The Board of Directors of JSC Chuvash Energy Retail Supply Co., a part of JSC RusHydro, approved Regulations on Company's Dividend Policy at its regular meeting on 11 November 2008.
The Regulations on JSC Chuvash Energy Retail Supply Co.'s Dividend Policy were developed to ensure transparency for the mechanism of determining the size of dividends and how they are paid, and defines the decision-making procedure for paying (announcing) dividends, the conditions for their payment, and the procedure for calculating the amount of dividends.
The company's net profits - those which remain after mandatory payments into a reserve fund of no less than 5% of the authorized capital, and after implementing the annual investment program called for in the business plan - go toward the dividends.
A resolution to approve the Chuvash Energy Retail Supply Co.'s list and target values of annual and quarterly key performance indicators (KPIs) for 2009 was also approved at the session.
The next session of the Chuvash Energy Retail Supply Co.'s Board of Directors was scheduled for December 2008.