OREANDA-NEWS.  On 10 March 2015 the Board of Directors of RUSNANO approved an adjusted short-term financial plan for 2015 to reflect the new situation on financial markets. The adjusted plan caps investments by the Corporation this year at 23 billion rubles, to be channelled both directly to projects and via nanotechnology investment funds. The amended document keeps planned commission payments to RUSNANO Management Company LLC for management of RUSNANO assets unchanged at 3.3 billion rubles.

The Board meeting also gave its approval to a report prepared by the Management Company on RUSNANO’s investment portfolio and on implementation of RUSNANO’s budget for the fourth quarter of 2014.

The Board noted that RUSNANO exited successfully from a number of investment projects during the fourth quarter of last year. The exits included sale of shares in the company SiTime, which proved its competitiveness by a successful market launch. The Corporation also started implementation of two highly promising projects during the last months of 2014: the modernization of large-scale production of raw materials for the major Russian chemicals producer, KuibyshevAzot, using nanostructured catalysts; and a joint project with TMK, the leading Russian producer of steel pipes, to increase output of high-tech pipes with enhanced properties for the oil and gas industry.

The Board of Directors decided to amend main parameters of the investment project “New Generation Plastic Electronics Factory for Production of Flexible Displays and Other Applications” in order to improve project efficiency and attract external financing. The project company, Plastic Logic, will be divided into two businesses focused, respectively, on manufacturing and technology. This will facilitate commercialization of the extensive intellectual property portfolio of Plastic Logic via the application of its technologies in production processes of partner companies.

The Board of Directors approved guidelines for assessing the impact of investments by RUSNANO on manufacturing of nanotechnology products in Russia. The Board also reviewed information on steps to ensure RUSNANO’s compliance with the Corporate Governance Code of the Central Bank of Russia and with recommendations made by the Federal Agency for Property Management. It was concluded that internal documents of RUSNANO and RUSNANO Management Company LLC mainly comply with the relevant requirements.

The Board authorized the CEO of RUSNANO to develop and approve the structure of a single treasury to serve RUSNANO, its subsidiaries and its affiliates.

The Board appointed Mr. Sergei Aldoshin as a new member of RUSNANO’s Scientific and Technical Council. Mr. Aldoshin is the Vice-President of the Russian Academy of Sciences and Director of the Academy’s Institute of Chemical Physics.