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
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
bridge over discharge canal in Gimry
settlement (Republic of Dagestan) to administration of the
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
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,
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
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
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.