28th May 2009 12:30
Sistema (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced that the Board of Directors (the "Board") has set the agenda for the Company's Annual General Meeting of shareholders ("AGM") scheduled for June 27, 2009.
Among other issues the Board recommended the AGM to consider the following:
Approve the Company's Annual Report; Approve the Company's Russian Accounting Standards annual financial statements for 2008; Elect the members of the Board of Directors; Elect the members of the Audit Committee; Approve the distribution of profits and losses of the Company based on the full year 2008 results, including size, order, form and timing of dividends payment; Approve Sistema's auditors.The Board of Directors also recommended the AGM to elect 13 members of the Board as follows:
Alexander Goncharuk Alexander Gorbatovsky Vladimir Evtushenkov Ron Sommer Dmitry Zubov Vyacheslav Kopiev Robert Kocharyan Leonid Melamed Rajiv Mehrotra Evgeny Novitsky Stephan Newhouse Robert Skidelsky Sergey ChereminVladimir Evtushenkov, Chairman of the Board of Directors at Sistema, commented: "We believe that the presence of independent directors on the Board is one of the key instruments of sound and effective corporate governance. We intend to further develop and improve our corporate governance. Therefore, we have nominated two new independent candidates to the Board, Robert Kocharyan and Rajiv Mehrotra. Furthermore, we have recommended the AGM to elect Leonid Melamed, President and Chief Executive Officer of Sistema, to the Board of Directors, in line with our established corporate practice."
Further information with regard to the AGM and other related issues is available on Sistema's website at www.sistema.com or by request at Sistema's office.
Robert Kocharyan was born in 1954 in Stepanakert, Nagorno-Karabakh Autonomous Oblast. From 1998 to 2008, Mr. Kocharyan was the President of Armenia. Prior, from 1997 to 1998, he served as Prime Minister of Armenia. From 1994 to 1997, Mr. Kocharyan was President of Nagorno-Karabakh Republic. From 1992 to 1994, he served as Chairman of the State Defense Committee and Prime Minister of the Nagorno-Karabakh Republic. In 1991, he was elected a deputy of the Nagorno-Karabakh Republic's Supreme Soviet of the first convocation. In 1989 and in 1990, Mr. Kocharyan was a deputy of Armenia's Supreme Soviet and member of the Presidium of the Supreme Soviet. Prior to that, he worked in Stepanakert's electro-technical plant and occupied various posts in Nagorno Karabakh's youth communist and party organisations. In 1982, Robert Kocharyan graduated from Yerevan Polytechnic Institute.
Rajiv Mehrotra was born in 1954. Mr. Mehrota is a founder of Shyam Group of India, where he serves as Chairman and Managing Director. He was also instrumental in establishing Shyam Telecom, one of the leading providers of mobile communications solutions. Mr. Mehrota is also one of the founders of Shyam Telelink (now Sistema Shyam Teleservices), one of the first CDMA 2000 mobile network operators in India. He actively cooperates with Association of Basic Telecom Operators, and is a member of the Federation of Indian Chambers of Commerce & Industry (FICCI) Telecom Committee.
For further information, please visit www.sistema.com or contact:
| Sistema Investor Relations | Shared Value Limited | ||||||
| Pavel Kim | Larisa Kogut-Millings | ||||||
| Tel: +7 495 692 22 88 | Tel: +44 (0) 20 7321 5010 | ||||||
Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 16.7 billion for the full year of 2008, and total assets of US$ 29.2 billion as at December 31, 2008. Sistema's shares are listed under the symbol "SSA" on the London Stock Exchange, under the symbol "AFKS" on the Russian Trading System (RTS), under the symbol "AFKC" on the Moscow Interbank Currency Exchange (MICEX), and under the symbol "SIST" on the Moscow Stock Exchange (MSE).
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "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. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. 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 conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
Copyright Business Wire 2009
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