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Rosseti North-West

June 9, 2008

The first shareholders meeting of the unified IDGC of the North-West

The unallotted profit was assigned to the funds.

Annual General Shareholders Meeting of JSC Interregional Distributive Grid Company of the North-West passed on 29 May 2008.

For the first time the AGSM passed in the form of joint presence of shareholders - in connection with the fact that since 1 April of this year the structure of IDGC of the North-West included seven regional distributive grid companies which became branches. Earlier, the functions of the meetings of shareholders of IDGC of the North-West were exercised by the Board of RAO UES of Russia.

In the beginning of his address to the shareholders, General Director of IDGC of the North-West Veniamin Pinkhasik mentioned that 'All indicators for 2007 - not only in monetary estimation, but also in kind - were fully executed. There was no disconnection of the electric power last year.

He also noted that the consumer interests occupy the primary place in the Company policy. All regions of RAO UES established offices for consumer relations. In 2007 IDGC of the North-West received 907 applications; almost a half of decisions were taken in favor of the consumer.

The head of IDGC of the North-West designated outflow of the staff as a major problem; especially it concerns the north of the country. The original cause is low salary. 'Now there are many alternatives: people leave to work for oil and gas companies,' he noticed. At the same time, the regions hold optimization of the number of the administrative personnel since a part of the functions is undertaken by IDGC of the North-West. 'This will not concern engineers,' V.Pinkhasik promised.

'IDGC of the North-West shares were admitted to the stock exchange,' the head of the company said, 'But this is not a clear-cut tendency concerning the level of activity. Things should be examined for two or three weeks'. He assumed that capitalization of the company would grow, and referred to Anatoly Chubays's words who recommended that people should not hurry to sell the securities received instead of RAO UES of Russia's shares.

The new Board of Directors included 11 people

Under the decision of shareholders, the new structure of the Board of Directors of JSC IDGC of the North-West included 11 people. All nominees were proposed by RAO UES of Russia. Six of them were included in the former Board of Directors' structure:

- Alexander Chistyakov - First Deputy Chairman of the Board of JSC UES FGC;
- Veniamin Pinkhasik - General Director of JSC IDGC of the North-West,
- Vyacheslav Kravchenko - Director of the Department for the Structural and Tariff Policy in Natural Monopolies of Minpromenergo (Ministry of Industry and Power) of Russia (the position as of the date of the proposal);
- Svetlana Zholnerchik - Head of the Management of the Information and Communication of the Reform Management Centre of RAO UES of Russia;
- Alexey Kurochkin - Deputy Head of the Interregional Distributive Grid Complexes Management Centre of JSC UES FGC;
- Valery Ageev - General Director of Transmission Electric Grids of the North-West branch of JSC UES FGC;

New members of the Board of Directors:

- Andrey Gabov - Chief of the Department of Corporate Governance and Shareholder Relations of the Corporate Centre of RAO UES of Russia;
- Vasily Sinyansky - General Director of Operational Dispatch Management of the North-West branch of JSC UES FGC;
- Dmitry Medvedev - Head of the Management of Technical Development of IDGC Management Centre of JSC UES FGC;
- Seppo Yuha Remes - Director of FIM Financial Services, Senior Adviser to JSC FIM Financial Services;
- Silvian Seu - General Director of Energoaudit-Control Engineering Center Ltd. The Audit

Committee was elected in the amount of 5 people.

The unallotted profit was assigned to the funds

Annual General Shareholders Meeting of IDGC of the North-West resolved not to pay dividends following the results of 2007.

The unallotted profit following the results of 2007 (following the results of activity of IDGC of the North-West as an operational company) equaled 1,162 thousand rubles. Under the decision of shareholders, 58 thousand rubles were directed to the reserve fund; 1,104 thousand rubles were assigned for the accumulation fund.

JSC KPMG (Moscow) was approved as Auditor of IDGC of the North-West.

 

 

 

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