Minutes of 17.05.2010 №98

MINUTES No. 98

OF THE BOARD OF DIRECTORS MEETING


Date and time of the Board of Directors Meeting
(date and time of vote counting):                                      May 17, 2010, 6.00 p.m.

                                                                                     (Moscow time)


Minutes Dated:                                                                May 19, 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

                                                                                    A. B. Ballo

                                                                                    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. Approval of the agenda of the annual General Shareholders' Meeting.

2. Issues related to the convening, preparation and running of the annual General Shareholders' Meeting.

3. Preliminary approval of the annual report for 2009.

4. Review of annual accounting statement, including the company's lost and profit report as well as the profit and loss distribution report on the results of 2009 financial year.

5. Recommendations on the amount of dividend on shares and the order of their repayment based on the results of 2009.

6. Draft version of the company's Articles of Association as amended.

7. Draft regulation on the procedure of convening and conducting the General Shareholders' Meeting.

8. Draft provision on payment of remunerations to the members of the Board of Directors.

9. Review of the company's auditor.

10. Implementation of the company's Business Plan for 2009 (including a report on the Investment Programme implementation for 2009).

11. 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.

11.1. Decision regarding participation (change of participation share) of the company's SA in other organisations.

11.2. Determination of opinions on issues related to the increase of authorised capital of JSC Ust-Srednekanskaya HPP.

11.3. Determination of position on the issues relating to conducting General Shareholders' Meetings of the subsidiaries and associates of the company.


RESULTS OF VOTING ON AGENDA:


Matter 1: Approval of the agenda of the annual General Shareholders' Meeting.


Decision:

Approve the agenda of the annual General Shareholders' Meeting of the company according to the results of 2009:

1)  Approval of annual report, annual accounting report including the company's loss and profit report as well as the profit and loss distribution (including dividend payouts) report based on results of 2009 financial year;

2)  Approval of the company's Articles of Association as amended;


3)  Approval of the Procedure for Calling and Holding of the company's Board of Directors Meetings as amended;

4)  Procedure for remuneration payments to the members of the company's Board of Directors;

5)  Approval of the company's auditor;

6)  Election of members of the Audit Commission of the company;

7)  Election of members of the Board of Directors of the company.

 

Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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: Issues related to the convening, preparation and running of the annual General Shareholders' Meeting.

 

Decision:

2.1. Specify the date of the annual General Shareholders' Meeting of the company (hereinafter - the meeting) - June 30, 2010.

2.2. Determine the meeting's time as 2.00 p.m. (local time).

2.3. Specify the time of beginning of registration for people participating in the meeting as 10.00 a.m. (local time).

2.4. Determine the place of the meeting to be Russian Federation, Krasnoyarsk Territory, Krasnoyarsk, Mira Prospect, 2б.

2.5. Establish the date for creating the list of individuals entitled to participate in the meeting as May 19, 2010.

2.6. Determine that the following documents represent the information (materials) provided to individuals entitled to participate in the meeting:

- annual accounting statements including the auditor's conclusion, a conclusion of the Audit Commission following the results of the audit of the annual accounting statements;

- company's annual report for 2009;

- conclusion of the Audit Commission on reliability of the data contained in the company's Annual Report;

- evaluation of the auditor's conclusion on the financial accountability of the company for 2009 prepared by the Audit Committee attached to the Board of Directors;

- recommendations of the company's Board of Directors on distribution of profit and losses following the results of the financial year;

- recommendations of the company's Board of Directors on the dividend for the company shares and the procedure of its repayment;

- information about the candidates for the Board of Directors;

- information on the candidates for the Audit commission;

- information about presence or absence of the written consent of the candidates nominated for election to the Board of Directors and the Audit Commission;

- information on the choice of the company's auditor;

- the effectual Articles of Association of the company (with amendments and supplements);

- draft company's Articles of Association as amended;

- the effectual Procedure on the order of preparation of the General Shareholders' Meeting of the company;

- draft provision on the order of preparation of the General Shareholders' Meeting of the company, as amended;

- effective provision on payment of remuneration and compensation to the members of the Board of Directors of the company;

- draft provision on payment of remuneration and compensation to members of the Board of Directors of the company as amended;

- draft decisions of the meeting on the agenda matters.

2.7. To state that the persons entitled to participate in the meeting may be acquainted with the information (materials) at the venue of the meeting (at the date of the meeting) as well as during the period between June 9 and 30, 2010 from 10 a.m. till 6 p.m. (Moscow time) at the following addresses:

- Moscow, Arkhitektora Vlasova Str., 51, JSC Rushydro;

- Moscow, B. Pochtovaya Str., 34, bld. 8, JSC Central Moscow Depositary;

- at the company's web-site: www.rushydro.ru.

2.8. Approve the form and text of the announcement on running the meeting (Appendix 1).

2.9. Publish the announcement on running of the meeting in Vedomosty newspaper and place it on the company's web-site www.rushydro.ru May 30, 2010, at latest.

