OREANDA-NEWS. July 3, 2008. At the Annual General Meeting of Sovcomflot on 30 June 2008, shareholders approved the company’s annual report and its audited financial statements for year to 31 December 2007.

Shareholders elected members of the Sovcomflot Board of Directors and the Company’s Audit Committee.

Elected Members of the Board of Directors

Mr. A. Kostin – Chairman and CEO of VTB Bank
Mr. Yu. Medvedev – Deputy Head, Federal Property Agency
Mr. A. Misharin – Deputy Minister of Transport
Mr. S. Naryshkin – Chief of Staff of the Presidential Executive Office
Mr. G. Nikitin – Deputy Head, Federal Property Agency
Mr. Ch. Ryan – Chief Country Officer and CEO, Deutsche Bank Group in Russia
Mr. A. Sokolov – Director of Department, Ministry for Economic Development
Mrs. E. Titova – Managing Director, First Deputy Chairman of the Management Board,
Morgan Stanley Bank
Mr. A. Tikhonov – Director of Department, Ministry of Transport
Mr. N. Tokarev – President, JSC Transneft
Mr. S. Frank – President & CEO, JSC Sovcomflot

The increased number of independent directors and the establishment of Committees of the Board are stipulated in Sovcomflot’s Code of Corporate Governance, approved by the Board of Directors in February 2007. The Code facilitates the further development of the Company’s corporate governance procedures and is designed to foster transparency in corporate decision-making.

The shareholders’ AGM approved the distribution of Sovcomflot’s 2007 profits, including the payment of RUB 959.8 million in dividends.