On the initiative of an owner of more than 10 percent of shares, the Russian Federation represented by the Federal Agency for State Property Management, IDGC Holding held the Extraordinary General Meeting of Shareholders in Moscow on January 14, 2012.
The agenda contained the issues related to the early termination of the powers of members of the Board of Directors of JSC IDGC Holding and the election of members of the Company’s Board of Directors.
The shareholders were provided with information on some performance results achieved by the Board of Directors and top managers of IDGC Holding in 2011. Specifically, it was noted that the Board of Directors of IDGC Holding decided in November 2011 to approve the Strategy for Development of JSC IDGC Holding Until 2015 with Long-Term Plans Until 2020.
The company has a strategic target to meet to raise its total operation and investment efficiency by 35 percent.
IDGC Holding approved the Uniform Technical Policy and formulated the special Innovative Development Program addressing technological modernization of the electricity distribution grid sector. The company published the road map of the consolidated Innovative Development Program. The road map specifies that over 21 billion rubles will be spent on the scientific and technological development of IDGC Holding’s management company and operating companies.
IDGC Holding earned a better international reputation and gained more appeal for investors. On November 15, 2011, IDGC Holding shares were included by Morgan Stanley Capital International in the MSCI Russia Index calculation.
In December 2011, the company successfully completed the listing process on the London Stock Exchange. This provided IDGC Holding with new opportunities to increase the liquidity of its securities.
As estimated by IDGC Holding’s Director General Nikolay Shvets, constructive cooperation among the government, minority shareholders, and the management company of IDGC Holding will make it possible to effectively develop the Russian electricity distribution grid sector in the coming years and make interregional and regional electricity distribution grid companies and the Group as a whole increasingly attractive to investors.
Based on the results of considering the issues put to a vote, the powers of the members of the Board of Directors of JSC IDGC Holding elected at the Annual General Meeting of Shareholders on June 22, 2011, were terminated earlier.
The Extraordinary General Meeting of Shareholders elected the following members of the Company’s Board of Directors:
1. Georgy Valentinovich Boos, President, Boos Lighting Group Management Company
2. Nikolay Nikolayevich Shvets, Director General, JSC IDGC Holding
3. Denis Vladimirovich Fedorov, Division Manager, Development of the Electric Power Sector and Marketing in the Electric Power Industry, OAO Gazprom; Director General, OAO Tsentrenergokholding; Director General, OOO Gazprom Energoholding
4. Seppo Juha Remes, Director General, OOO Kiuru
5. Vladimir Vasilyevich Kolmogorov, Advisor to General Director, MMC Norilsk Nickel
6. Vladimir Vitalyevich Tatsiy, First Vice President, Gazprombank (Open Joint-Stock Company)
7. Thomas Hendel, General Director, RUDEA OOO
8. Sergey Vladimirovich Serebryannikov, Rector, Moscow Power Engineering Institute (Technical University)
9. Vyacheslav Mikhailovich Kravchenko, Director General, OAO United Energy Sales Company
10. Andrey Removich Bokarev, Chairman of the Board of Directors, JSC CC Kuzbassrazrezugol and CJSC Transmashholding
11. Georgy Petrovich Kutovoy, Advisor to President on Energy, United Metallurgical Company
12. Viktor Vasilyevich Kudryavy, Advisor to President, EUROCEMENT Group ZAO
13. Pavel Andreyevich Borodin, Vice President, OJSC VimpelCom
14. Sergey Renatovich Borisov, President, OPORA RUSSIA All-Russian Public Organization of Small and Medium Business and Association of Entrepreneurial Organizations of Russia (OPORA) Nonprofit Partnership
15. Igor Vladimirovich Khvalin, Executive Director, ZAO Volga Engineering Group