Statement re SISTEMA BOARD RECOMMENDS THE AGM TO ELECT NEW MEMBERS
SISTEMA BOARD RECOMMENDS THE AGM
TO ELECT NEW MEMBERS
Moscow, Russia – May 25, 2011 – JSFC Sistema (“Sistema”)
(LSE:SSA), the largest diversified public financial corporation in
Russia and the CIS, today announced that the Board of Directors (the
“Board”) has approved the agenda for the Company’s Annual General
Meeting of shareholders (“AGM”) scheduled for June 25, 2011.
The Board recommended the AGM to approve the following:
1) Approval of meeting’s procedures
2) Approval of the Company’s Annual Report and annual financial
statements for 2010, including the profit and loss statement;
3) Approval of the distribution of profit and the amount, terms, form
and timing of the dividend payment on Sistema shares for 2010;
4) Determining the number of members of the Board of Directors
5) Election of members of the Audit Commission;
6) Election of members of the Board of Directors; and
7) Approval of the appointment of Sistema’s auditors.
The Board of Directors recommended the AGM to reelect nine members of
the Board as follows:
In addition to the nine members mentioned above, the Board of Directors
recommended three new candidates to the Board of Directors (please see
below biographical information):
The AGM shall take place at the Ritz-Carlton Hotel, Moscow (Tverskaya
Str.3), on June 25, 2011 at 11:00 (Moscow time) in the Ballroom Hall II.
Shareholders registered as of the record date of May 18, 2011 are
eligible to participate in the AGM and, should a decision regarding
payment of dividends be adopted at the AGM, entitled to receive a
dividend payment. The AGM materials will be available from May 25, 2011
on Sistema’s website at www.sistema.com
or by request from Sistema’s head office during working hours.
Serge Tchuruk was born on 1937 in France. In 1995, Serge Tchuruk
became the CEO of Alcatel. From 1990 till 1995, he was the
Chairman and the CEO of Total, one of the largest oil and gas companies
globally. From 1986 to 1990, Mr. Tchuruk was the Co-Chairman and the CEO
of Orkem, a European chemical company (earlier known as CDF-Chimie).
From 1980 to 1986, he worked at Rhone-Poulenc, an international chemical
and pharmaceutical company, where he held various managerial positions,
and in 1983 he was appointed the Managing Director of the company. Serge
Tchuruk started his professional career with the Mobil Corporation where
he held a number of managerial positions from 1964 to 1979, in France
and in the USA, including that of the CEO of Mobil Benelux. He graduated
from Ecole Polytechnique.
Mikhail Shamolin was born in 1970. On 10 March 2011, Mikhail Shamolin
was appointed President of Sistema JSFC. Prior to that, from 2008 to
March 2011, he worked as President of MTS. From 2005 to 2008, Mr.
Shamolin was Vice President for Sales and Customer Service and Head of
the MTS Russia business unit. From 2004 to 2005, he held the position of
the Managing Director for the Ferroalloys Division at Interpipe Corp
(Ukraine). From 1998 to 2004, Mr. Shamolin worked at the international
consulting company McKinsey&Co. In 1992 Mikhail Shamolin graduated from
the Moscow Automobile and Road Technical Institute. In 1993, he received
his second diploma from the Russian Academy of Public Administration
under the President of the Russian Federation. In 1996-1997, Mr.
Shamolin completed a finance and management course for top managers at
the Wharton Business School.
David Yakobashvili was born in 1957 in Georgia. From 2000 Mr.
Yakobashvili serves as a member of the Management Board of the Russian
Union of Industrialists and Entrepreneurs (employers), from June 2004 –
as a member of the Management Board’s Bureau of the Union. Mr.
Yakobashvili serves on the Boards of Directors of a number of companies:
CJSC Gorki-2 Agro-Complex, Airport Financial Services Limited, OJSC
Melnichniy kombinat No4 (grain mill), LLC Kolmogorovskaya-2 mine, LLC
Promuglesbyt Managing Company, OJSC ANK Bashneft. In 1992-2011
David Yakobashvili was a member and, later, Chairman of the Board of
Directors of a famous dairy company, Wimm-Bill-Dann. In 1992 David
Yakobashvili became one of the founders of Wimm-Bill-Dann. Graduated
from the Civil and Industrial Engineering Department of the Georgian
Technical University in Tbilisi.
For further information, please visit www.sistema.com
Tel.: +7 (495) 692 1100
Tel: +7 (495) 730 1705
Sistema is the largest diversified public financial corporation in
Russia and the CIS, which invests in and is a major shareholder of
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$ 28.1 billion for
the full year of 2010, and total assets of US$ 44.1 billion as at
December 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.
This document does not constitute or form part of any offer or
invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for, any shares or other securities of JSFC
Sistema and/or any of its subsidiaries and affiliated companies, nor
shall any part of it nor the fact of its distribution form part of or be
relied on in connection with any contract or investment decision
relating thereto, nor does it constitute a recommendation regarding the
shares or securities of JSFC Sistema and/or any of its subsidiaries and