Minutes of 29.06.2010 №102

MINUTES No. 102

OF THE BOARD OF DIRECTORS MEETING


Date and time of the Board of Directors Meeting 

(date and time of vote counting):                                      June 29, 2010, 6.00 p.m.

                                                                                     (Moscow time)


Minutes Dated:                                                                June 29, 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

                                                                                    S. S. Beloborodov

                                                                                    B. F. Vainzikher

                                                                                    E. P. Volkov

                                                                                    V. I. Danilov-Danilyan

                                                                                    V. A. Zubakin

                                                                                    S. V. Maslov

                                                                                    S. V. Serebryannikov

                                                                                    O. V. Surikov

                                                                                    V. V. Tatsy

                                                                                    R. Z. Khamitov

                                                                                    A. V. Sharonov


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. Consideration of the report on execution of instructions of the company's Board of Directors for the 2009-2010 corporate year.

2. Approval of the Provision on Investment Activities of the company as amended.

3. Participation (change in participation share) of the company in other organisations.

3.1. Change of the company's participation share in JSC ESC RusHydro.

3.2. Participation of the company in a self-regulating organisation.

4. Determination of company's (company's representatives) opinion regarding the agenda of the Board of Directors Meeting and General Shareholders' (participants) Meeting of subsidiaries and affiliates (SA) of the company.

4.1. Participation (change in participation share) of subsidiaries and affiliates of the company in other organisations.

5. Concerning business priorities of the company:

5.1. Approval of principal provisions of the contract between JSC RusHydro and JSC Power Machines.

5.2. Approval of the framework terms of a long-standing co-operation between JSC RusHydro and JSC Power Machines.

6. Additional financing of the facilities falling under the Investment Programme of JSC RusHydro for 2010.

7. Performance of functions of the chairman at the annual General Shareholders' Meeting of the company.

 

RESULTS OF VOTING ON AGENDA:

 

Matter 1: Consideration of the report on execution of instructions of the company's Board of Directors for
the 2009-2010 corporate year.


Decision:

1.1. Take note of the Report on execution of instructions of JSC RusHydro's Board of Directors for the 2009-2010 corporate year (Appendix 1).

1.2. Abolish the instructions of the Board of Directors stated in clauses 8.7-8.11 of the Minutes No. 83 dated 09.09.2009 of the meeting of JSC RusHydro's Board of Directors.

1.3. Amend the decision of the company's Board of Directors dated 23.07.2009 (minutes No. 81 dated 24.07.2009) by amending clause 6.3 of the given minutes to read as follows:

"6.3. Instruct the company's Management Board to submit, before 15.12.2010, for consideration of the Board of Directors the report on fulfilment of measures indicated in clause 6.2. of the minutes No. 81 dated 24.07.2009."


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

Matter 2: Approval of the Provision on Investment Activities of the company as amended.


Decision:

Approve the Provision on the Investment Activities of JSC RusHydro as amended (Appendix 2).

 

Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

Matter 3: Participation (change in participation share) of the company in other organisations.


3.1. Change of the company's participation share in JSC ESC RusHydro.


Decision:

Approve the change in participation share of the company in JSC ESC RusHydro on the following terms:

- method: carving-out of 1 (one) share JSC ESC RusHydro in favour of JSC Hydroinvest against the purchase and sale contract;

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

- quantity of the carved-out shares: 1 (one) share;

- share selling price: 1 (one) ruble per 1 (one) share (corresponds to the rated value);

- method of share payment - monetary assets;

- share of the company in the authorised capital of JSC ESC RusHydro before share alienation in compliance with the present decision is 100 per cent; share of the company after share alienation in compliance with the present decision is more than 99.9999 per cent (100 per cent - 1 share).


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

3.2. Participation of the company in a self-regulating organisation.


Decision:

Approve participation the company in a self-regulating organisation, Non-commercial Partnership Association of Construction Organisations EnergoStroyAlyans - SRO NP EnergoStroyAlyans on the following terms:

- an admission fee amount is 300,000 rubles;

- monthly membership fee is 25,000 rubles;

- a contribution to the compensation fund of the self-regulating organisation is 300,000 rubles;

- amount, procedure and terms of admission and membership fee payment as well as contributions to the compensation fund is defined by resolution of the General Meeting of SRO NP EnergoStroyAlyans.

Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

Matter 4: Determination of company's (company's representatives) opinion regarding the agenda of the Board of Directors Meeting and General Shareholders' (participants) Meeting of subsidiaries and affiliates (SA) of the company.


4.1. Participation (change in participation share) of subsidiaries and affiliates of the company in other organisations.


Decision:

4.1.1. Instruct JSC RusHydro's representatives in the Board of Directors of JSC Hydroinvest on the issue relating to Participation (change in participation) of the company in other organisations to vote FOR the making following decisions:

4.1.1.1. Approve participation of JSC Hydroinvest in JSC ESC RusHydro on the following terms.

- method: acquisition of 1 (one) share of JSC ESC RusHydro from JSC RusHydro under the purchase and sale contract;

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

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

- share acquisition price: 1 (one) ruble per 1 (one) share (corresponds to the rated value);

- method of share payment - monetary assets;

- share of JSC Hydroinvest in the authorised capital of JSC ESC RusHydro before share acquisition in compliance with the present decision is 0 per cent; share of JSC Hydroinvest in the authorised capital of JSC ESC RusHydro after share acquisition in compliance with the present decision is less than 0.0001 per cent (1 share).


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

Decision:

4.1.1.2. Approve termination of JSC Hydroinvest participation in JSC Chuvashenergosbyt on the following terms:

- method: carving-out of 1 (one) share of JSC Chuvashenergosbyt in favour of JSC ESC RusHydro under the purchase and sale contract;

- category, type, nominal value of shares: ordinary registered shares with a nominal value of 0.05 (zero point five) rubles per 1 (one) share;

- quantity of the carved-out shares: 1 (one) share;

- share carve-out price: 0.05 (zero point five-hundredth) rubles per 1 (one) share (corresponds to the rated value);

- method of share payment - monetary assets;

- share of JSC Hydroinvest in the authorised capital of JSC Chuvashenergosbyt prior to shares acquisition in accordance with the current resolution

- is less than 0.0001 per cent (1 share); share of JSC Hydroinvest in the authorised capital of JSC Chuvashenergosbyt prior to shares acquisition in accordance with the current resolution is 0 per cent.


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.


Decision:

4.1.2. Instruct JSC RusHydro's representatives in the Board of Directors of JSC ESC RusHydro on the issue related to Participation (change in interest) of the company in other organisations to vote FOR making the following decision:

Approve participation of JSC ESC RusHydro in JSC Chuvashenergosbyt on the following terms:

- method: acquisition of 1 (one) share of JSC Chuvashenergosbyt from JSC Hydroinvest under the purchase and sale contract;

- category, type, nominal value of shares: ordinary registered shares with a nominal value of 0.05 (zero point five) rubles per 1 (one) share;

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

- share acquisition price: 0.05 (zero point five-hundredth) rubles per 1 (one) share (corresponds to the rated value);

- method of share payment - monetary assets;

- the share of JSC ESC RusHydro in the authorised capital of JSC Chuvashenergosbyt before share acquisition in compliance with the present decision is more than 99.9999 per cent; share of JSC ESC RusHydro in the authorised capital of JSC Chuvashenergosbyt after share acquisition in compliance with the present decision is 100 per cent.


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)


"Against" - 0

"Abstained" - 0

Decision made.

 

Matter 5: Concerning business priorities of the company:


5.1. Approval of principal provisions of the contract between JSC RusHydro and JSC Power Machines.


Decision:

To approve the following principal terms of the contract between JSC RusHydro and JSC Power Machines for manufacture and delivery of equipment for hydro-power units at the plants No. 2, 4, 19, 1, 12, 17, 11, 14, 13 of JSC RusHydro's subsidiary - the Zhigulevskaya HPP and execution of works. Supplier is JSC Power Machines.

Parties to Contract:

Customer - JSC RusHydro.

Subject of Contract:

In compliance with the Contract, the Supplier undertakes to manufacture and deliver the equipment for hydro-power units at the plants No. 2, 4, 19, 1, 12, 17, 11, 14, 13 of JSC RusHydro's subsidiary - the Zhigulevskaya HPP and to execute works, and the Customer undertakes to accept and pay for the equipment and work results in the order, amount and terms stipulated by the Contract.

