Board of Directors of OAO Moscow City Telephone Network (MGTS) held another regular board meeting on September 29, 2003.

The BoD installed the new Management Board of MGTS for a term of 2 years. It consists of 13 MGTS managers: Mikhail Smirnov (Director General, Chief of the Management Board). Vladimir Afonin (Head of the Personnel Office, Secretary of the Management Board), Irina Borisenkova (Chief Accountant), Alexander Zhilin (Deputy Director General), Olga Zamaldinova (Deputy Director General), Valentina Irzhova (Head of the Legal Affairs Office), Vladimir Kostrov (Deputy Director General), Sergey Xenofontov (Head of the Capital Construction Office), Victor Panov (Deputy Director General), Semyon Rabovsky (Main Deputy Director General), Nikolay Savlukov (Deputy Director General), Vladimir Sutyagin (Deputy Director General), Victor Chervony (Deputy Director General).

The Board also adopted the revised 2003 budget that factors in the two-stage increase of communication tariffs for households and state-financed organizations that took place in 2003.

BoD acknowledged information about the recovery of accounts receivable and resolved that claiming operations for recovering accounts receivable from households and self-financing organizations should be activated.

BoD adopted the charge rate for services of the company’s auditor, Deloitte & Touche SNG, in compliance with the existing joint-stock company legislation.