29 Jun 2011 14:00
Results of the Annual General Shareholders Meeting
29 June 2011 - Federal Grid Company of the Unified Energy System ("Federal Grid Company" or the "Company") (ticker symbol: MICEX, RTS, LSE: FEES) announces that its Annual General Shareholders Meeting was held today in Moscow. The shareholders approved the Annual Report, the Financial Statements and the distribution of net profit of the Company for 2010.
The meeting decided to pay 10% of the non-consolidated net profit for 2010, according to RAS, excluding profit from the revaluation of financial investments and creation of provisions for doubtful debts as dividends on Federal Grid's shares which amounts to RUR 2,577,664,000 (RUR 0,0020523650155 per ordinary share). The dividends will be paid in monetary form during 60 days since the day of approval. The Company didn't pay dividends for the financial years 2008 and 2009.
The meeting also reappointed PriceWaterhouseCoopers as Federal Grid's auditor.
The following directors have been elected to the Board of Directors (positions held at the time of election):
·; Boris Ayuyev
·; Oleg Budargin
·; Kirill Levin
·; Alexey Makarov
·; Andrey Malyshev
·; Dmitry Ponomarev
·; Yury Soloviev
·; Ernesto Ferlenghi
·; Igor Khvalin
·; Rashid Sharipov
·; Denis Fedorov
The shareholders also elected a new Revision Commission, namely (positions held at the time of election):
·; Alexander Ganin
·; Andrey Kolyada
·; Victor Lebedev
·; Vladimir Raspopov
·; Maria Tikhonova
The Meeting approved the amended Company's Articles of Association and decided on the remuneration to the members of the Board of Directors for 2010 according to the Regulations on Compensation and Remuneration to the Members of the Board of Directors.
The full text of the resolutions will shortly be available on the Company's website www.fsk-ees.ru/eng.
For further information:
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Investor contacts: | ||
Alexander Duzhinov | + 7 (495) 710-90-64 | ir@fsk-ees.ru |
+7 (916) 041-80-53
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Nadezda Sukhova | +7 (495) 710-9541 | sukhova-nv@fsk-ees.ru |
Tatiana Mayba | +7 (800) 200-1881 (ext. 29-26) | mayba-tv@fsk-ees.ru |
Vera Timoshenko | +7 (800) 200-1881 (ext. 21-57) | timoshenko-vv@fsk-ees.ru |
Media contact: | ||
Ekaterina Dobrogorskaya | +7 495 710 8239 | dobrogorskaya-ev@fsk-ees.ru |
+7 916 372 4393 | ||
International media contact: | ||
Leonid Fink | +44 (0)20 7457 2015 | |
Simon Whitehead | +44 (0)20 7457 2072 | |
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system with over 121,000 km of transmission lines and over 311 thousand MVA of installed transformer capacity, it is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide transmission and connection services to the Russian wholesale electricity market. It maintains and develops the grid system and supervises grid facilities and infrastructure in 73 regions of Russia, in which it operates. Its customers are regional distribution companies, retail electricity supply and large industrial enterprises The Company operates in an exclusive, competition free environment, and is regulated by the Government of the Russian Federation.
The Company's revenue is mainly driven by the transmission tariff set by the Regulator, the Federal Tariff Service. From 1 January 2010 a new RAB (Regulatory Asset Base) tariff framework, designed to stimulate investment and operating efficiency, was introduced.
The Company was incorporated in 2002 as part of reorganization of Russia's electrical power industry. The Russian Government is the largest shareholder with a 79.48% stake.
Further information can be found at www.fsk-ees.ru/eng.
Neither the content of the issuer's website nor the content of any other website accessible from hyperlinkson the issuer's website is incorporated into, or forms part of, this announcement.