Minutes of 01.12.2010 №112

MINUTES No. 112

OF THE BOARD OF DIRECTORS MEETING


Date and time of the Board of Directors meeting

(date and time of vote counting):                                      November 30, 2010, 6.00 p.m.

                                                                                     (Moscow time)

Minutes Dated:                                                                December 01, 2010

Form of vote:                                                                  absentee vote

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:        S. I. Shmatko (Chairman)

                                                                                    A. B. Ballo

                                                                                    S. S. Beloborodov

                                                                                    E. P. Volkov

                                                                                    E. V. Dod

                                                                                    V. M. Zimin

                                                                                    B. Yu. Kovalchuk

                                                                                    V. V. Kudryavy

                                                                                    G. M. Kurtser

                                                                                    A. B. Malyshev

                                                                                    M. V. Seliverstova


In compliance with the 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. Election (termination of powers) of the members of the Management Board.

2. Approval of the company's transactions.

2.1. Approval of interested party transactions (contracts) of purchase and sale (delivery) of power of new hydro power plants (including hydroelectric pumped storage power plants).


RESULTS OF VOTING ON AGENDA:

 

Matter 1: Election (termination of powers) of the members of the Management Board.


Decision:

1.1. Terminate powers of Vladimir Avdashevich Kalamanov, member of the Management Board of the company on 30.11.2010 and early terminate (dissolve) a labour agreement with him.

1.2. The Chairman of the Management Board E. V. Dod is to ensure that all documents required for execution of paragraph 1.1 of the present decision are prepared and signed in accordance with labour legislation of the Russian Federation.

1.3. Elect Sergey Petrovich Tsoy as member of the company's Management Board from 01.12.2010.

1.4. E. V. Dod, Chairman of the company's Management Board, shall establish the terms of the contract with Sergey Petrovich Tsoy, member of the company's Management Board, ensure registration and signing of the documents required to execute clause 1.3. of the present decision in compliance with the labour legislation of the Russian Federation.

1.5. Approve holding of post of Chairman of the Board of Directors of JSC TV Centre by Sergey Petrovich Tsoy, member of the Management Board.


Voting results:

"For" - 11 (S. I. Shmatko, A. B. Ballo, S. S. Beloborodov, E. P. Volkov, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, A. B. Malyshev, M. V. Seliverstova)

"Against" - 0

"Abstained" - 0

Decision made.

 

Matter 2: Approval of the company's transactions.


2.1. Approval of interested party transactions (contracts) of purchase and sale (delivery) of power of new hydro power plants (including hydroelectric pumped storage power plants).


Decision:

2.1.1. Determine the price of electricity in the amount calculated by Federal Tariff Service of Russia on the basis of the procedure established by Federal Tariff Service of Russia in accordance with clause 86.41 of the electrical power wholesale market rules of transitional period, approved by decree No. 643 of the Government of the Russian Federation dated October 24, 2003 (further on referred to the Wholesale Market Rules).

2.1.2. Approve the conclusion of the contracts for purchase and sale (delivery) of electricity of new hydro power plants (including hydroelectric pumped storage power plants), which are interested party transactions, on the following essential terms:

Contract Parties:

Seller - JSC RusHydro;

Buyer - participant of the electricity (power) wholesale market in compliance with the List (Appendix 1 to the present Minutes);

Other parties - NP Market Council, JSC SO UES, JSC ATS.

Subject of the Contracts:

According to the terms of the contracts, the Seller agrees that he shall timely start delivery and, during the whole period of time determined by section 3 of the contracts, continue with delivery, and Buyer agrees that he shall accept and pay for the electricity in accordance with the terms of the contracts, Wholesale market rules, Contract for joining the wholesale market trading system and Provisions of the wholesale market.

Contract Price:

The price is calculated by the Federal Tariff Service of Russia on the basis of the procedure established by the Federal Tariff Service of Russia in accordance with clause 86.41 of the Wholesale Market Rules.

Delivery commencement date and period:

The Seller agrees that he shall start the delivery of Capacity of the Power generation facility from the starting date (stated in Appendix 1 to the Contracts) of execution of obligations on delivery of the electricity. Delivery period of the electricity of the Power generation facility is established equal to 20 (twenty) years from the beginning of execution of obligations on the delivery of the capacity.

Contract Validity Term:

The Contracts come into force from the moment of its signing by both parties and remains in force until full fulfilment of obligations by the parties stipulated by the contracts.

Other essential terms are stated in clauses 1.5, 2.3, 2.4, 3.1, 3.3, 3.5-3.7, 4.1, 4.5, 8.3, 11.1, 12.1, 12.4, 12.5, 12.14, in Appendices Nos. 1 and 5 to the purchase and sale contracts for electricity of new hydro power plants (including water-storage power plants), concluded in a standard form which is Appendix 14 to the Contract of joining the wholesale market trading system, in the version approved by decision of the Supervisory Board of NP Market Council dated November 12, 2010.


Voting results on the transactions (contracts), except for transactions (contracts) the parties of which are JSC OGK-1, JSC INTER RAO UES:

"For" - 7 (A. B. Ballo, E. P. Volkov, V. M. Zimin, V. V. Kudryavy, G. M. Kurtser, A. B. Malyshev, M. V. Seliverstova)

"Against" - 0

"Abstained" - 0


Decision made.


The following members of JSC RusHydro's Board of Directors did not participate in voting: S. I. Shmatko, S. S. Beloborodov, B. Yu. Kovalchuk, R. R. Sharipov recognised as transaction (contract) interested parties, approved in the frame of issue 2 of the minutes, as well as E. V. Dod, member of JSC RusHydro's Board of Directors, who is the recognised as an interested party in transactions (contracts) in which one of the parties is JSC INTER RAO UES, and who is also Chairman of the company's Board of Directors, and who is not recognised as an independent director in this connection.

 

Voting results on the transactions (contracts) in which JSC OGK-1 is a party:

"For" - 6 (E. P. Volkov, V. M. Zimin, V. V. Kudryavy, G. M. Kurtser, A. B. Malyshev, M. V. Seliverstova)

"Against" - 0

"Abstained" - 0


Decision made.


Besides the above mentioned members of the Board of Directors, A. B. Ballo, member of JSC RusHydro's Board of Directors, recognised as an interested party in transactions (contracts) with JSC OGK-1, did not participate in voting on transactions (contract) with JSC OGK-1.

 

Voting results on the transactions (contracts) in which JSC INTER RAO UES is a party:

"For" - 6 (A. B. Ballo, E. P. Volkov, V. M. Zimin, V. V. Kudryavy, A. B. Malyshev, M. V. Seliverstova)

"Against" - 0

"Abstained" - 0


Decision made.


Besides the above mentioned members of the Board of Directors, G. M. Kurtser, member of JSC RusHydro's Board of Directors, recognised as an interested party in transactions (contracts) with JSC INTER RAO UES, did not participate in voting on transactions (contract) with JSC INTER RAO UES.

 



 

Chairman of the Board of Directors                                     S. I. Shmatko


Secretary of the Board of Directors                                     M. M. Davydov

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