Reuters reported that the chairman of Kazakh miner ENRC could resign after the embattled group completes a three month governance review, but has not agreed in advance to step down from his role.

A source close to the situation said that ENRC, the subject of months of speculation over internal disputes between the board and leading shareholders has been at the centre of a corporate governance storm since two independent board members were ousted last week.

Dr Johannes Sittard an industry veteran and former CEO who took over the non executive chairman's role in 2009, would be the latest casualty.

The source said that Dr Sittard had not agreed to step down in advance of the review, which he will lead and which is due to complete at the end of the summer. He will do the review requires.

Mr Alexander Mashkevitch, one of the three founders of the miner and a major shareholder, has said that he entertained the possibility of replacing Dr Sittard himself in recent months but had concluded that would not serve his aim of restructuring the board.

ENRC hopes the governance review will solve the much debated issues around what Mr Mashkevitch and others have said is an unwieldy and dysfunctional board, which numbered 14 directors before changes last week. But institutional shareholders say the company may need to do more to quell debate and improve the performance of its shares, trading at a discount to a battered sector.

(Sourced from Reuters)