29th Sep 2011 11:30
SISTEMA ANNOUNCES THE COMPOSITION OF ITS BOARD COMMITTEES
Moscow, Russia - September 29, 2011 - Sistema JSFC ("Sistema") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announced that its Board of Directors has approved changes to the composition of the Board's Committees and changes made to their provisions.
Each Committee will provide specific expertise that will enable the Company to form an informed position as a shareholder. The composition of each Committee is going to be determined by the Company's investment strategy. The changes aim to:
enhance the Company's investment decision-making process; improve the efficiency of cooperation between shareholders and the Company's management team; assess the viability of each project and develop the relevant sector expertise prior to making any capital investments; take full advantage of the business acumen of each Board member.In accordance with the Board's resolution, each item on the Board's agenda will first be approved by the respective Committee. The Committees will now consist of Board members only and each committee will have a new set of broader responsibilities. Committee members will be part of specific working groups, responsible for implementation of each project. The Committees will also participate in the recruitment of operational management and the assessment of their efficiency.
The Board of Directors approved the following composition of the Board's Committees:
Strategy Committee
The committee consists of seven Board members:
Vladimir Evtushenkov - Chairman of the Committee; Mikhail Shamolin - Deputy Chairman of the Committee; Alexander Goncharuk; Ron Sommer; Leonid Melamed; Evgeny Novitsky; Serge Tchuruk;Audit and Finance Committee
The committee comprises five Board members:
Roger Munnings - Chairman of the Committee; Evgeny Novitsky; Ron Sommer; Dmitry Zubov; David Iakobachvili;Nomination, Remuneration and Corporate Governance Committee
The committee consists of six Board members:
Leonid Melamed - Chairman of the Committee; Alexander Goncharuk; Dmitry Zubov; Roger Munnings; Robert Kocharyan; Mikhail Shamolin;Investor Relations and Dividend Policy Committee
The committee comprises six Board members:
David Iakobachvili - Chairman of the Committee; Alexander Goncharuk; Ron Sommer; Vyacheslav Kopiev; Roger Munnings; Serge Tchuruk;Ethics and Internal Audit Committee
The committee consists of five Board members:
Robert Kocharyan - Chairman of the Committee; Vyacheslav Kopiev; Roger Munnings; Leonid Melamed; Mikhail Shamolin.***
For further information, please visit www.sistema.com or contact:
| Investor Relations | Public Relations | |||||
| Evgeniy Chuikov | Vsevolod Sementsov | |||||
| Tel.: +7 (495) 692 1100 | Tel: +7 (495) 730 1705 | |||||
Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 9.0 billion for the second quarter of 2011, and total assets of US$ 46.6 billion as at June 30, 2011. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the RTS Stock Exchange, under the symbol "AFKC" on the MICEX Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE). Sistema was ranked number 342 in the 2010 edition of the Fortune Global 500 list.
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.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.
Copyright Business Wire 2011
Related Shares:
SSA.L