2.10. Approve the form and the text of voting ballots at the annual General Shareholders' Meeting of the company (Appendixes 2 and 3).

2.11. Determine that the voting ballots for the meeting agenda issue are sent by registered mail or handed against signature to each person included in the list of individuals entitled to participate in the meeting, no later than June 09, 2010.


2.12. Determine that the filled-in voting ballots can be sent at the following mail address:

-   105082, Moscow, B. Pochtovaya Str., 34, bld. 8, JSC Central Moscow Depositary.

2.13. To determine that when establishing a quorum and summing up the voting results, the votes submitted by the voting papers are received as per clause 1.1.12 of the present decision no later than June 28, 2010 are taken into consideration.

2.14. Elect Yuliya Vsevolodovna Smirnova, head of the Corporate Management Department of JSC RusHydro to be secretary at the meeting.


Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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: Preliminary approval of the annual report for 2009.


Decision:

Preliminarily approve the Annual report of the company for 2009 (Appendix 4) and submit it to the annual General Shareholders' Meeting of the company for approval.

 

Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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: Review of annual accounting statement, including the company's lost and profit report as well as the profit and loss distribution report on the results of 2009 financial year.


Decision:

4.1. Preliminarily approve the accounting statements of the company following the results of 2009 (Appendix 5) and submit them to the Annual General Shareholders' Meeting of the company for approval.

4.2. Preliminarily approve and recommend the annual General Shareholders' Meeting of the company approves the following profit (loss) distribution for the results of 2009:



(thousand rubles)

Undistributed profit (loss) of the reporting period

10,328,994.700

Distribute as follows:      Reserve fund

516,449.735

Accumulation fund

9,812,544.965

Dividends

0

Repayment of losses of previous years

0


Voting results:

"For" - 12 (S. I. Shmatko, A. B. Ballo, 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 5: Recommendations on the amount of dividend on shares and the order of their repayment based on the results of 2009.

 

Decision:

To recommend that the Annual General Shareholder's Meeting decides the issue of dividends' payment based on the results of 2009:

Dividends on ordinary shares of the company shall not be paid based on the results of 2009.

Voting results:

"For" - 12 (S. I. Shmatko, A. B. Ballo, 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: Draft version of the company's Articles of Association as amended.


Decision:

Recommend the Annual General Shareholders' Meeting of the company should approve the company's Articles of Association (Appendix 6).


Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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: Draft regulation on the procedure of convening and conducting the General Shareholders' Meeting.

 

Decision:

Recommend the Annual General Shareholders' Meeting of the company to approve the redrafted Provision on the Procedure for Calling and Conducting the General Shareholder Meeting (Appendix 7).


Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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 8: Draft provision on payment of remunerations to the members of the Board of Directors.

 

Decision:

Recommend the Annual General Shareholders' Meeting of the company to approve the redrafted Provision on Payment of Remuneration to the Members of the Board of Directors (Appendix 8).

              

Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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 9: Review of the company's auditor.


Decision:

Recommend the Annual General Shareholders' Meeting of the company to make the following decision:

Appoint Closed Joint-Stock Company Price Waterhouse Coopers Audit as the auditor of the company (PSRN 1027700148431).

 

Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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 10: Implementation of the company's Business Plan for 2009 (including a report on the Investment Programme implementation for 2009).


Decision:

10.1. Approve the report on fulfilment of the company's Business Plan for 2009 (Appendix 9).


10.2. Approve the report on fulfillment of the Investment programme of the company for 2009 (Appendix 9).

10.3. Acknowledge fully and target implementation of the Investment Programme of JSC RusHydro for 2009, the implementation and financing of emergency and crash measures for reconstruction (recovery) of Neporozhniy Sayano-Shushenskaya HPP (including financing of measures at the expense of the funds received from the sale of supplementary shares of JSC RusHydro in favour of the Russian Federation in the amount of 4,832,100,000 rubles, and at the expense of available funds for the beginning of 2009 (target investment funds of 2008) - 1,638,200,000 rubles) above the indices of the Investment Programme of JSC RusHydro for 2009 approved by decision of the company's Board of Directors dated 18.05.2009 (meeting minutes No. 77).

 

Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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 11: 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.


11.1. Decision regarding participation (change of participation share) of the company's SA in other organisations.


Decision:

11.1.1. Within the scope of implementation of the decision of JSC RusHydro's Board of Directors dated 02.04.2010 (minutes No. 94 of 05.04.2010), to consider expedient the receiving of control over the shares of JSC Petersburg sales company which currently belong to JSC Lenenergo by JSC RusHydro.

11.1.2. Approve participation of JSC ESC RusHydro (or other subsidiaries and affiliates of JSC RusHydro) in JSC Petersburg Sales Company on the following terms:

11.1.2.1. Method of purchase - by means of concluding a sales agreement and purchase shares from JSC Lenenergo:

11.1.2.1.1. 74,180,864 (seventy-four million, one hundred and eighty thousand, eight hundred and sixty-four) ordinary registered uncertified shares with the rated value of 0.20 (zero point two) rubles per share, registration number of securities issue is 1-01-55168-E;

11.1.2.1.2. 38,063,689 (thirty-eight million, sixty-three thousand, six hundred and eighty-nine) preferred registered uncertified shares with the rated value of 0.20 (zero point two) rubles per share, registration number of the securities issue is 2-01-55168-E;

11.1.2.2. The seller of the shares of JSC Petersburg Sales Company is JSC Lenenergo, the buyer of the shares of JSC Petersburg Sales Company is JSC ESC RusHydro (or other SA of JSC RusHydro).

