Moscow, Russia – June 30, 2010 – Sistema (the “Group”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, today announced the decisions made at its Annual General Meeting (“AGM”) of shareholders, which was held on June 26, 2010. The AGM quorum was 79.28% of the total number of eligible voters. All the resolutions proposed at the AGM were duly passed.
The AGM approved the Company’s 2009 Annual Report and 2009 annual financial statements under Russian Accounting Standards. The AGM also approved the payment of a dividend of RUB 0.055 per share (approximately US$ 0.035 per Global Depositary Receipt), which amounts to RUB 530,750,000.00 (approximately US$ 17.0 million) in total.
The shareholders approved the election of the members of the Board of Directors, which comprises the following:
- Alexander Goncharuk – Non-executive Board Director
- Vladimir Evtushenkov – Non-executive Board Director
- Ron Sommer – Executive Board Director
- Dmitry Zubov - Non-executive Board Director
- Vyacheslav Kopiev - Non-executive Board Director
- Robert Kocharyan – Independent Board Director
- Roger Munnings - Independent Board Director
- Leonid Melamed – Executive Board Director
- Rajiv Mehrotra – Non-executive Board Director
- Evgeny Novitsky - Independent Board Director
- Sergey Cheremin - Non-executive Board Director
- Roger Munnings was appointed as a new Independent Board Director.
BDO was appointed as Sistema’s Russian Accounting Standards auditor for 2010, and Deloitte & Touche CIS was appointed as Sistema’s US GAAP auditor for 2010.
The AGM also approved the election of the members of the Audit Committee and the adoption of a revised Company Charter and revised Company Regulations regarding General Meetings of shareholders.
At the first Board meeting following the AGM, the Board of Directors appointed Vladimir Evtushenkov as Chairman, and Sergey Cheremin and Dmitry Zubov as Deputy Chairmen.
Roger Munnings was born on August 3, 1950 in the UK. He graduated from Oxford University with a Master of Arts degree (Honours) in Politics, Philosophy and Economics.
Roger Munnings is currently the UK Government Special Representative for Trade and Investment between the UK and Russia; a member of the Executive Board of the Association of European Businesses; the Chairman of the Audit Committee Institute in Russia (sponsored by KPMG and the Russian Institute of Directors).
He formerly held positions as CEO of KPMG Russia/CIS Region (1996 to 2008); Chairman of KPMG’s Global Energy and Natural Resources Practice (1993 to 2008); and as a member of the Board of KPMG EMEA Region (2000 to 2008).
Roger Munnings is a fellow of the Institute of Chartered Accountants in England and Wales and was appointed CBE in the UK in H.M. The Queen’s New Year’s Honours List 2007.
He is an active member of a number of public organizations, including the National Council on Corporate Governance in Russia; the Union of Industrialists and Entrepreneurs in Russia; the Russian Union of Directors; the US Russia Business Council; and the Russo-British Chamber of Commerce.