MMK Annual General Meeting of Shareholders approves 2011 accounts, elects new Board of Directors
Magnitogorsk Iron and Steel Works ("MMK", or "the Company") (LSE: MMK) today held its Annual General Meeting of Shareholders (AGM) in Magnitogorsk.
The AGM approved MMK's annual accounts and financial statements for 2011, and resolved not to pay a dividend for the 2011 financial year.
The AGM also approved amendments and additions to the Company's Charter and elected the Board of Directors. The new Board of Directors includes Viktor Rashnikov, President of LLC MMK Managing Company; Boris Dubrovsky, CEO of OJSC MMK; Vitaly Bakhmetyev, Deputy CEO for Commerce, OJSC MMK; Olga Rashnikova, Finance Director, OJSC MMK; and Nikolai Lyadov, Deputy CEO for Sales, OJSC MMK. Also elected were five directors meeting the UK Corporate Governance Code’s requirements for independence: Sir David Logan, Chairman of the Council of Management British Institute at Ankara; Zumrud Rustamova, Deputy CEO of OAO Polymetal; Bernard Sucher, member of the Board of Directors of Aton Group; Peter Charow, Vice-President of BP Russia; and David Herman, Chairman of the Board of Directors of OJSC SOLLERS.
The AGM approved the Regulations on the Collegiate Executive Body (the Management Board of OJSC MMK). The members of the Audit Committee of OJSC MMK were elected, and KPMG was approved as the Company's auditor. Shareholders approved the remuneration of the Board of Directors and members of the Audit Committee for 2012-2013. Payments to the Board of Directors during the period will total 65 million rubles, and payments to the Audit Committee will equal 39 million rubles. The AGM also approved the Company's related-party transactions.
After the AGM, the first meeting of the new Board of Directors of OJSC MMK took place, at which Victor Rashnikov was elected as Chairman. The Management Board was formed with the following members: Boris Dubrovsky, CEO of OJSC MMK, Vladimir Ruga, Vice President on Communications (LLC MMK Managing Company), Dmitry Usanov, Head of Strategic Development Department (LLC MMK Managing Company), Sergey Krivoschekov, Head of Property Management Department (LLC MMK Managing Company), Alexander Andrianov, Deputy CEO for Finance and Economics (OJSC MMK), Vitaly Bakhmetyev, Deputy CEO for Commerce (OJSC MMK), Pavel Shilyayev, Deputy CEO for Production (OJSC MMK), Andrey Eremin, Director for Economics (OJSC MMK), Marina Zhemchuyeva, Chief Accounting Officer (OJSC MMK), Oleg Kiykov, Head of HR (OJSC MMK), Evgeny Redin, Director for Business Development and Efficiency Management (OJSC MMK), Ivan Senichev, Director for Corporate and Social Programs (OJSC MMK), Alexander Ushakov, Director for Foreign Economic Affairs (OJSC MMK), Oleg Tsepkin, Chief Security Officer (OJSC MMK), Sergei Shepilov, Acting Chief of Legal Department (OJSC MMK).
MMK Communications Department:
tel. +7 (3519) 246 303,