PJSC Magnitogorsk Iron and Steel Works (MMK) announced that on May 31 the Annual General Meeting of Shareholders was held in Magnitogorsk. The AGM approved the annual report and accounts for 2018 and the payment of dividends.
Based on the results of Q4 2018, dividends will be paid in the amount of 1.398 rubles (before tax) per share. Based on the results of Q1 2019, dividends will be paid of 1.488 rubles (before tax) per share.
The record date was determined as: June 11 at the end of the business day for Q4 2018 dividends; and June 20 at the end of the business day for Q1 2019 dividends.
The AGM elected MMK’s Board of Directors as follows: Victor Rashnikov, Pavel Shilyaev (CEO of MMK), Sergey Ushakov (Deputy Director of Sales at MMK), Andrei Eremin (Financial Director at MMK, elected for the first time), Olga Rashnikova, Zumrud Rustamova (Deputy CEO of Polymetal), Kirill Levin (Deputy Chairman of the Management Board at AO Russian Agricultural Bank). In addition, three directors were elected who met the criteria for independence of the Russian Corporate Governance Code as approved by the Central Bank of Russia, and the Listing Rules of Moscow Exchange: Valery Martsinovich (Strategic Director for European Fast Growing Markets Cluster at Hay Group), Tav Morgan (Department Director at Baring Vostok Capital Partners Group Limited), and Nikolay Nikiforov (elected for the first time, Chairman of the Board of Directors of Diginavis LLC, Minister of Communications and Mass Communications of the Russian Federation from 2012-2018).
The shareholders approved: PWC Audit as MMK’s auditor; remuneration and compensation paid to members of the Board of Directors during their performance of duties in 2019-2020 (80 million rubles); a new edition of internal documents regulating the activities of management bodies at MMK.
After the AGM, the first meeting of MMK’s new Board of Directors took place, at which Victor Rashnikov was elected as Chairman. The Board of Directors formed four committees, including a new one – the Committee on Labor Protection, Industrial Safety and Ecology. In addition, a decision was passed to recognize Kirill Levin as an independent member of the Board. (MMK/Ukrainian metal)
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