OREANDA-NEWS. March 25, 2011. OJSC VolgaTelecom’s shareholders at its extraordinary general meeting held on March 23, 2011 introduced modifications into Regulations for the Board of directors of Open Joint Stock Company VolgaTelecom (OJSC VolgaTelecom), and also considered the issue of annual remuneration to the members of OJSC VolgaTelecom’s Board of directors.

Based on the voting results the resolution was passed to introduce modifications into Regulations for the Board of directors of OJSC VolgaTelecom.

Shareholders’ meeting approved the following requirement criteria (percentage) of deductions for calculation of annual remuneration to the members of OJSC VolgaTelecom’s Board of directors who perform their functions after annual general meeting of shareholders held on June 21, 2010 – 0.46% of OJSC VolgaTelecom’s OIBDA by RAS accounting statement based on the results of 2010 fiscal year.

VolgaTelecom is the largest telecommunications company of the Volga region providing a wide range of fixed-line and mobile telephony, Internet and data transmission, TV and radio broadcasting services. The Company is operating in 11 regions of the Volga Federal district. The installed capacity of the Company’s fixed-line telephony network is 5.2 million lines and the equipped capacity is 4.9 million lines. At 2010 year-end the number of Internet broadband access services users exceeded 1.2 million persons. The number of cable TV and over-the-air-cable TV services subscribers is over 280, 000 users.

Currently VolgaTelecom along with other Mega-Regional Companies of Svyazinvest holding and Dagsvyazinform company is involved in the process of merging with OJSC Rostelecom and creation on its base of national telecom company which will hold leading positions in key segments of Russia’s market. Creation of consolidated Rostelecom, which will be the legal successor of all the companies involved in this process, will be completed in spring 2011.