Minutes of 07.11.2006 №25

MINUTES No. 25

OF THE BOARD OF DIRECTORS MEETING




Date and time of vote counting:                                          November 7, 2006, 6.00 p.m.

                                                                                      (Moscow time)

Form of vote:                                                                    by questioning

Site of vote counting:                                                        Moscow, Vernadskogo prospect, 8a

Number of elected members of the Board of Directors            11

Members of the Board of Directors present at meeting:            V. B. Khristenko

                                                                                        A. B. Chubais

                                                                                        B. I. Ayuev

                                                                                        V. A. Zubakin

                                                                                        D. V. Ponomarev

                                                                                        A. N. Rappoport

                                                                                        V. Yu. Sinyugin

                                                                                        Ya. M. Urinson

                                                                                        R. Z. Khamitov

                                                                                        David Khern

                                                                                        Per-Christian Endsjo


In compliance with Federal Law on Joint-Stock Companies and the company's Articles of Association the quorum for conducting the Board of Directors' meeting is present.

 

AGENDA OF THE BOARD OF DIRECTORS MEETING:

 

1. Progress implementing the BEMO project.


2. Participation of the Company in New Energy Fund.


3. Approval of the insurance coverage programme of the company for 2006 as amended.


4. Change of the composition of the company's Central Buying Commission.


5 Holding more than one positions by Chairman of the Management Board in the management bodies of other organisations.


6. Approval of the provision on the company's information policy.


7. On determination of the company's (company's representatives) opinion regarding the issues in agendas of the Board of Directors' meetings and General Meetings of subsidiaries' and affiliates' shareholders.


8. Provision of JSC HydroOGK Group with office premises.

 

RESULTS OF VOTING ON AGENDA:

 

Matter 1: Progress implementing the BEMO project.


Decision:

1. Take into consideration the Report on the Progress of the BEMO Project.

2. Make amendments to the adjusted Investment programme of JSC HydroOGK and its subsidiaries and affiliates (SA) for 2006 approved by the decision of the Board of Directors of JSC HydroOGK No. 24 dated Oct 2, 2006, in line Boguchanskaya HPP increasing the financing volume by 1,350,000,000 rubles (from 4,500,000,000 rubles to 5,850,000,000 rubles).


Voting results:

"For" - 9 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais)

"Against" - 0

"Abstained" - 2 (D. Khern, P. Endsjo)


Decision made.

 


Matter 2: Participation of the Company in New Energy Fund.

 

Decision:

1. Approve participation of JSC HydroOGK in Non-profit Organisation for Development of Renewable Energy Sources Fund New Energy (hereinafter referred to as the Fund) under the following essential terms:

- founders of the Fund:

     JSC HydroOGK, location - Krasnoyarsk Terrotiry, Krashoyarsk, Respubliki Str., 51;

     Non-state pension fund in the electricity industry (non-profit organisation), location - Moscow, Bersenevskaya Embankment, 16, bld. 5;

     Non-state environment investment organisation Energy Carbon Fund, location - Moscow, Vernadskogo Prospect, 101, bld. 3.

- membership fee of JSC HydroOGK in the course of establishment of the Fund - 10,000 (ten thousand) rubles;

-  method of membership fee payment - monetary assets;

- admission fee payment procedure - for 30 days from the date of state registration of the Fund in accordance with the legislation of the Russian Federation;

- amount and order of payment of annual fees from the Fund founders is determined according to a decision made by the Fund Council.

2. Approve the draft Articles of Association of Non-profit organisation for development for development of renewable power sources New Energy Fund (Appendix 1).

 

Voting results:

"For" - 10 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 1 (D. Khern)

"Abstained" - 0

Decision made.

 

 

Matter 3: Approval of the insurance coverage programme of the company for 2006 as amended.


Decision:

Approve the Insurance Coverage Programme of Open Joint Stock Company Federal Hydro-Gegenerating Company (JSC RusHydro) for 2006 as amended (Appendix 2).

