Summary of the Annual Meeting of Shareholders of OMZ OJSC of June 30, 2011
OMZ (Uralmash-Izhora Group) held its Annual General Shareholders Meeting on 30 June 2011.
The meeting was open to all holders of record as of 12 May 2011. All resolutions put to shareholders’ vote were duly passed.
Shareholders approved the Company’s 2010 annual report and accounts prepared to Russian Accounting Standards. A decision was made not to pay dividends on common shares, while a preferred stock dividend payout for 2010 was approved in the amount of 12% of par value. Profits remaining after dividend payments are to be used for capital investment and reduction of the debt position of the Company.
The following members were elected to the OMZ’s Board of Directors:
1. Dmitry Bakatin
2. Eugeny Borisov
3. Daniyar Kamilov
4. Farid Kantzerov
5. Seppo Remes
6. Famil Sadygov
7. Arkady Samohvalov
8. Victor Semenov
9. Sergey Skaterschikov
Shareholders approved the compensation of the Board members for their service in the 2010-2011 period as well as the By-law on the Compensation of the members of the Board of Directors for the 2011-2012 period. In addition, they approved a resolution to reduce the number of members of the Board of Directors from nine to eight and elected a three-member Revision Commission.
Shareholders approved ZAO «HLB Vneshaudit» as the Company’s statutory accounts auditor and CJSC KPMG as the Company’s IFRS accounts auditor for FY 2011. A number of future interested party transactions with OJSC Gazprombank», OJSC Sberbank of Russia, OJSC Bank VTB, OJSC Insurance company of the Gas Industry and member companies of the OMZ Group that could be executed in the normal course of business of the Company were also approved as was revision #2 of the Company Charter.