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Unified Energy System

September 19, 2003

Audit Committee of RAO UES Board holds its first meeting

Moscow, 19 September. The Audit Committee of the Board of Directors of RAO "UES of Russia" held its first meeting today to discuss the Committee procedures and approve its work plan for 2003 2004.

In the near term, the Audit Committee will carry out an analysis of the Company's internal audit system and give recommendations aimed at streamlining the system.

Under the Audit Committee Bylaws approved by the Board of Directors of RAO "UES of Russia", the Committee's principal goals are as follows:

  • to control the external auditors' activities;
  • to oversee of the tender to select the Company's external auditors;
  • to analyze the Company's financial statements and accounting policies.

The Committee headed by the RAO UES Board member Seppo Remes views increasing transparency of the Company's financials for shareholders, potential investors and the business community as its key priority.

"The work of the Audit Committee is an important element of corporate governance systems at public companies. We hope that the Committee's activities will significantly enhance the attractiveness of RAO "UES of Russia" for investors", said Seppo Remes about the launch of the Committee's work.

Note:
The Audit Committee of the Board of Directors of RAO "UES of Russia" was established pursuant to the shareholder resolution approved at the Company's AGM held on 30 May 2003. The Audit Committee works under the Board of Directors and is a consulting and advisory body. The Committee consists of the following members: Seppo Remes, Executive President of Vostok Nafta Investment, member of the Board of Directors of RAO "UES of Russia"; Sergey Kosarev, Deputy Minister of Property Relations of the Russian Federation, member of the Board of Directors of RAO "UES of Russia"; Alexander Kazakov, member of the Federation Council of the Russian Federation, member of the Board of Directors of RAO "UES of Russia"; Alexander Kirsanov, Eurosibenergo Project Manager; representative of the member of the Board of Directors of RAO "UES of Russia" D. Geovanis; Sergey Skaterschikov, Managing Director, Index Atlas LTD; expert member of the Committee.

Contacts:
tel: (095) 710-54-14,
fax: (095) 710-52-65

 

 

 

 

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