 

Voting results:

"For" - 10 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 1 (D. Khern)

Decision made.

 

 

Matter 4: Change of the composition of the company's Central Buying Commission.

 

Decision:

1. Exclude Sergey Pavlovich Podolsky, Head of the HPP Construction Arrangement Directorate of JSC HydroOGK MC from the Central Buying Commission of the company.

2. Elect Kozlov Dmitry Aleksandrovich, Head of the Investment Planning Department of JSC HydroOGK MC as a member of the Central Buying Commission of the company.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


Matter 5: Holding more than one positions by Chairman of the Management Board in the management bodies of other organisations.

 

Decision:

Approve the chairman of the Management Board of the company to hold a position of member of International Hydropower Association.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 6: Approval of the provision on the company's information policy.


Decision:

1. Approve the Provision on information policy of Open Joint Stock Company Federal Hydro-Generating Company (Appendix 3).

2. The Chairman of the Management Board of the company V. Yu. Sinyugin, shall arrange for information disclosure in accordance with the approved Provision.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 7: On determination of the company's (company's representatives) opinion regarding the issues in agendas of the Board of Directors' meetings and General Meetings of subsidiaries' and affiliates' shareholders.


Decision:

7.1. Instruct the company's representatives in the Board of Directors of JSC Stavropol Electricity Generation Company concerning the agenda matter On approval of agenda of the company's Extraordinary General Shareholders' Meeting to vote FOR the following agenda:

- Approval of an interested-party transaction connected with amendments to the contract on transfer of powers of the company's sole executive body.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


7.2.1. Instruct the Management Board of the company to coordinate with RAO UES of Russia the list of the company's subsidiaries and affiliates that must hold Extraordinary Shareholders' Meetings related to the declaration of dividend payout following the results of nine months of 2006.

7.2.2. Instruct the company's representatives in the Boards of Directors of subsidiaries and affiliates in respect of which the decision on interim dividend payout will be made in coordination with JSC RA UES of Russia to vote FOR inclusion of the following matter inclusion into the agenda of the General Shareholders' Meetings:

- Payment (declaration) of dividends following the results of nine months of 2006.


Voting results:


"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


7.3. Take into consideration the report on implementation of the key performance indicators (KPI) in JSC HydroOGC Holding (and in all subsidiaries and affiliates of JSC HydroOGC) for the second quarter of 2006 pursuant to Appendix 4 to the present decision.

7.3.1. To authorise representatives of the company in the Board of Directors of JSC Volzhskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Volzhskaya HPP for the second quarter of 2006 pursuant to Appendix 5 to the present decision.

7.3.2. To authorise representatives of the company in the Board of Directors of JSC Zhigulevskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Zhigulevskaya HPP for the second quarter of 2006 pursuant to Appendix 6 to the present decision.

7.3.3. To authorise representatives of the company in the Board of Directors of JSC Votkinskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Votkinskaya HPP for the second quarter of 2006 pursuant to Appendix 7 to the present decision.

7.3.4. To authorise representatives of the company in the Board of Directors of JSC Cascade of Verkhnevolzhskiye HPPs, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Cascade of Verkhnevolzhskiye HPPs for the second quarter of 2006 pursuant to Appendix 8 to the present decision.

7.3.5. To authorise representatives of the company in the Board of Directors of JSC Kamskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Kamskaya HPP for the second quarter of 2006 pursuant to Appendix 9 to the present decision.

7.3.6. To authorise representatives of the company in the Board of Directors of JSC Saratovskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Saratovskaya HPP for the second quarter of 2006 pursuant to Appendix 10 to the present decision.

7.3.7. To authorise representatives of the company in the Board of Directors of JSC Nizhegorodskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Nizhegorodskaya HPP for the second quarter of 2006 pursuant to Appendix 11 to the present decision.