11.1.2.3. The purchase price of the shares of JSC Petersburg sales company is determined taking into consideration the results of an independent evaluation (not lower than the market price defined by an independent appraiser) and equals: 468,000,000 (four hundred and sixty-eight million) rubles 00 kopecks for the total quantity of ordinary and preferred shares including 336,884,160 (three hundred and thirty-six million, eight hundred and eighty-four thousand, one-hundred and sixty) rubles 00 kopecks for ordinary shares and 131,115,840 (one hundred and thirty-one million, one hundred and fifteen thousand, eight hundred and forty) rubles 00 kopecks for preferred shares;

11.1.2.4. Payment method - monetary assets.

11.1.3. JSC RusHydro's Management Board shall define SA of JSC RusHydro which shall be the Buyer of the shares of JSC Petersburg Sales Company in compliance with the present decision of the Board of Directors of JSC RusHydro.

11.1.4. Instruct JSC RusHydro's representatives in the management bodies of the SA of JSC RusHydro to vote FOR making decisions required for implementation of the present decision.


Voting results:

"For" - 12 (S. I. Shmatko, A. B. Ballo, 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.

 

11.2. Determination of opinions on issues related to the increase of authorised capital of JSC Ust-Srednekanskaya HPP.


Decision:

11.2.1. Instruct representatives of JSC Kolymaenergo in the management bodies of JSC Ust-Srednekanskaya HPP to vote FOR making the following decision on the issue of growth of the authorised capital of Ust-Srednekanskaya HPP by means of placing supplementary shares;

- increase the authorised capital of JSC Ust-Srednekanskaya HPP by means of placing supplementary ordinary registered shares to the amount of 5,600,000,000 (five billion six hundred million) pieces with the rated value of 1 (one) ruble each for the total amount of 5,600,000,000 (five billion, six hundred million) rubles;

- method of placement - private subscription, group of persons among which supplementary shares are assumed to be placed - the Russian Federation in the person of an authorised state body, JSC RusHydro, Open Joint-Stock Company Kolymaenergo (JSC Kolymaenergo);

- price of placing shares (including the price of placement of supplementary shares for people having priority right) - by the price defined by the Board of Directors of JSC Ust-Srednekanskaya HPP in compliance with articles 36, 77 of the Federal Law On Joint-Stock Companies, but not less than their rated value;

- the method of share payment - monetary assets, non-monetary assets (constructions in progress of the Ust-Srednekanskaya HPP, property rights (accounts receivable), other movable and immovable property);

- procedure for share payment - the shares shall be paid at their placement in full.

11.2.2. Instruct JSC RusHydro's representatives in the management bodies of JSC Kolymaenergo and representatives of JSC Kolymaenergo in the management bodies of JSC Ust-Srednekanskaya HPP to vote FOR making decisions related to the increase of the authorised capital of JSC Ust-Srednekanskaya HPP on the terms of defined by the present decision.

 

Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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.

 

11.3. Determination of position on the issues relating to conducting General Shareholders' Meetings of the subsidiaries and associates of the company.


Decision:

Instruct the company's representatives in the Board of Directors of JSC OGK-1 to vote FOR including the following issues into the agenda of the annual General Shareholders' Meeting:

- Approval of Statute of the company as amended.

- Payment of fees and compensation to the members of the Board of Directors of the company.

- Approval of a supplementary agreement to the contract on transfer of powers of a sole executive body of JSC OGK-1 to a management company dated July 6, 2009 between JSC INTER RAO UES and JSC OGK-1 as an interested party transaction.

- Approval of a Supplementary Agreement to the loan contract between JSC INTER RAO UES and JSC OGK-1 dated 24.11.2009, as an interested party transaction.

- Approval of the agreements on the right of JSC INTER RAO UES to direct debiting of the monetary assets off the accounts of JSC OGK-1 to AKB PERESVET (CJSC), Vnesheconombank, JSC Alfa-bank and JSC Sberbank of Russia concluded between of JSC INTER RAO UES, JSC OGK-1 and AKB PERESVET (CJSC), Vnesheconombank, JSC Alfa-bank and JSC Sberbank of Russia as security for obligations of JSC OGK-1 owed to JSC INTER RAO EES under the loan agreement No. ShTK-005154 dated 24.11.2009 as several interrelated interested party transactions.

- Approval of insurance transactions for movable and immovable property of JSC OGK-1 as (several interrelated transactions) interested party transactions.


Voting results:

"For" - 13 (S. I. Shmatko, A. B. Ballo, 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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