Annual General Meeting of shareholders of OJSC MMC Norilsk Nick was held in Moscow on June 29th 2012.
Mr Vladimir Strzhalkovsky, general director and chairman of the management board of MMC Norilsk Nickel presented the report summarizing financial year results and company's development plans.
In 2011, MMC Norilsk Nickel demonstrated decent production and financial results. IN 2011, the board approved the Strategy for Production and Technological Development till 2025, envisaging substantial expansion of production capacity, as well as product and geographical diversification. The Company's management will continue focusing on the intensive development, cost reduction and comprehensive modernization of production facilities.
AGM voting results:
Following board’s recommendations, shareholders approved 2011 Annual Report of OJSC MMC Norilsk Nickel, annual accounting statements, including profit and loss statement, and voted for dividends payout based on the results of the Company’s performance in 2011, in the amount of RUB 196 per share.
In accordance with the preliminary voting results, the following directors were elected to the Board of Directors of the Company:
Mr Sergey Barbashev
General director, chairman of the management board, Interros Holding Company
Mr Enos Ned Banda
Founder and General Director, FREETEL Capital (PTY) LTD
Mr Prinsloo Cornelis Johannes Gerhard
Partner, Bain & Company Russia
Mr Andrey Bougrov
Deputy CEO, Member of the Management Board, Interros Holding Company
Mr Alexander Voloshin
Chairman of the Board of Directors, OJSC Uralkali, the Freight One
Mr Oleg Deripaska
CEO, UC Rusal; CEO, Basovy Element
Mr Claude Dauphin
Member of the Management Board, Trafigura Beheer B.V. (Group), Member of the Management Board, Ecore BV
Ms Marianna Zakharova
Deputy CEO for Legal Affairs, member of the Management Board, Interros Holding Company
Ms Larisa Zelkova
Director of the Public Relations Development Department, member of the Management Board, Interros Holding Company
Mr Bradford Alan Mill
General Director, Mandalay Resources; Executive Director, Plinian Capital
Mr Stalbek Mishakov
Advisor to General Director, CJSC RUSAL Global Management BV
Mr Maxim Sokov
Director for Strategy and Corporate Development, UC Rusal
Mr Vladimir Strzhalkovsky
General Director, Chairman of the Management Board, MMC Norilsk Nickel
Furthermore, auditors of RAS and IFRS accounting statements of the Company, as well as members of the Revision Commission were elected. Transactions involving liability insurance of the members of the Board of Directors and members of the Management Board of MMC Norilsk Nickel were approved.
The shareholders also approved the amount of remuneration to be paid to independent directors of the Board. The basic amount of an independent director's remuneration shall be USD 120,000 per annum. If an independent director is a member of the Board Committee, he shall be paid an additional remuneration of USD 50,000 per annum. If an independent director presides over a Board Committee, he shall receive an additional remuneration in the amount of USD 150,000 per annum. If the Chairman of the Board of Directors is an independent director, his remuneration shall amount to USD 1 million.
The above remuneration shall be valid from June 29th 2012 till the date, on which the relevant director ceases to carry out his professional duties as an independent member of the Board.
Results of the Meeting of the newly elected Board:
Following the AGM, the first meeting of the newly elected Board of Directors was held. At the meeting, Andrey Bougrov was elected as the Chairman of the Board of Directors.
Furthermore, the Board of Directors elected the following Chairmen of the Board's Committees:
Mr Enos Banda as the Chairman of the Audit Committee
Mr Bradford Mills asthe Chairman of the Strategy Committee
Ms Marianna Zakharova as the Chairperson of the Corporate Governance, Nomination and Remuneration Committee
Mr Claude Dauphin as the Chairman of the Budget Committee
Source - Norilsk Nickel
(www.steelguru.com)
