On June 22, 2011, JSC IDGC Holding held its Annual General Meeting of Shareholders in the Elektrifikatsiya Hall of the All-Russia Exhibition Center.
The AGM was chaired and keynoted by IDGC Holding’s Director General Nikolay Shvets. Deputy Director General for Economic Affairs and Finance Aleksey Demidov and Deputy Director General for Corporate Governance and Property Aleksey Perepyolkin reported on the agenda items.
As Nikolay Shvets noted, IDGC Holding’s market capitalization rose by 62% in 2010, with the number of transactions related to the Company’s shares increasing almost fivefold (the aggregate capitalization of the distribution grid sector grew by almost 48%). Higher liquidity and market cap enabled Company’s shares to be transferred in 2011 to the MICEX Stock Exchange quotation list of the highest level, Quotation List A1. In addition, the Board of Directors set up a new committee in 2010, the Investment Committee, whose primary objective is to formulate recommendations for the JSC IDGC Holding investment policy. In 2010, the Board of Directors also approved the Regulations for Dividend Policy of JSC IDGC Holding to secure shareholders’ rights to receive a portion of the Company’s profit.
IDGC Holding’s operating results continue to be on an upward trend. For instance, new network connections totaled about 4.2 GW in 2010, with the actual revenue from network connection services reaching 41.4 billion rubles, or 12% higher than the planned figure. Investments made in 2010 under the consolidated investment program exceeded 87 billion rubles (exclusive of VAT), while the value of commissioned fixed assets was 92.1 billion rubles. Compared with 2009, total capital investments increased by 12% and the value of commissioned fixed assets rose by 8%.
The AGM approved the Annual Report of the Company; the annual accounting statements, including the profit and loss statement, of the Company; and the Company’s profit distribution based on performance results in 2010. The shareholders resolved to pay dividends on preference shares in JSC IDGC Holding for 2010 in the amount of 0.05 ruble per preference share.
The following members were elected to the Company’s Board of Directors:
1. Andrey Removich Bokarev
2. Sergey Renatovich Borisov
3. Pavel Andreyevich Borodin
4. Valery Alekseyevich Gulyaev
5. Vyacheslav Mikhailovich Kravchenko
6. Viktor Vasilyevich Kudryavy
7. Georgy Petrovich Kutovoy
8. Sergey Vladimirovich Maslov
9. Seppo Juha Remes
10. Sergey Vladimirovich Serebryannikov
11. Vladimir Vitalyevich Tatsiy
12. Thomas Hendel
13. Igor Vladimirovich Khvalin
14. Denis Vladimirovich Fedorov
15. Nikolay Nikolayevich Shvets
The following members were elected to the Internal Audit Commission of JSC IDGC Holding:
1. Alexander Mikhailovich Kuryanov
2. Aleksey Aleksandrovich Ozherelyev
3. Oleg Anatolyevich Oreshkin
4. Sergey Aleksandrovich Pakhomov
5. Pavel Viktorovich Shpilevoy
OOO FinExpertiza was approved as the Auditor of JSC IDGC Holding’s annual accounting statements in accordance with Russian standards for 2011.
The shareholders also decided to approve the agreement for acquisition of additional ordinary shares in OAO Kubanenergo, which is a related party transaction.
Additionally, the AGM approved restated versions of the Articles of Association of JSC IDGC Holding and internal documents. It was resolved to pay remuneration for serving on the Board of Directors to members of the Board of Directors other than those who hold public office. The remuneration is paid in the amount specified in the Regulations for Remuneration and Compensation for Members of the Board of Directors of JSC IDGC Holding approved by the Annual General Meeting of Shareholders of JSC IDGC Holding on June 23, 2010.