Magnitogorsk Iron and Steel Works on May 27, held its Annual general meeting of shareholders (AGM) in Magnitogorsk. The AGM approved of MMK’s annual report and financial statements for FY 2015 and resolved to pay a dividend for the 2015 financial year of RUB 0.31 per common share of issued stock (incl. tax). Earlier shareholders were paid interim dividends for H1 2015 of RUB 0.58 per common share (incl. tax).
The AGM elected MMK’s board of directors of Victor Rashnikov, Pavel Shilyaev (CEO at MMK), Kirill Levin (deputy chairman of the management board at Russian Agricultural Bank), Nikolai Lyadov (deputy CEO for sales at MMK), Olga Rashnikova (director for finance at MMK), Zumrud Rustamova (deputy CEO at Polymetal), Sergey Sulimov (deputy CEO for finance and economy at MMK). In addition, three directors were elected who meet the Russian corporate governance code’s criteria for independence: Ruben Aganbegyan (general director at Otkritie Holding), Valery Martsinovich (strategic director for European fast growing markets cluster at Hay Group), and Ralf Tavakolian Morgan (director of the department at Baring Vostok Capital Partners Group Limited).
Alexander Maslennikov, Oksana Dyuldina and Galina Akimova were elected as members of the audit commission. PricewaterhouseCoopers Audit was approved as the company’s auditor.
Shareholders approved of remuneration and compensation for the board of directors and members of the audit commission for 2016-2017.
After the AGM, the first meeting of MMK’s new board of directors took place, at which Victor Rashnikov was elected chairman. The board of directors passed a resolution approving of the following committee chairmen: Victor Rashnikov as chairman of the committee for strategic planning, Ruben Aganbegyan as chairman of the committee for audit, and Valery Martsinovich as chairman of the committee for nominations and remuneration. (MMK/Ukrainian metal)