The board of TNK-BP, the Russian oil venture owned by BP Plc (BP/) and a group of billionaires, cancelled a Feb. 24 meeting because two independent directors stepped down last year, leaving it without a quorum, Interfax said, citing an unidentified person with knowledge of the matter.

Former German Chancellor Gerhard Schroeder and James Leng left the 11-member board, which may be asked to vote on whether the venture should sue a shareholder, the news service said. The board needs three independent directors for a quorum, it said.