4 Jun 2010 13:09
Results of voting at the 2010 Annual General Meeting
Novolipetsk Steel (LSE: NLMK) announces the results of voting at the Annual General Meeting (AGM) held on 4 June 2010. Shareholders approved the Company's 2009 annual report, annual financial statements, and allocation of profit, including the dividend payment for the financial year 2009. NLMK's shareholders approved the total dividend for the financial year 2009 of RUR0.22 per ordinary share. NLMK shareholders elected members to the Board of Directors, the Internal Audit Commission and the President of NLMK (Chairman of the Management Board) and approved revised versions of Company's internal documents (the Charter of OJSC "NLMK", the Regulations on the Procedures for Holding the General Meeting of Shareholders (GMS)). NLMK shareholders elected nine members to the Board of Directors: Vladimir Lisin, Oleg Bagrin, Bruno Bolfo, Nikolai Gagarin, Karl Doering, Randolph Reynolds, Karen Sarkisov (biography is below), Vladimir Skorokhodov and Igor Fyodorov. NLMK shareholders elected five members to the Company's Internal Audit Commission: Liudmila Kladienko, Valeriy Kulikov, Sergey Nesmeyanov, Larissa Ovsyannikova and Galina Shipilova. Alexey Lapshin was elected President of the Company (Chairman of the Management Board). ZAO PricewaterhouseCoopers Audit was approved as the Company's Auditor for 2009. ZAO PricewaterhouseCoopers Audit was approved to conduct an audit of the Company's financial statements prepared in accordance with US Generally Accepted Accounted Principles (US GAAP). In accordance with current Russian Federation legislation, the Annual General Meeting of shareholders approved following related party transactions: - An agreement between Novolipetsk Steel and Stoilensky for the purchase of iron ore concentrate and sinter ore for an amount of up to RUR156 billion (VAT and transportation costs are excluded).The effective term of the transaction is May 01, 2009 - June 30, 2013. - An agreement between Novolipetsk Steel and Duferco SA for a purchase of coking coal for an amount of up to USD500 million (VAT is excluded, cost of freight to port of destination is included). The effective term of the transaction is 01 March 2010 - 31March 2012. NLMK's shareholders approved the remuneration of members of NLMK's Board of Directors for 2009. The remuneration was determined in accordance with the Regulations on the Board of Directors Members' Remuneration. The total remuneration of Board Members for 2009 amounted to USD1.8 million. Karen Sarkisov's biography: Karen Sarkisov is a member of the Board of Directors of NLMK. He serves as an Aide to the Chairman of the Board of Directors on External Economic Relations. He is also a member of the Board of Directors at NLMK International BV (Holland), as well as a member of the Board of Directors at Steel Invest & Finance S.A. (NLMK's joint venture with Duferco). From the early 90's to 2008 he worked at steel trading companies holding various executive positions at a number of international trading entities. From 2006 to 2007 Mr. Sarkisov served as the Chairman of the Board of Directors of VIZ-Stal. In 1986 he graduated from the Tashkent State University majoring in Oriental Studies. Mr. Sarkisov was born in 1963 in Tashkent