Minutes of 03.03.2008 №48

MINUTES No. 48

OF THE BOARD OF DIRECTORS MEETING


Date and time of vote counting:                                         March 3, 2008, 6:00 p.m.

                                                                                     (Moscow time)

Form of vote:                                                                   By questioning

Site of vote counting:                                                       Mosсow, Arkhitektora Vlasova Str., 51

Number of elected members of the Board of Directors           13

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

                                                                                      B. I. Ayuev

                                                                                      D. A. Askinadze

                                                                                      D. V. Ponomarev

                                                                                      A. N. Rappoport

                                                                                      Seppo Remes 

                                                                                      V. Yu. Sinyugin

                                                                                      Yu. A. Udaltsov

                                                                                      Ya. M. Urinson

                                                                                      R. Z. Khamitov

                                                                                      David Khern


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. Approve the Report on Implementation of the company's Insurance Coverage Programme for the Fourth Quarter of 2007.

2. Participation of the company in non-profit partnership JSC Trading System Administrator of the wholesale electricity market of Unified Energy System (NP ATS).

3. Participation of the company in JSC Lengidroproekt HydroOGK.

4. Approval of the company's transactions.


RESULTS OF VOTING ON AGENDA:

 

Matter 1: Approve the Report on Implementation of the company's Insurance Coverage Programme for the Fourth Quarter of 2007.

 

Decision:

To take into consideration the Report on Fulfillment of the Insurance Coverage Programme of Open Joint Stock Company Federal Hydro-Generating Company for the Fourth Quarter of 2007 (Appendix 1).

 

Voting results:

"For" - 11 (V. B. Khristenko, D. A. Askinadze, B. I. Ayuev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, V. Yu. Sinyugin, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, David Khern).

"Against" - 0.

"Abstained" - 0.

Decision made.


Matter 2: Participation of the company in non-profit partnership JSC Trading System Administrator of the wholesale electricity market of Unified Energy System (NP ATS).


Decision:

Approve participation of JSC HydroOGK in non-profit partnership JSC Trading System Administrator of the wholesale electricity market of Unified Energy System (hereinafter referred to as NP ATS) (in connection with completion of reorganisation of JSC Zhigulevskaya HPP and JSC JSC Neporozhniy Sayano-Shushenskaya HPP being members of NP ATS through merger with JSC HydroOGK) on the following terms:

- no admission (lump sum) fee to NP ATS;

- current (regular) fee to NP ATS is determined by the procedure specified in the Articles of Association of NP ATS.


Voting results:

"For" - 11 (V. B. Khristenko, D. A. Askinadze, B. I. Ayuev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, V. Yu. Sinyugin, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, David Khern).

"Against" - 0.

"Abstained" - 0.

Decision made.

 

Matter 3: Participation of the company in JSC Lenhydroproject HydroOGK.

 

Decision:

3.1. Approve participation of JSC HydroOGK in JSC Lenhydroproject HydroOGK on the following terms:

- category, type, nominal value of shares: ordinary registered shares of JSC Lenhydroproject HydroOGK with the par value of 1 (one) ruble per share;

- number of acquired shares: 1 (one) share;

- share acquisition price: at the market value that equals 18,700 (eighteen thousan seven hundred) rubles 00 kopecks per one share;

- method of share payment - monetary assets;

- share of JSC HydroOGK in the authorised capital of JSC Lenhydroproject HydroOGK before share acquisition in compliance with the present decision is 0 per cent; share of JSC HydroOGK in the authorised capital of JSC Lenhydroproject HydroOGK after share acquisition in compliance with the present decision is less than 0.0006 per cent (1 share).

 

Voting results:

"For" - 11 (V. B. Khristenko, D. A. Askinadze, B. I. Ayuev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, V. Yu. Sinyugin, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, David Khern).

"Against" - 0.

"Abstained" - 0.

Decision made.

 

3.2. Determine that, in accordance with the opinion of an independent appraiser, the price of 1 (one) ordinary registered share of JSC Lenhydroproject HydroOGK acquired under a purchase and sale contract concluded between RAO UES of Russian and JSC HydroOGK, which is an interested party transaction, equals 18,700 (eighteen thousand seven hundred) rubles 00 kopecks.


3.3. Approve a purchase and sale contract between JSC RAO UES of Russia and JSC HydroOGK representing an interested party transaction on the following essential terms:

Parties to Contract:

Seller - JSC RAO UES of Russia.

Buyer - JSC HydroOGK.

Subject of Contract:

JSC RAO UES of Russia undertakes to hand over to JSC HydroOGK 1 (one) ordinary registered share of JSC Lenhydroproject HydroOGK, JSC HydroOGK undertakes to pay for the acquired share of JSC Lenhydroproject HydroOGK.

Contract Price: 18,700 (eighteen thousand seven hundred) rubles 00 kopecks.

 

Voting results:

"For" - 4 (D. A. Askinadze, D. V. Ponomarev, R. Z. Khamitov, David Khern).

"Against" - 0.

"Abstained" - 0.

Decision made.

Members of the Board of Directors of JSC HydroOGK B. I. Ayuev, A. N. Rappoport, Seppo Remes, V. Yu. Sinyugin (who is not an independent director either), Yu. A. Udaltsov, Ya. M. Urinson, V. B. Khristenko recognised as transaction interested parties, did not take part in voting.

 

 

Matter 4: Approval of the company's transactions.

 

Decision:

1.1. Establish that the amount paid by JSC B.E.Vedeneev VNIIG and received by JSC HydroOGK by contract for lease and operation between JSC B.E.Vedeneev VNIIG and JSC HydroOGK (renting of office No. 213 in the fourth stage construction management building located at the following address: Amur region, Bureiskiy district, Talakan settlement and property located in this room - a set of furniture and air conditioner) equals 66,514 (sixty six thousand five hundred and fourteen) rubles 69 kopecks including VAT 18 per cent - 10,146 (ten thousand one hundred and forty six) rubles 31 kopecks for the whole property lease period (11 months).

1.2. Approve conclusion of a lease agreement for production premises between JSC HydroOGK and JSC B. E. Vedeneev VNIIG representing an interested party transaction on the following essential terms:

Parties to Contract:

Lessor: JSC HydroOGK;

Lessee: JSC B. E. Vedeneev VNIIG.

Subject of Contract: The Lessor shall provide and the Lessee shall take into temporary possession and use at a charge the following production premises and property located in these premises (renting of office No.213 in fourth stage construction management building located at the following address: Amur region, Bureiskiy district, Talakan settlement and property located in this room - a set of furniture and air conditioner.

Contract Price: Premise rent cost (rent amount) equals 66,514 (sixty six thousand five hundred and fourteen) rubles 69 kopecks including VAT 18 per cent - 10,146 (ten thousand one hundred and forty six) rubles 31 kopecks for the whole property lease period (11 months).

Effective Period of Contract: From the moment of entering into the contract until December 31, 2008.The contract provisions shall apply to the Parties' relations initiated since February 1, 2008.


Voting results:

"For" - 10 (V. B. Khristenko, D. A. Askinadze, B. I. Ayuev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, David Khern).

"Against" - 0.

"Abstained" - 0.

Decision made.

The member of the Board of Directors of JSC HydroOGK V. Yu. Sinyugin is recognised as having a conflict of interest, did not take part in voting.



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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