Nizhegorodsvyazinform held its AGM on June 28. 2002.  

Resolutions were passed to approve the annual financial statement, the accounting reports, including the profit and loss statement, allocation of profits and losses on results of the 2001 fiscal year. 

The following amount of dividends to be paid out for 2001 was approved: 

-          on common shares - Rub 0.32;

-          on preferred shares - Rub 0.96  

The composition of the Board of Directors is as follows: 

-         Chairman - Anton I. Osipchuk, first vice director general of OJSC Svyazinvest;

-         Vladimir F. Liulin - director general of OJSC VolgaTelecom;

-         Mikhail A. Bakhaev - vice director general / director of NGTS;

-         Vladimir N. Volkov - vice director general / director of Dzerzjhinsk MUES;

-         Alla B. Grigorieva - vice director general of Svyazinvest corporate governance department;

-         Lyubov I. Grigoryeva - ice director general of OJSC VolgaTelecom;

-         Vadim S. Degtyarev - representative of The Bank of New York International Nominees;

-         Igor V. Zabolotny - executive director / director of Svyazinvest marketing and sales;

-         Alexander V. Lopatin - vice director general of OJSC Svyazinvest; 

In addition, the shareholders meeting approved the revised version of the Company Charter, in which the corporate name is changed from OJSC Nizhegorodsvyazinform to OJSC VolgaTelecom. 

Shareholders also passed a resolution to approve the revised versions of the Rules for Holding the General Annual Shareholders Meeting, the Board of Directors, the Audit Committee and the Supervisory Board. 

ZAO Ernst & Young Vneshaudit was approved as the company's official auditor.