Results of the Board of Directors on February 27, 2015
JSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on February 27, 2015.
The Board of Directors approved the report on implementation of RusHydro’s priorities in 2014.
One of the key strategic priorities of RusHydro is reliability of operating assets. In 2014, the Company continued to implement its comprehensive modernization program (CPM), comprising modernization of generating facilities and automation of major operations. In 2014, as a result of CPM implementation, the Company commissioned nine modernized hydropower units with total capacity of 817 MW. The Company allocated over RUB 30 bn (incl. VAT) for modernization of HPPs.
The Company’s development priorities also included:
The priority objectives of RusHydro in 2014 are considered to be gained.
The development priorities are one of the key tools for RusHydro’s strategic plan implementation; they are approved by the Board of Directors on an annual basis and include a number of key objectives and activities, considered to be important for the Company in the current year.
The Board of Directors approved the report on execution of RusHydro’s KPIs for 4Q 2014 and full year 2014.
The Board of Directors approved the report on implementation of measures approved by the list of non-core assets in 2014 and the amended list of non-core assets. The Board of Directors also commissioned the Company’s Management Board to submit for the Board of Directors’ review no later than February 29, 2016, the report on implementation of measures approved by the list of non-core assets in 2015.
The Board of Directors approved a plan of activities (roadmap) for introduction of provisions of the Corporate Governance Code approved by the Bank of Russia. The Board of Directors also commissioned Evgeny Dod, Chairman of the Management Board-General Director of RusHydro, to implement the roadmap, including development and approval of RusHydro’s Corporate Governance Code, and submit it for the Board’s approval by July 1, 2017.
Current Corporate Governance Code of RusHydro was approved by the Company’s Board of Directors in April, 2010, and needs to be adjusted to comply with the guidelines of the Russian government and the Bank of Russia.
The Board of Directors took a note of the report on results of a distant evaluation of the Board’s work in 2014 corporate year and the plan of activities aimed at improvement of the Board’s work.
The Board of Directors approved the report on implementation of RusHydro’s charitable and sponsorship activities in for 2014 as well as the Company’s charitable and sponsorship activities plan for 2015.
In 2014, RusHydro continued implementation of its long-term comprehensive charitable program "Pure energy", including core charitable projects of the Company.
The Company allocated RUB 65 mn to finance the universities in Moscow, Saint-Petersburg, Siberia and other regions of Russia.
RusHydro also allocated RUB 560 mn to support sports activities and RUB 60 mn for grant funding, expeditions and development of publishing activities.
The Company will continue to support orphanages and boarding schools, educational programs, sports activities, etc.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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