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Rosneft Oil Company

June 13, 2011

Rosneft holds Annual General Meeting of Shareholders

The Annual General Meeting of Shareholders of Rosneft was held on June 10, 2011 in Krasnodar. Holders of 97.39% of Rosneft shares registered to participate in the meeting.

The meeting approved the Annual Report, the Accounting Statements and the distribution of net profit of Rosneft for 2010.

It was decided to pay 15.2% of the non-consolidated net profit as dividends on Rosneft shares, which amounts to 29,251 million rubles (2.76 rubles per ordinary share). The approved dividend payment for 2010 is 20% higher than that for 2009. The dividends will be paid simultaneously to all shareholders by August 9, 2011.

The shareholders also elected a new Board of Directors composed of 9 members, namely:

  • Vladimir Bogdanov, CEO, Surgutneftegaz
  • Andrey Kostin, President, Chairman of the Management Board, VTB Bank
  • Alexander Nekipelov, Vice President, Russian Academy of Sciences
  • Yury Petrov, Head, Federal Agency for State Property Management
  • Hans-Joerg Rudloff, Chairman of the Supervisory Board, Barclays Capital
  • Nikolay Tokarev, President, Chairman of the Management Board, Transneft
  • Eduard Khudainatov, President, Rosneft
  • Sergey Shishin, Senior Vice President, VTB Bank
  • Dmitry Shugayev, Deputy CEO, Russian Technologies Corporation.

The meeting also approved the composition of the Company's five-member Internal Audit Committee, nominated CJSC Audit consulting Group Business Systems Development as auditor of the Company's RAS Annual Accounting Statements for 2011 and decided on the remuneration to the members of the Board of Directors. It also approved the related-party transactions. Additionally, changes to the Company’s Charter were made, spelling out the dividend payment procedure.

Commenting on the results of the meeting Eduard Khudainatov said: “We were proud to report to our shareholders on the Company’s 2010 results. Our operating indicators confirm Rosneft’s strong growth potential, which without any doubt will be reflected in the market valuation. And this is positive for those who have invested in Rosneft shares”.

***

After the General Meeting of Shareholders the newly elected Board of Directors held its first meeting. Alexander Nekipelov was elected as chairman of the Board. Andrey Kostin, Hans-Joerg Rudloff and Sergey Shishin were elected as his deputies.

The Board of Directors also approved the composition of its three committees, each being headed by an independent director. Hans-Joerg Rudloff was elected to head the Audit Committee, with Andrey Kostin taking the helm of the HR and Remuneration Committee and Sergey Shishin heading the Strategic Planning Committee.

The Board of Directors also approved a new composition of the Management Board. Eduard Khudainatov, Pavel Fedorov, Larisa Kalanda, Gani Gilayev, Petr Lazarev were appointed members of the Management Board.

 

 

 

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