Moscow, Russia - 1 July 2008 - Sistema-Hals OJSC (LSE, MICEX: HALS), one of the leading diversified companies on the real estate market of Russia and the CIS, announced the decisions taken at the Annual General Meeting of its shareholders ("AGM") on June 30, 2008.
The shareholders approved the election of the following members of the Board of Directors:
- Anton Abugov
- Alexei Buyanov
- John Gummer
- Alexander Goncharuk
- Douglas Daft
- Sergey Drozdov
- Felix Evtushenkov
- Dmitry Zubov
- Robert Tsenin
- Dmitry Yakubovsky
At a subsequent meeting of the new Board of Directors, Mr. Felix Evtushenkov was named Chairman of the Board.
At the AGM, shareholders approved the decision that there would be no dividend payment for 2007 and that all profit generated in 2007 would be reinvested in the company with the aim of growing the capitalization.
Audit firm AORA was appointed as Sistema-Hals' Russian Accounting Standards auditor for 2008, and Deloitte & Touche CIS was appointed as Sistema-Hals' US GAAP auditor for 2008.
In addition, the AGM approved the election of the members of the Audit Committee and approved new versions of Regulations for the Board of Directors and the Executive Board and amendments to Sistema-Hals' Charter.
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