OREANDA-NEWS. March 5, 2011. Svyazinvest (hereinafter, the Company) hereby announces the results of its Board of Directors meeting which was held on February 18, 2011.

Igor Schegolev, telecommunications minister, was unanimously elected to preside at the meeting.

The board of directors reviewed issues proposed by the company’s shareholders for the agenda of the annual general meeting (AGM) of shareholders and the list of candidates put forward for the board of directors and the audit committee of the company at the AGM.  The board passed a resolution to include the following issues in the agenda of the AGM:

1. Approval of the company’s annual financial statement;

2. Approval of the annual accounting reports, including the profit and loss statement (profit and loss accounts) of the company;

3. Approval of the company’s profit allocation based on 2010 results;

4. On the amount, deadline and form of paying out dividends on 2010 results;

5. On paying out remuneration for work performed by members of the board of directors as state employees in an amount set forth in the company’s internal documents;

6. Election of members of the board of directors of the company;

7. Election of members of the audit committee of the company;

8. Approval of the auditor of the company.

The board of directors approved the list of appointees put forward as members of the board of directors of the company at its AGM.  The list includes the following persons:

1. Mikhail R. Butrin, co-head of the investment banking department on global markets, VTB Capital;

2. Mikhail M. Zadornov, president and chairman of VTB 24;

3. Yury A. Kudimov, general director of VEB Capital;

4. Sergey A. Lukash, vice-president of Rostelecom and general director of Uralsvyazinform;

5. Marlen J. Manasov, member of the board of directors of UBS Bank;

6. Gleb S. Nikitin, deputy head of the State Property Management Agency;

7. Alexander N. Pertsovsky, chairman of the executive board of Renaissance Capital;

8. Alexander Yu. Provotorov, president of Rostelecom; 

9. Ivan I. Rodionov, professor of state university Higher School of Economics;

10. Vadim V. Semenov, general director of Svyazinvest;

11. Igor O. Schegolev, RF telecommunications minister.

The board of directors also approved the list of appointees put forward for the audit committee at the AGM.  This list includes the following names:

Svetlana V. Vasina, deputy head of a department of the RF Telecommunications Ministry;

Alexey A. Galkin, division consultant, department of the RF Ministry of Economic Development;

Evgeny V. Gavrilin, acting deputy head of the State Property Management Agency;

Alexander V. Narukavnikov, department head of the RF Telecommunications Ministry;

Valery P. Ryzhy, deputy head of the division of corporate governance of subsidiaries and affiliates of the legal department of Rostelecom;

Viktoria G. Chernousova, division advisor of a department of the State Property Management Agency;

Roman A. Frolov, chief accountant of Rostelecom.

The board of directors also passed a resolution on establishing the following ad hoc committees:

- the business strategy committee (chaired by Mikhail Butrin);

- the audit committee (chaired by Ivan Rodionov);

- the executive remuneration committee (chaired by Alexander Pertsovsky);

- the corporate governance committee (chaired by Marlen Manasov).

The Board of Directors of the company reviewed a letter from the State Property Management Agency on ensuring information transparency in the procurement activity of the company and instructed the company’s management to proceed from the principle of information transparency when making procurements and make active use of electronic trading.  The company’s executive bodies should report on a quarterly basis to the board of directors on the results of procurement activity, including the number of electronic auctions and the amount of savings achieved.  These reports are to be submitted to the RF Ministry of Economic Development once every six months.

In addition, the board of directors should approve the documents which regulate the company’s procurement activity.