Minutes of 02.04.2012 №146

MINUTES No. 146

OF THE BOARD OF DIRECTORS MEETING

 

Date and time of the Board of Directors Meeting (date and time of vote counting):

    March 30, 2012, 6.00 p.m.

    (Moscow time).

The minutes dated:

    April 2, 2012.

 

Form of vote:

    absentee vote.

Site of vote counting:

    Moscow, Arkhitektora Vlasova Str., 51.

 

Number of elected members of the Board of Directors:

    13.

 

 

Members of the Board of Directors,

participating in the meeting:

 


    S. S. Beloborodov,

 

    V. I. Danilov-Danilyan,

 

    E. V. Dod,

 

    V. M. Zimin,

 

    B. Yu. Kovalchuk,

 

    V. V. Kudryavy,

 

    G. M. Kurtser,

 

    V. Yu. Lebedev,

 

    A. B. Malyshev,

 

    M. I. Poluboyarinov,

 

    V. V. Tatsy,

 

    R. R. Sharipov.

 

 

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 MEETING:

1.  Approving the Report on insurance coverage of JSC RusHydro in 2011.

 

2.  Approving the Report on the charity and sponsorship activities of the company in 2011.

 

3.  Determining the number of JSC RusHydro's Management board members.

 

4.  Electing a member of JSC RusHydro's Management Board.

 

5.  Introducing amendments to the key performance indicator assessment and calculation method of JSC RusHydro.

 

6.  Introducing amendments to the list of key performance indicators of JSC RusHydro for 2012.

 


VOTING RESULTS ON THE AGENDA MATTERS:

 

 

Matter 1: Approving the Report on insurance coverage of JSC RusHydro in 2011.

 

Decision:

Approve the Report on insurance coverage of JSC RusHydro in 2011 (Appendix 1).

 

Voting results:

"For" - 12 (S. S. Beloborodov, V. I. Danilov-Danilyan, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, V. Yu. Lebedev, A. B. Malyshev, M. I. Poluboyarinov, V. V. Tatsy, R. R. Sharipov).

"Against" - 0.

"Abstained" - 0.

 

Decision made.

 

 

Matter 2: Approving the Report on the charity and sponsorship activities of the company in 2011.

 

Decision:

Approve the Report on the charity and sponsorship activities of the company for 2011 (Appendix 2).

 

Voting results:

"For" - 12 (S. S. Beloborodov, V. I. Danilov-Danilyan, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, V. Yu. Lebedev, A. B. Malyshev, M. I. Poluboyarinov, V. V. Tatsy, R. R. Sharipov).

"Against" - 0.

"Abstained" - 0.

 

Decision made.

 

 

Matter 3: Determining the number of JSC RusHydro's Management board members.

 

Decision:

Establish membership of the company's Management Board consisting of 13 people.

 

Voting results:

"For" - 11 (S. S. Beloborodov, V. I. Danilov-Danilyan, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, V. Yu. Lebedev, A. B. Malyshev, M. I. Poluboyarinov, V. V. Tatsy).

"Against" - 0.

"Abstained" - 1 (R. R. Sharipov)

 

Decision made.

 

 

Matter 4: Electing a member of JSC RusHydro's Management Board.

 

Decision:

1. Elect Sergey Modestovich Voskresensky as a member of the company's Management Board from 02.04.2012.

 

2. E. V. Dod, Chairman of the company's Management Board, shall establish the terms of the contract with S. M. Voskresensky, member of the Management Board and ensure registration and signing of the documents required to execute clause 1 of the present decision in compliance with the labour legislation of the Russian Federation.

 

Voting results:

"For" - 11 (S. S. Beloborodov, V. I. Danilov-Danilyan, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, V. Yu. Lebedev, A. B. Malyshev, M. I. Poluboyarinov, V. V. Tatsy).

"Against" - 0.

"Abstained" - 1 (R. R. Sharipov)

 

Decision made.

 

 

Matter 5: Introducing amendments to the key performance indicator assessment and calculation method of JSC RusHydro.

