OREANDA-NEWS. July 14, 2009. The Company held the Annual General Meeting of Shareholders of OJSC Belon. The participants took decisions on the agenda items, which had been earlier approved by the Company’s Board of Directors.

Final financial and economic results of the Company for 2008 were approved. The shareholders of OJSC Belon heard the auditor’s opinion based on the results of auditing the annual financial statements. The shareholders approved the annual report of OJSC Belon based on the results of 2008, as well as the annual financial statements.

In accordance with the Company's Provision on the Dividend Policy, it was decided to pay/declare dividend in the amount of RUB 1.332 for each ordinary share. However, in view of the opinion of the Director General of OJSC Belon, Andrey Dobrov, passed in relation to the impossibility of taking out money from the Company during the current economic recession, the majority shareholder of OJSC Belon, Onarbay Enterprises Limited, Cyprus, accepted the position of Belon's management and decided to defer payment of dividend announced for 2008 by making an official statement of the said.

New members of the Board of Directors of OJSC Belon were elected. The new Board includes the representatives of OJSC Belon (Andrey Dobrov, Valery Karmachyev, Stanislav Zolotykh), the representatives of OJSC Magnitogorsky Steel Mill (MMK) (Georgy Larin, Dmitry Arutyunyants), and independent directors Allan Dennis Cooper and David William Waygood.

In addition, the members of the Auditing Commission of OJSC Belon were elected. This is now composed of Irina Yem, Viktor Zhludov, and Natalya Serova.

The shareholders have made a number of important amendments to the Company's Articles of Association, which are needed to further improve Belon's corporate governance system. The reason for this has been also the requirements of stock exchanges on which the Company’s shares are traded.

The meeting approved the revised provisions regulating activities of the Company's bodies, namely, the Provision on the General Meeting of Shareholders of OJSC Belon, Provision on the Director General of OJSC Belon, Provision on the Company Management of OJSC Belon, Provision on the Auditing Commission of OJSC Belon, and Provision on the Counting Commission of OJSC Belon.