30th Jun 2014 15:58
Federal Grid Announces 2014 AGM Results
30 June 2014, Moscow - Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company") (Moscow Exchange, LSE: FEES), part of the Russian Grids Group of companies and operator of Russia's Unified National Energy Grid ("UNEG"), announces the results of its Annual General Shareholders Meeting (AGM) held on Friday, 27 June 2014 in Moscow.
Each of the resolutions as laid out in the Notice of AGM of 27 May 2014 was voted on by way of combined absentee vote and poll. The results, certified by the Company's registrar, CJSC Status, were as follows:
Agenda item | For (%) | Against (%) | Abstained (%) | Total votes cast | Votes withheld |
Approval of the Company's Annual Report and annual financial statements, including the income statement (profit and loss accounts) for the 2013 financial year | 99.697% | 0.18% | 0.024% | 1,177,413,230,077 | 1,163,066,041 |
Approval of distribution of the Company's profit (losses) for the 2013 financial year | 99.842% | 0.033% | 0.026% | 1,177,413,230,077 | 1,160,345,304 |
Approval of remuneration for members of the Board of Directors | 99.534% | 0.344% | 0.024% | 1,177,413,230,077 | 1,162,820,010 |
Election of members of the Company's Board of Directors (the Supervisory Board) | |||||
Oleg Budargin | 8.678% | 2.987% | 0.344% | 12,951,539,552,351* | 68,146,912,527* |
Maxim Bystrov | 7.977% | ||||
Andrey Demin | 7.986% | ||||
Denis Fedorov | 8.468% | ||||
Boris Kovalchuk | 7.986% | ||||
Vyacheslav Kravchenko | 7.990% | ||||
Andrey Murov | 7.998% | ||||
Georgiy Nozadze | 7.985% | ||||
Oksana Shatokhina | 7.125% | ||||
Sergey Shmatko | 7.980% | ||||
Sergey Mironosetskiy | 7.986% | ||||
Nikolay Shulginov | 7.986% | ||||
Election of members of the Company's Audit Commission (the Controller) | |||||
Anna Drokova | 99.827% | 0.024% | 0.048% | 1,177,413,230,077 | 1,179,022,313 |
Alan Khadziev | 99.827% | 0.025% | 0.048% | 1,178,805,439 | |
Marina Lelekova | 99.827% | 0.024% | 0.048% | 1,179,177,186 | |
Vladimir Skobarev | 99.827% | 0.025% | 0.048% | 1,179,602,156 | |
Nikolai Varlamov | 99.827% | 0.024% | 0.048% | 1,175,970,653 | |
Approval of the Company's independent auditor | 99.650% | 0.179% | 0.072% | 1,177,413,230,077 | 1,165,714,969 |
Approval of a related party transaction for insurance covering the liability of members of the Board of Directors, members of the Management Board, the Chairman of the Management Board, the Deputy Chairmen of the Management Board and the Chief Accountant of Federal Grid Company | 61.026% | 0.118% | 0.012% | 156,054,184,685** | 1,158,672,151 |
Payment of dividends for the first quarter of 2014 | 99.854% | 0.024% | 0.023% | 1,177,413,230,077 | 1,158,281,078 |
* cumulative votes cast for all candidates
** only shareholders who are non - interested parties are allowed to vote on this item
In addition to approving the Company's annual report and annual financial statements, shareholders voted not to pay dividends for the 2013 financial year at the AGM. The AGM voted not to pay remuneration to the members of the Company's Board of Directors for 2013 (in accordance with Regulations on Remuneration and Compensation for Members of Federal Grid Company's Board of Directors).
Below are the members of the new Board of Directors elected by the AGM:
Name | Position(s) held (at the time of nomination) |
Oleg Budargin | Chairman of the Management Board of JSC Russian Grids, CEO of JSC Russian Grids |
Maxim Bystrov | Chairman of the Management Board of JSC Trading System Administrator for the Wholesale Electricity Market |
Andrey Demin | First Deputy CEO for Finance and Economics of JSC Russian Grids |
Denis Fedorov | CEO of JSC Centrenergoholding, CEO of LLC Gazprom Energoholding |
Boris Kovalchuk | Chairman of the Management Board of JSC Inter RAO UES |
Vyacheslav Kravchenko | Chairman of the Management Board of the Nonprofit Partnership Market Council |
Andrey Murov | Chairman of the Management Board of JSC FGC UES |
Georgiy Nozadze | Senior Advisor to the Expert Council of the President of the Russian Federation |
Sergey Shmatko | Member of the Commission under the President of the Russian Federation for Strategic Development of the Fuel and Energy Sector and Environmental Security |
Nikolay Shulginov | First Deputy Director General of JSC SO UES |
Sergey Mironosetskiy | Member of the Board of Directors of LLC Siberian Generating Company |
A new Audit Commission (Controller) was also elected by the AGM:
1. Anna Drokova
2. Alan Khadziev
3. Marina Lelekova
4. Vladimir Skobarev
5. Nikolai Varlamov
The AGM appointed LLC RSM RUS as Federal Grid Company's auditor in accordance with Russian Federation regulatory requirements, and also approved related party transactions.
A dividend of RUB 436,803,164.51 (RUB 0.0003426806681 per ordinary share) for the first quarter of 2014 was approved by the AGM, and 16 July 2014 was set as the dividend record date.
The full text of the resolutions will shortly be available on the Company's website www.federal-grid.com.
Enquiries: | |||||
Analysts / investors |
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Office |
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Vladimir Baklanov | +7 (495) 710 9064 |
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Egor Toropov | +7 (495) 710 9333 ext. 2275 |
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Alexey Novikov | +7 (495) 710 9333 ext. 2143 |
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International media |
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ЕМ | Office | Mobile |
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Tom Blackwell | +7 (495) 363 2841 | +7 (919) 102 9064 |
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Sam VanDerlip | +44 20 3709 5714 | +44 7554 993 032 |
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About Federal Grid Company
Federal Grid Company is part of OJSC Russian Grids is the operator and manager of Russia's unified electricity transmission grid system. The company operates over 135.1 thousand km of transmission lines and has over 334 MVA of installed transformer capacity. Based on the length of transmission lines and transformer capacity in place, Federal Grid is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide electricity transmission and technological connection services.It maintains and develops the grid system and supervises grid facilities and infrastructure in75 regions of Russia, covering a territory of 14.8 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises. The Company is a natural monopoly with 80.13% stake controlled by Russian Grids.
Federal Grid Company was incorporated in June 2002 as part of reorganisation of Russia's electrical power industry.
Federal Grid Company's common shares are included on Moscow Exchange under the ticker FEES and the Company's GDRs are listed on the London Stock Exchange and traded under the same FEES symbol.
In 2013 the Company's IFRS consolidated revenue was RUB 157,970 million, while adjusted EBITDA was RUB 92,551 million, and adjusted profit for the period was RUB 23,405 million.
Further information can be found at www.federal-grid.com
Further information about Russian Grids can be found at www.rugrids.ru/eng
Related Shares:
FEES.L