US Edition Directors have been tasked with drawing a line under the fiasco of June's annual meeting that led to accusations the FTSE 100 company was being run as a private business.
ENRC agreed to conduct a review of corporate governance after Sir Richard Sykes, a former chairman of GlaxoSmithKline, and Ken Olisa, head of merchant bank Restoration Partners, were unexpectedly ousted from the board by the company's biggest shareholders. Mr Olisa described the company as "more Soviet than City".
The directors had apparently raised questions about the control exercised by Patokh Chodiev, Alijan Ibragimov and Alexander Machkevitch, who own just under half of ENRC's shares.
Sir Paul Judge and veteran banker Mehmet Dalman considered resigning in June but agreed to stay to until the end of the review. Sir Paul has made it clear to other directors that he would be happy to takeover as chairman if requested.
However, Mr Mashkevich has been tipped to become chairman. The billionaire has submitted an application to gain regulatory approval to join the board. He had been banned from sitting on the board because of a criminal case against him in Belgium. The case was recently settled and the charges dropped.