The annual shareholders meeting of ZMZ, part of Severstal's automotive division, took place on May 24 in Zavolzhye (Nizhny Novgorod Region). The meeting was held subject to provisions of the new edition of the Law on Joint Stock Companies. The meeting approved the annual report, the profits and losses statement. It has also approved Alco Auditing company (St. Petersburg) as the new auditor for 2002.
The meeting decided to distribute profits on privileged shares in the amount of 76.9 kopecks per one privileged share, which is a threefold increase over the previous year. No dividends will be distributed on regular shares.
The shareholders meeting elected nine persons on the Board of Directors. They are: Alexei Germanovich - advisor to general director of Severstal on media relations, Sergei Gorelik - head of the affiliated companies financial bureau of Severstal, Viktor Klochai - general director of ZMZ, Alexander Konyukhov - financial director of ZMZ, Alexander Morozov - head of the material and technical purchases department of Severstal, Pavel Chelnokov - head of the legal department of Severstal-Group, Vadim Shvetsov - 1st deputy general director of Severstal, Eduard Shpakovsky - general director of UAZ (Uliyanovsk Automotive Plant), Sergei Emdin - director of automotive division of Severstal-Group.
Right after the shareholders meeting the first Board of Directors meeting was held. It elected Vadim Shvetsov, 1st deputy general director of Severstal, the Chairman of the Board of Directors.
According to the new edition of the ZMZ's Charter, which was approved at the special shareholders meeting on March 12, 2002, the first Board of Directors meeting appointed Viktor Klochai the general director of ZMZ.
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