MMK Announces AGM Results
OJSC Magnitogorsk Iron and Steel Works ("MMK" or “Company”) today, on 29 May 2015, held its Annual General Meeting of Shareholders (AGM) in Magnitogorsk. The AGM approved MMK's annual report and financial statements for FY 2014 and resolved not to pay a dividend for the 2014 financial year (taking into account interim dividends paid based on the Company’s performance during 9 months 2014 in the amount of RUB 0.58 per common share).
The AGM also elected MMK’s Board of Directors. The new Board of Directors comprises Victor Rashnikov, Pavel Shilyaev (CEO at MMK), Nikolai Lyadov (Deputy CEO for Sales at MMK), Olga Rashnikova (Director for Finance at MMK), Zumrud Rustamova (Deputy CEO at OAO Polymetal), Sergey Sulimov (Deputy CEO for Finance and Economy at OJSC MMK). In addition, four directors were elected who met the Russian Corporate Governance Code’s criteria for independence: Ruben Aganbegyan (President at OAO Otkritie Holding), Kirill Levin (Deputy Chairman of the Management Board at OAO Russian Agricultural Bank), Valery Martsinovich (CEO at Hay Group Eastern Europe), and Morgan Ralf Tavakolian (Partner at Baring Vostok Capital Partners).
Andrei Fokin, Alexander Maslennikov, Oksana Dyuldina, and Galina Akimova were elected as members of the Audit Commission. ZAO PricewaterhouseCoopers Audit was approved as the Company’s Auditor.
Shareholders approved remuneration and compensation for the Board of Directors and members of the Audit Commission for 2015-2016.
The AGM approved related-party transactions, as well as approved amended internal documents of OJSC MMK which regulate activities of its bodies — Regulation on the General Meeting of Shareholders of OJSC MMK and Regulation on the Board of Directors of OJSC MMK.
After the AGM, the first meeting of MMK’s new Board of Directors took place, at which Victor Rashnikov was elected as Chairman. The Board of Directors passed a resolution approving the following Committee Chairmen: Victor Rashnikov as Chairman of the Committee for Strategic Planning, Kirill Levin as Chairman of the Committee for Audit, and Valery Martsinovich as Chairman of the Committee for Nominations and Remuneration.
About MMK
Contacts:
Investor Relations Department:
Andrey Serov, Head of IR
tel.: +7 (3519) 24-52-97
E-mail: serov.ae@mmk.ru
Communications Department:
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Sergei Vykhukholev tel.: +7 (499) 238-26-13 E-mail: Vykhukholev.sv@mmk.ru |
Dmitry Kuchumov tel.: +7 (499) 238-26-13 E-mail: kuchumov.do@mmk.ru |