7.3.8. To authorise representatives of the company in the Board of Directors of JSC Sulakenergo to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Sulakenergo for the second quarter of 2006 pursuant to Appendix 12 to the present decision.

7.3.9. To authorise representatives of the company in the Board of Directors of JSC Boguchanskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Boguchanskaya HPP for the second quarter of 2006 pursuant to Appendix 13 to the present decision.

7.3.10. To authorise representatives of the company in the Board of Directors of JSC Zelenchukskiye HPPs, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Zelenchukskiye HPPs for the second quarter of 2006 pursuant to Appendix 14 to the present decision.

7.3.11. To authorise representatives of the company in the Board of Directors of JSC Zaramagskiye HPPs, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Zaramagskiye HPPs for the second quarter of 2006 pursuant to Appendix 15 to the present decision.

7.3.12. To authorise representatives of the company in the Board of Directors of JSC Zeyskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Zeyskaya HPP for the second quarter of 2006 pursuant to Appendix 16 to the present decision.

7.3.13. To authorise representatives of the company in the Board of Directors of JSC Neporozhniy SShHPP to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Neporozhniy SShHPP for the second quarter of 2006 pursuant to Appendix 17 to the present decision.

7.3.14. To authorise representatives of the company in the Board of Directors of JSC Bureyskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Bureyskaya HPP for the second quarter of 2006 pursuant to Appendix 18 to the present decision.

7.3.15. To authorise representatives of the company in the Board of Directors of JSC KabbalkHPP to vote FOR the following decision:

-   to approve the report on accomplishment of the key performance indicators (KPI) in JSC KabbalkHPP for the second quarter of 2006 pursuant to Appendix 19 to the present decision.

7.3.16. Instruct the company's representatives in the Board of Directors of JSC ESCO UES to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC ESCO UES for the second quarter of 2006 pursuant to Appendix 20 to the present decision.

7.3.17. To authorise representatives of the company in the Board of Directors of JSC Cheboksarskaya HPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Cheboksarskaya HPP for the second quarter of 2006 pursuant to Appendix 21 to the present decision.

7.3.18. To authorise representatives of the company in the Board of Directors of JSC Zagorskaya PSHPP, to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Zagorskaya PSHPP for the second quarter of 2006 pursuant to Appendix 22 to the present decision.

7.3.19. To authorise representatives of the company in the Board of Directors of JSC Stavropol Electricity Generation Company to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Stavropol Electricity Generation Company for the second quarter of 2006 pursuant to Appendix 23 to the present decision.

7.3.20. To authorise representatives of the company in the Board of Directors of JSC Dagestan Regional Generation Company to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC Dagestan Regional Generation Company for the second quarter of 2006 pursuant to Appendix 24 to the present decision.

7.3.21. To authorise representatives of the company in the Board of Directors of JSC NIIES to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC NIIES for the second quarter of 2006 pursuant to Appendix 25 to the present decision.

7.3.22. To authorise the company's representatives on the Board of Directors of JSC B. E. Vedeneev VNIIG to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC B. E. Vedeneev VNIIG for the second quarter of 2006 pursuant to Appendix 26.

7.3.23. To authorise representatives of the company in the Board of Directors of JSC MC HydroOGK to vote FOR the following decision:

- to approve the report on accomplishment of the key performance indicators (KPI) in JSC MC HydroOGK for the second quarter 2006 pursuant to Appendix 27 to the present decision.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 8: Provision of JSC HydroOGK Group with office premises.


Decision:

Take into consideration the information about office premises to be made available to JSC HydroOGK Group.

 

Voting results:

"For" - 9 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais)

"Against" - 1 (D. Khern)

"Abstained" -1 (P. Endsjo)

Decision made.

 

Questionnaires of the members of the Board of Directors are attached.

 

 

 

Chairman of the Board of Directors                                            V. B. Khristenko

 

Secretary of the Board of Directors                                            M. M. Davydov

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