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February 22, 2019

Results of the Board of Directors Meeting on February 19, 2018

February 22, 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 February 19, 2019.


The Board of Directors instructed the Management Board to prepare proposals, aimed at increasing transparency and predictability of the dividend payment, bearing in mind the need to maintain stable financial position of RusHydro Group and implementation of investment projects in the Far East Federal District.  The Board of Directors also instructed the Management Board to continue work, aimed at establishing conditions for profitability of pumped storage power plants, inclusion of RusHydro’s projects in the Far East Federal District into asset modernization program, establishment of long-term tariff regulation in the Far East Federal District and implementation of measures aimed at capitalization of intra-group of JSC DGK.


The Board of Directors approved report on implementation of Plan for divestment of non-core assets for 2018.

During the reporting period, RusHydro has divested 29 non-core assets: 17 items have been sold, five items have been transferred gratuitously and seven companies liquidated. The divestment allowed saving of RUB 69 mn per annum in maintenance costs.


The Board of Directors approved agreements on gratuitous transfer of a number of non-core assets, not involved in production of electricity, including:

  • hydrometeorological observation network in Khabarovsk region to Far East directorate on hydrometeorology and environmental monitoring;

  • bridge over discharge canal in Gimry settlement (Republic of Dagestan) to administration of the settlement;

  • hydro facilities of slope #1 (including the dam) in Stavropol region to the Directorate for irrigation and agricultural water supply of Stavropol region of the Ministry of Agriculture.


The Board of Directors approved signing of agreement of contribution to the charter capital of JSC Malye GES Altaya (Small HPPs of Altai) featuring gratuitous transfer of assets. JSC Malye GES Altaya was specifically incorporated for implementation of Small HPP Chibit project, eliminated from RusHydro’s investment program in 2012.


The Board of Directors approved a number of corporate decision aimed at improvement of corporate governance, including:

  • provision on appraisal of activity of the Board of Directors and Committees of the Board of Directors

  • plan of Board of Directors activity for the first half of 2019.

  • report on activity of the Committees, for first half of the corporate year 2018-2019: Audit Committee, Committee on human resources and compensation, Strategy Committee, Committee on investment, Committee on development of power system of the Far East, Committee on reliability, energy efficiency and innovations.


The Board of Directors took note on report on efficiency of the forward contract with VTB and progress in implementation of the Plan of increase in value of RusHydro Group through 2021.  


The Board of Directors terminated powers Vladimir Markin as member of the Management Board, first deputy Chairman of the Management Board as of February 24, 2019. Vladimir Markin will continue tenure in the Company in capacity of adviser to the Chairman of the Management Board.

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