August 30, 2019. Moscow, Russia.
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY)
announces that the Company's Board of Directors held a meeting in
absentia on August 28, 2019.
The Board of Directors approved new edition of
Provision on insider information of PJSC RusHydro. The new edition
obliges the Company to inform counterparties on possible inclusion of
in the list of insiders ahead of the inclusion, stipulates new
procedure and timeline for discloser of insider information. The
document also reflects EU and Great Britain regulations regarding
The Board of Directors approved the report on
progress Plan of divestment of non-core assets for the 2Q19 and
adjusted the register of non-core assets. The Board of Directors
approved gratuitous transfer of infrastructure objects in Nizhniy
Novgorod region and property, not involved in production activity in
Republic of Kalmykia. As part of optimization of RusHydro Group
structure, the Board of Directors approved selling of minority stake
(0.003729494%) of the Bank of Cyprus Holdings Public Limited Company
and voluntary liquidation of JSC Technopark Rumyantsevo.
The Board of Directors approved cancellation of
participation in JSC Geotherm and JSC KamGEK and merger of these
companies with PJSC Kamchatenergo. The Board of Directors also
approved participation of RusHydro in PJSC Kamchatenergo as part of
The reorganization is aimed at optimization of
corporate structure in Kamchatsky Kray. The target structure will
leave two companies, operating in the peninsula – PJSC
Kamchatenergo and its 100% subsidiary JSC YuESK (South Energy Supply
The Board of Directors determined conditions
allowing leasing of core equipment within the Group without approval
of the Board. The provision, aimed at simplification of leasing
procedure, relates to power plants under construction, owned by
developers, controlled by RusHydro and transferred to operational
companies of the Group under lease agreements. For the
companies-developers such transactions typically fall into category
of major transactions.
The Board of Directors approved updated long-term
development program of RusHydro Group for the period 2018-2022. The
updated program provides for transition to predominantly domestically
developed software including intellectual systems and digital
The Board of Directors approved proposals for
update of Innovative development program for the period 2018-2022 and
instructed Nikolay Shulginov, Chairman of the Management
Board-General Director to provide for development of updated
Innovative development program for 2020-2024 and submission of the
Program to respective Federal authorities before 31.12.2019.
The Board of Directors acknowledged report on
analysis of technological development and KPIs of innovative activity
of RusHydro Group in comparison with peer companies.
The goal of the research, conducted by PWC, was to
develop proposals for actualization of RusHydro’s Program of
innovative development based on prospective technologies as well as
actualization of the Program and its KPIs and reflected benchmarking
of Company’s technological development against peer group including
leading international utilities.
According PWC experts, RusHydro’s strategy in
the field of innovations in general corresponds to the best
practices. Efficiency of hydro capacity management is on high level,
share of innovative products in procurement and spending on
modernization of hydropower plants are comparable to those of the
peer-companies. The Company pays significant attention to
environmental issues and has own solutions in the field of fish
breeding, developed by Hydroproject implemented at Boguchaskaya HPP.