, accounting for 8% of the country's gross domestic product, and controlling a quarter of the world's known gas reserves.

But the firm has become plagued by a string of scandals, including allegations of mismanagement, corruption and nepotism.

And, with the firm still 38% owned by the state, the government has come under pressure to control the company's management more tightly.

There is a feeling even in the Kremlin that the company has become an independent fiefdom.

Gazprom's minority shareholders are also becoming more vocal in their complaints about the company's leadership.

Missing cash

During Mr Vyakhirev's nine-year reign at Gazprom, up to $3bn a year has gone missing from the firm, critics say.

An investigation by German and Russian newspapers showed that Gazprom bosses used a web of shadow firms to direct company money and assets to a network of family and friends, including the sons and daughters of some of Gazprom's current management.

Many of the company's disgruntled small shareholders want Mr Vyakhirev replaced, saying it would send a signal that Russian business is serious about cleaning up its act.

However, no one is sure that will happen - unless the Kremlin really is determined to confront Gazprom and bring it back under tighter state control.