Obligations of the Supplier as per the Contract are defined by the Parties in the Contract and Appendices to it, and include obligations listed in Appendix 3.

Contract Price:

11,925,080,000 (eleven billion, nine hundred and twenty-five million, eighty thousand) rubles including VAT (18 per cent) to the amount of 1,819,080,000 (one billion, eight hundred and nineteen million, eighty thousand) rubles.

The contract price is fixed and may be changed only by agreement of the Parties by signing supplementary agreements to the Contract should corresponding changes in the volume of delivery, work and/or corresponding changes in the Technical Requirements / Technical Assignment occur.

Delivery of the equipment to the Customer's warehouse is performed by means of and at the expense of the Supplier.

Terms of equipment delivery and execution of work:

01.07.2010 - 31.12.2016.

The Parties shall co-ordinate the terms (of equipment delivery, execution of work, providing of services) and cost of the equipment, works and services listed in Appendix 4, having signed corresponding supplementary agreements to the Contract.


Voting results:

"For" - 11 (S. I. Shmatko, S. S. Beloborodov, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 1 (B. F. Vainzikher)

Decision made.

 

5.2. Approval of the framework terms of a long-standing co-operation between JSC RusHydro and JSC Power Machines.

 

Decision:

Approve the framework terms of a long-term cooperation between JSC RusHydro and JSC Power Machines (including conclusion of corresponding contracts in the future) on the replacement of hydro-power units of the branch of JSC RusHydro - Zhigulevskaya HPP:

╖ JSC Power Machines will, under the contracts concluded with JSC RusHydro, replace the hydro-power units of the branch of JSC RusHydro - the Zhigulevskaya HPP on a turn-key basis, i.e. provide for delivery of the equipment and execution of works in the amount required for commissioning of the corresponding hydro-power units;

╖ JSC RusHydro and JSC Power Machines will, no later than the date of commissioning each hydro-power unit, coordinate and sign the contract for its maintenance during the specified service life;

╖ Particular terms and conditions of concluded contracts including but not limited to: JSC RusHydro shall coordinate with JSC Power Machines the technical requirements and technical assignments for delivered equipment, performed work, scope of deliveries and work, performance deadlines and settlement terms, the parties' liabilities by means of negotiations and in accordance with the procedure established by the JSC RusHydro regulations;

╖ JSC RusHydro will conclude contracts (and corresponding purchasing procedures) within the framework of a long-standing co-operation using JSC Power Machines as the sole source.


Voting results:

"For" - 11 (S. I. Shmatko, S. S. Beloborodov, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)


"Against" - 0

"Abstained" - 1 (B. F. Vainzikher)

Decision made.

Matter 6: Additional financing of the facilities falling under the Investment Programme of JSC RusHydro for 2010.


Decision:

Allow the company's Management Board to finance additional facilities under the Investment Programme of JSC RusHydro for 2010 in the following scope:

1. Ust-Srednekanskaya HPP - 961,500,000 rubles.

2. Gotsatlinskaya HPP - 1,000,000,000 rubles.

3. Kashkhatau HPP (Cascade of Nizhne-Cherkeskiye HPPs) - 418,300,000 rubles.

4. Yegorlykskaya HPP-2 - 205,700,000 rubles.

5. Zelenchukskaya HPP-PSHPP - 106,400,000 rubles.

6. Cheboksarskaya HPP - 200,000,000 rubles.


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

Matter 7: Performance of functions of the chairman at the company's Annual General Shareholders' Meeting.


Decision:

Instruct E. V. Dod, Chairman of the Board of Directors, to execute functions of the Chairman at the company's Annual General Shareholders' Meeting on 30.06.2010.


Voting results:

"For" - 12 (S. I. Shmatko, S. S. Beloborodov, B. F. Vainzikher, E. P. Volkov, V. I. Danilov-Danilyan, V. A. Zubakin, S. V. Maslov, S. V. Serebryannikov, O. V. Surikov, V. V. Tatsy, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.





Chairman of the Board of Directors                                                                 S. I. Shmatko


Secretary of the Board of Directors                                                                 M. M. Davydov

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