Result of AGM
FOR IMMEDIATE RELEASE June 30, 2010
SISTEMA ANNOUNCES RESULTS OF AGM
Moscow, Russia – June 30, 2010 – Sistema (the “Group”) (LSE:
SSA), the largest diversified public financial corporation in Russia and
the CIS, which invests in and is a major shareholder of companies
operating in different industries, today announced the decisions made at
its Annual General Meeting (“AGM”) of shareholders, which was held on
June 26, 2010. The AGM quorum was 79.28% of the total number of eligible
voters. All the resolutions proposed at the AGM were duly passed.
The AGM approved the Company’s 2009 Annual Report and 2009 annual
financial statements under Russian Accounting Standards. The AGM also
approved the payment of a dividend of RUB 0.055 per share (approximately
US$ 0.0351 per Global Depositary Receipt), which amounts to
RUB 530,750,000.00 (approximately US$ 17.0 million2) in total.
The shareholders approved the election of the members of the Board of
Directors, which comprises the following:
Alexander Goncharuk – Non-executive Board Director
Vladimir Evtushenkov – Non-executive Board Director
Ron Sommer – Executive Board Director
Dmitry Zubov - Non-executive Board Director
Vyacheslav Kopiev - Non-executive Board Director
Robert Kocharyan – Independent Board Director
Roger Munnings - Independent Board Director
Leonid Melamed – Executive Board Director
Rajiv Mehrotra – Non-executive Board Director
Evgeny Novitsky - Independent Board Director
Sergey Cheremin - Non-executive Board Director
Roger Munnings was appointed as a new Independent Board Director.
BDO was appointed as Sistema’s Russian Accounting Standards auditor for
2010, and Deloitte & Touche CIS was appointed as Sistema’s US GAAP
auditor for 2010.
The AGM also approved the election of the members of the Audit Committee
and the adoption of a revised Company Charter and revised Company
Regulations regarding General Meetings of shareholders.
At the first Board meeting following the AGM, the Board of Directors
appointed Vladimir Evtushenkov as Chairman, and Sergey Cheremin and
Dmitry Zubov as Deputy Chairmen.
Roger Munnings was born on August 3, 1950 in the UK. He graduated
from Oxford University with a Master of Arts degree (Honours) in
Politics, Philosophy and Economics.
Roger Munnings is currently the UK Government Special Representative for
Trade and Investment between the UK and Russia; a member of the
Executive Board of the Association of European Businesses; the Chairman
of the Audit Committee Institute in Russia (sponsored by KPMG and the
Russian Institute of Directors).
He formerly held positions as CEO of KPMG Russia/CIS Region (1996 to
2008); Chairman of KPMG’s Global Energy and Natural Resources Practice
(1993 to 2008); and as a member of the Board of KPMG EMEA Region (2000
Roger Munnings is a fellow of the Institute of Chartered Accountants in
England and Wales and was appointed CBE in the UK in H.M. The Queen’s
New Year’s Honours List 2007.
He is an active member of a number of public organizations, including
the National Council on Corporate Governance in Russia; the Union of
Industrialists and Entrepreneurs in Russia; the Russian Union of
Directors; the US Russia Business Council; and the Russo-British Chamber
For further information, please visit www.sistema.com
Sistema is the largest public diversified financial corporation in
Russia and the CIS, which manages companies serving over 100 million
customers in the sectors of telecommunications, high technology, oil and
energy, radars and aerospace, banking, retail, mass-media, tourism and
healthcare services. Founded in 1993, the company reported revenues of
US$ 6.2 billion for the first quarter of 2010, and total assets of US$
42.6 billion as at March 31, 2010. Sistema’s global depository receipts
are listed under the symbol “SSA” on the London Stock Exchange.
Sistema’s ordinary shares are listed under the symbol “AFKS” on the RTS
Stock Exchange, under the symbol “AFKC” on the MICEX Stock Exchange, and
under the symbol “SIST” on the Moscow Stock Exchange (MSE).
Some of the information in this press release may contain projections
or other forward-looking statements regarding future events or the
future financial performance of Sistema. You can identify forward
looking statements by terms such as “expect,” “believe,” “anticipate,”
“estimate,” “intend,” “will,” “could,” “may” or “might” the negative of
such terms or other similar expressions. We wish to caution you that
these statements are only predictions and that actual events or results
may differ materially. In addition, there is no assurance that the new
contracts entered into by our subsidiaries referenced above will be
completed on the terms contained therein or at all. We do not intend to
update these statements to reflect events and circumstances occurring
after the date hereof or to reflect the occurrence of unanticipated
events. Many factors could cause the actual results to differ materially
from those contained in our projections or forward-looking statements,
including, among others, general economic conditions, our competitive
environment, risks associated with operating in Russia, rapid
technological and market change in our industries, as well as many other
risks specifically related to Sistema and its operations.
1 Based on the Russian Central Bank exchange rate as at June
2 Based on the Russian Central Bank exchange rate as at June