Pioglobal Announced Results of Asset Management EGM
OREANDA-NEWS. On 15 May 2008 was announced, that shareholders in Pioglobal Asset Mangement, part of AntantaPioglobal Investment Group, gathered for an Extraordinary General Meeting. Top of the agenda was the reelection of the company’s Board of Directors.
Based on the voting results, 4 nominees of AntantaPioglobal were elected to the BoD, together with two independent directors:
1. Eugene Kogan, AntantaPioglobal CEO
2. Andrei Uspensky, general director of Pioglobal Asset Management
3. Denis Matafonov, head of investments at Pioglobal Asset Mangement
4. Sergei Petrov, head of AntantaPioglobal’s investment-banking services department
5. Vladimir Tarachev, deputy of the 2nd, 3rd, and 4th State Dumas (Banking Committee), Dr. Econ. Sc., Professor of the Securities and Financial Engineering Department of the Russian Government Academy of Finace, co-chairman of the Russian Consumers’ Union, President of Morskoy Bank BoD.
6. Nikolai Berzon, Dr. Econ Sc., professor, head of Stock Market and Investments Market Department at the State University Higher School of Economics.
Eugene Kogan was elected BoD president.
“Pioglobal Asset Management is one of our Investment Group’s core entities. It’s imperative that its organizational structure and management team are geared toward harmonizing the management process in both the company itself and the Group as a whole with our overall business development strategy,” notes Eugene Kogan. “We are looking to the future, which means that it is important that the people taking strategic and tactical decisions regarding our market activities are professionals with diverse and solid track records. Taking on board highly qualified independent directors will help us retain leadership in this segment and build a balanced and efficient management system. We are confident that the joint efforts taken by all the group’s employees led by the new management team will make it sustainable, dynamically growing and innovative”.
As Vladimir Tarachev pointed out, Pioglobal Aset Management, on the one hand, is one of the oldest companies on the Russian equity market and, on the other hand, is run by a young and dynamic management team that has made serious contributions to the investment business. “I believe that the position of an independent director at this company will be of interest to me, as I was engaged in working out the basics of corporate governance standards in Russia, know this issue inside and out and will be of great help to the company in this area” – he said. Furthermore, Vladimir Tarachev has extensive business experience on the Russian financial market, is a recognized expert in lawmaking and practical business activities.
Denis Matafonov had the following to say: “although global financial markets are jittery, we should press ahead in our goal of boosting the capitalization of the entire group as a whole. Staff developments and also changes in the group’s business processes will provide us with additional resources for sustainable growth”.
“We’ve been taking consistent measures to increase the group’s market cap and business restructuring steps are in progress” – Evgeny Kogan pointed out. That said, he noted that at present the group’s management is busy with IPO preparations.
At its first meeting the newly elected board of directors reviewed the short-term business development concept. The Board of Directors also adopted decisions to establish a Budget Committee and a Risk Management Committee.