JSC Inter RAO held an annual general meeting of shareholders on May 25, 2014.
Shareholders approved the annual report and annual financial statements of JSC Inter RAO for the full year 2013. On the matter of profit and loss distribution for the full year 2013, shareholders decided neither to distribute profits nor to pay dividends because the company reported net loss due to revaluation of assets.
The Annual General Meeting elected the Board of Directors and the Revision Commission of JSC Inter RAO.
The AGM elected the following individuals to the Board:
Andrei BUGROV, Deputy Chief Executive for Government and Investor Relations, JSC Mining and Metallurgical Company Norilsk Nickel
Oleg BUDARGIN, Chairman of the Management Board and Chief Executive, Russian Grids
Vladimir DMITRIEV, Chairman, State Corporation Vnesheconombank
Boris KOVALCHUK, Chairman of the Management Board, JSC Inter RAO
Vyacheslav KRAVCHENKO, Deputy Minister of Energy of the Russian Federation
Aleksandr LOKSHIN, First Deputy CEO and Chief Operating Officer, State Corporation Rosatom
Andrei MUROV, Chairman of the Management Board, JSC FCG UES
Ronald POLLETT, President & CEO of GE in Russia and CIS
Igor SECHIN, President and Chairman of the Management Board, Rosneft
Denis FEDOROV, Head of Electric Power Sector Development and Marketing Directorate of the Gas and Liquid Hydrocarbon Marketing and Processing Department, Gazprom; Chief Executive of Gazprom Energoholding
Dmitry SHUGAEV, Deputy Chief Executive of State Corporation Rostec
Job titles of the Board Members are indicated as of the date of their nomination. The list of Board nominees was created on March 6, 2014, as proposed by shareholders owning at least two percent of the voting shares of JSC Inter RAO.
The following individuals were elected to the Revision Commission:
Izumrud ALIMURADOVA, Head of Internal Control and Risk Management Department, JSC FGC UES
Svetlana RAY, Head of Internal Audit and Control Service, Rosneft
Ekaterina KHEIMITS, Head of Asset Integrity Control Division of the Control and Audit Unit of the Internal Control Department, Norilsk Nickel
Dmitry SHISHKIN, Head of Internal Control, JSC FGC UES
Yuri SHCHERBAKOV, Head of Treasury Department of the Finance and Economics Center, JSC Inter RAO
Ernst & Young LLC was appointed as the auditor of JSC Inter RAO.
The shareholders also approved the consolidation of shares in order to increase their nominal value a hundredfold, up to 2.809767 rubles per share. This decision is taken within the approved Program of Market Value Creation of Inter RAO Group for 2014 with the purpose of making shares of JSC Inter RAO more attractive for investment.
Within the move towards consolidation of shares the shareholders approved reduction of authorized capital of JSC Inter RAO through the cancellation of 997,683 ordinary shares and reduction by 30 authorized shares to avoid creating fractional shares.
The AGM also approved the amendments to the Corporate Charterprimarily focused on improving the corporate governance and bringing the Charter in sync with amended applicable laws on joint-stock companies, and approved the compensation of Board Members other than government officials.
Shareholders also approved several related-party transactions.
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Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business. Its corporate strategy is focused on making Inter RAO a global energy enterprise and a key player in the global energy market. Inter RAO Group owns and operates over 34.3 GW of installed power generation capacity. www.interrao.ru
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