OREANDA-NEWS. On 10 April 2008 was announced, that the meeting of the IDGC of Centre’s Board of Directors took place in the absentee form. One of items of the agenda was approval of the Regulations for the credit policy of IDGC of Centre.

The Regulations stipulate the procedure of estimation of the financial stability and credit status of the Company, definition of the limit of powers of management for realization of credit operations. All the issues concerning attraction by the Company of borrowed funds, public loans in the form of issue of bonds, credits of the international financial organizations for the sum exceeding 500, 000 US dollars, should be considered without fail at the meetings of the Board of Directors. 

The Regulation also stipulates that financing the non-circulating assets should be carried out due to the long-term borrowed funds. In comparison with attraction of the long-term borrowed capital in the form of bank credits, the priority is given to issue of debt securities (bonds and so forth).

The IDGC of Centre’s Board of Directors also approved terms of the additional agreement to the contract on keeping the register of owners of registered issue securities between the Company and JSC Central Moscow Depository.

 The meeting approved the revised Regulations for the procedure of holding regulated purchases of goods, works, and services. According to the new terms, the volume of independent purchases is increased from 200 thousand rubles up to 500, 000 rubles. The sum of the public offering and prices for purchase of building materials and contract works - threshold values are increased from 3 million rubles up to 5 million rubles. Threshold value for purchases of other goods, works, services are increased from 2.5 million rubles up to 3 million rubles (VAT excluded). The new Regulation also included obligatory translation of notices on public tenders held with use of the functional www.b2b-energo.ru into the English language at the expense of www.b2b-energo.ru that increases opportunities of participation of foreign suppliers.

The members of the Board of Directors also considered the report of General Director of IDGC of Centre Evgeniy Makarov on observance by the Company of the Code of Corporate Governance for the 2nd half of the year 2007.

More detailed information is available on the corporate website of IDGC of Centre://stockholder/session/sovet/2008/ and /about/administration/documents1/.