4 Apr 2016 08:05
April 4, 2016
Results of the Board of Directors on March 30, 2016
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on March 30, 2016.
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The Board of Directors approved the report on insurance protection of RusHydro in 2015.
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The Board of Directors approved the Regulations on business planning system of RusHydro and resolved to use the document while developing and reviewing consolidated business-plan of RusHydro starting from 2016.
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The Board of Directors approved a standard addendum to utilities employees' union agreement of RusHydro branches for 2014-2016 and commissioned Chairman of the Management Board - General Director of RusHydro to sign these addendums.
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The Board of Directors took a note on the information on status of implementation of priority projects in the Far East: Yakutskaya TPP-2, 2nd stage of Blagoveshenskaya TPP, TPP in Sovetskaya Gavan', Sakhalinskaya TPP-2 as of December 31, 2015.
The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board - General Director of RusHydro:
1. To submit for the Board's approval the Innovative development program of RusHydro Group for 2016-2010 with the outlook for 2015 developed in compliance with the guideline approved by the Russian government on November 7, 2015; and approved by the federal executive authorities till July 1, 2016.
2. To submit the reports on execution of the Innovative development program of RusHydro Group for 2016-2010 with the outlook for 2015 to the federal executive authorities on annual basis till May 1 of each year.
3. To submit for the Board's consideration till June 1, 2016, the inclusion of the integrated innovation KPI in the list of KPIs of the long-term development program and executive KPIs (from 2016) with not less than 20% share.
The Board of Directors moved the deadline for approval of the report on technological assessment and price audit of projects implemented within the investment program of RusHydro in 2015, to the next meeting of the Board of Directors to be held in praesentia.
The Board of Directors preliminary approved the draft of RusHydro's investment program for 2016 (amended) and 2017-2019 as well as funding sources for these programs. The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board - General Director of RusHydro, to submit the draft investment program for approval to the Ministry of Energy of Russia.
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The Board of Directors approved a lease agreement between RusHydro and FSK UES, qualified as interested party transaction, and determined the price of the agreement in the amount of RUB 1,749,359.70, including VAT.
According to the agreement RusHydro conveys parts of hydropower facilities of the Zhigulevskaya HPP for a temporarily possession and use of FSK UES in order to place 220 kV and 500 kV power transmission lines towers.
The Agreement is valid from the moment of its signing until February 29, 2016. The parties agreed that the terms of the Agreement shall be applied to relations arising from April 1, 2015.
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The Board of Directors moved the date for review of the following documents to the next meeting of the Board of Directors to be held in praesentia:
- Anti-corruption policy;
- Policy in the field of conflict of interests management;
- Environmental policy;
- Code of corporate ethics.
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The Board of Directors approved the reports on the results of the Investments Committee and Strategy Committee of the Board of Directors for 2015.
The Board of Directors terminated powers of the following members of the Committees:
· Mikhail Mantrov, member of the Investments Committee;
· Vladimir Pekhtin, Vladimir Tokarev and Rasim Khaziakhmetov, members of the Reliability, Energy efficiency and Innovations Committee.
The Board of Directors elected the following members to the Committees:
· Victor Khmarin, Deputy General Director responsible for economics, investments and procurements, to the Investments Committee;
· To Reliability, Energy Efficiency and Innovations Committee:
1. Yuri Vishnevsky, Deputy Director for control over regimes, JSC SO UES;
2. Yuri Gorbenko, Deputy General Director responsible for major construction, PJSC RusHydro;
3. Kirill Frolov, Deputy General Director responsible for scientific and project activities, PJSC RusHydro.
About RusHydro
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 70 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group's thermal assets are operated by subsidiary - RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 38.5 GW, heat capacity - 16.2 thousand GCal/h.
Russian Federation owns 66.8% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (800) 333 8000 ext. 1607, 1319, 1304
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "plan", "aim", "target", "forecast", "project", "should", "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.
We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic and political conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.