The Supervisory Board of Sberbank at its meeting held on March 23, 2001 rejected the demand of a group of minority shareholders for an extraordinary meeting of Sberbank's shareholders.
The decision of the Supervisory Board was based on the following:
- the procedure of submitting the demand to convene an extraordinary meeting, envisaged by the Federal Law "On Joint-Stock Companies", was not complied with;
- the submitted documents do not confirm that the demand is really supported by the necessary amount of Sberbank's shares and, subsequently, that the initiators are entitled to demand convening an extraordinary meeting of shareholders;
- the issues on the agenda of the extraordinary meeting of shareholders proposed by its initiators do not comply with the requirements of the Federal Law "On Joint-Stock Companies".
Unconditionally respecting the rights of all shareholders of the Bank the Supervisory Board at the same time notes, that opinions of particular minority shareholders should not infringe on the interests of the majority of the Bank's shareholders, its clients and depositors.
Statement of Sberbank's Department for Public Relations