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LSR Group

August 9, 2007

The latest meeting of the Board of Directors of OAO LSR Group held on July 31 approved the regulations and the composition

The latest meeting of the Board of Directors of OAO LSR Group held on July 31 approved the regulations and the composition of the Audit Committee and the Human Resources and Remuneration Committee.

The Audit Committee is established for the purpose of ensuring control over the preparation of financial statements of OAO LSR Group, publication of transparent and reliable financial information, verification of the efficiency of the internal financial control systems as well as the functions of internal and external audit including the nomination of independent auditors and evaluation of their performance, and interaction with the Check-up Committee of OAO LSR Group.

The Human Resources and Remuneration Committee is established for the purpose of engaging and training skilled specialists in management and creating necessary incentives for successful work as well as for ensuring the appropriate control of all shareholders over the conditions of compensations, remunerations and transactions effected with members of LSR Group management, members of the Board of Directors, and individual shareholders. The competence of the Human Resources and Remuneration Committee shall include, inter alia, development of recommendations for the Board of Directors regarding the determination of criteria for selecting candidates for the positions of CEO and heads of key divisions of OAO LSR Group, development of criteria and assessment of the performance of the CEO, members of the management board and heads of divisions as well as development of the criteria of independence of the members of the Board of Directors and provisions for training on corporate conduct and business ethics.

The Human Resources and Remuneration Committee and the Audit Committee are identical by their composition with the following members of the LSR Group Board of Directors elected to the Committees:

1. Dmitry Goncharov, Managing Director, LSR Europe GmbH (LSR Group company), Chairman of the Board of Directors, OAO LSR Group

2. Lauri Ratia, Independent Director, Member of the Board of Directors, OAO LSR Group

3. Sergey Skatershchikov, Independent Director, Member of the Board of Directors, OAO LSR Group

Sergey Skatershchikov was elected Chairman of both Committees.

The two Committees shall report on their activities to the Board of Directors of OAO LSR Group.

For reference:

OAO LSR Group is a vertically integrated diversified holding company, a leader of the Russian construction industry. Its core business areas are building materials manufacturing, construction and real estate development. The Group includes enterprises for aggregate extraction and processing, building materials manufacturing and transportation, and housing construction  from mass market large-panel housing to elite residential property built after designs made by leading domestic and foreign architects.

LSR Group has enterprises and offices in St. Petersburg, Moscow, a number of cities in Leningrad Oblast, in Lithuania, Latvia, Estonia, Ukraine and Germany. The total number of its employees is approx. 15,000 people.

According to the audited consolidated IFRS results of OAO LSR Group, its earnings in 2006 amounted to 21.1 billion rubles, a 61% increase over 2005, pre-tax income in 2006 reached 1.76 billion rubles, and net profit stood at 1.1 billion rubles.




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