 

Decision:

Introduce the following amendments to the key performance indicator assessment and calculation method of JSC RusHydro (Appendix 3 to the minutes No. 121 of the Board of Directors meeting dated March 18, 2011):

- Section 2. Procedure for annual KPE calculation and assessment shall be supplemented with subsection 2.5 as follows:

2.5. KPE "Financial leverage ratio, ratio" (Rfl)

 

2.5.1. Indicator calculation

An indicator is calculated for the reporting year as a ratio of borrowed capital to JSC RusHydro's own capital according to RAS following the annual results:

Rfl = Burrowed capital / Own capital.

Where:

Burrowed capital - a sum of indicators specifying Long-term and short-term obligations (sections IV and V) of form No. 1 "Balance sheet".

Own capital - an indicator specifying Capital and reserves (section III) of form No. 1 "Balance sheet".


KPE figures are calculated with one decimal fraction. Figures are rounded off in accordance with mathematic rounding rules.

 

2.5.2. Indicator assessment

For the purposes of fulfillment assessment (fulfilled or not fulfilled):

- this KPE is considered to be fulfilled, if Rfl act ≤ Rfl ind ,

where:

Rfl ind - established (target) indicator value for the reporting period;

Rfl act - actual indicator value for the reporting period;

- this KPE is considered to be unfulfilled, if Rfl act > Rfl ind .

 

Voting results:

"For" - 12 (S. S. Beloborodov, V. I. Danilov-Danilyan, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, V. Yu. Lebedev, A. B. Malyshev, M. I. Poluboyarinov, V. V. Tatsy, R. R. Sharipov).

"Against" - 0.

"Abstained" - 0.

 

Decision made.

 

 

Matter 6: Introducing amendments to the list of key performance indicators of JSC RusHydro for 2012.

 

Decision:

Introduce the following amendments to the approved list of key performance indicators of JSC RusHydro for 2012:

- Supplement the Annual KPE section of the decision by the Board of Directors dated December 19, 2011 (minutes No. 142 dated 22.12.2011, Appendix 6) with clause 5 "Financial leverage ratio (ratio)".

- Section Distribution of bonus payments for the fulfillment of annual JSC RudHydro's KPE for 2012 of the decision by the Board of Directors dated December 19, 2011 (minutes No. 142 dated 22.12.2011, Appendix 6) shall be amended to read as follows:

No.

KPE description

Indicator weight in bonus payments

Top managers[1], except for investment managers

Top managers - investment managers

1

 

Cost management - simultaneously:

 

20 %

10 %

Cost reduction of due to implementation of cost management programme (%)[2];

Cost reduction for acquisition of goods (works, services) on a per-unit basis (%)[3].

2

 

Reliability criteria - simultaneously:

20 %

10 %

- Exclusion of emergencies exceeding the permissible number within the company and its subsidiaries (qty);

- Availability factor within the Company and its subsidiaries (ratio).

3

EBITDA level (mln. rubles)

 

20 %

5 %

4

Implementation of capacity commissioning schedules and financing and development plan (%)

30 %

70 %

5

Financial leverage ratio (ratio)

 

10 %

5 %

 

Voting results:

"For" - 12 (S. S. Beloborodov, V. I. Danilov-Danilyan, E. V. Dod, V. M. Zimin, B. Yu. Kovalchuk, V. V. Kudryavy, G. M. Kurtser, V. Yu. Lebedev, A. B. Malyshev, M. I. Poluboyarinov, V. V. Tatsy, R. R. Sharipov).

"Against" - 0.

"Abstained" - 0.

 

Decision made.

 

 

 

 

Chairman of the Board of Directors                                                      V. V. Tatsy

 

 

Corporate Secretary                                                                    M. M. Lukyanova



[1] Chairman of the Management Board, Deputy Chairmen of the Management Board and members of the Management Board of JSC RusHydro.

[2] When fulfilling this component for calculation of KPE bonus "Cost management - simultaneously" 0.5 factor is applied.

[3] In case of a failure to fulfill this KPE component "Cost management - simultaneously" is considered to unfulfilled.

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