OREANDA-NEWS. February 6, 2009. OJSC Transsiberian Reinsurance Corporation held Board of directors meeting on 4 February, 2009 at the office of European Bureau branch in Moscow.

The Board members considered the preliminary results of the financial and economic plan and budget execution for the year of 2008.

During the meeting the Directors approved Transsiberian Re financial and economic plan 2009 updated in consideration of market, changed after the previous Board of directors meeting in early December, 2008, and budget of the Corporation for 2009 including each Department with small decline in income and considerable reduction of the company’s expenses. At that, the financial result is planned to exceed the one of the previous year.  

Apart from that the Board of Directors decided on convocation of the extraordinary general meeting of shareholders on 22 April, which will consider the increase of chartered capital of the Corporation. Additional 1.078 mln ordinary shares are planned to be issued which, after approval by the general meeting of shareholders, will result in the increase of Transsiberian Re chartered capital to 250.4 mln rubles. 

A reminder to you, that last year Transsiberian Re successfully managed to issue 60 million rubles additional shares. The increase of capital is necessitated mainly by the growing volumes of the company’s net-retention. Apart from that, the priority task remains business development in foreign markets which have high demands for the capitalization level of reinsurers.

Finally, the Board of directors meeting confirmed date and place of the Transsib Re annual general meeting of shareholders (Moscow, 4 May 2009) and adopted its agenda which includes the following items:
Election of the members of OJSC Transsib Re counting commission.
Approval of annual report, annual financial statements, including income statement (profit and loss account) of the Company, appropriation of Company’s profits and losses based on the results of financial year.
Payment (declaration) of dividends based on 2008 results.
Election of members of OJSC Transsib Re Board of Directors.
Election of members of OJSC Transsib Re auditing commission.
Approval of the auditor of OJSC Transsib Re for 2009.
The list of shareholders, entitled to participate in the extraordinary and annual general meetings of shareholders will be drawn up as at 17 March, 2009. The information (materials), provided while preparing for the annual general meeting of shareholders can be found at the Corporation offices in Krasnoyarsk and Moscow.