Results of the Board of Directors meeting on December 23, 2020
December 24, Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on December 23, 2020.
The Board of Directors approved the report on execution of annual complex procurement program of PJSC RusHydro for nine months of 2020. In the reporting period, PJSC RusHydro has carried out 1,766 procurement activities with 99.8% in electronic format and achieved savings over budget of RUB 1.3 bn (excl. VAT).
The Board of Directors approved the annual complex procurement program of PJSC RusHydro for 2021. According to the program, the share of procurement procedures in electronic format should reach 99.9%, while procurement procedures from small and medium-size businesses – 36.7%.
The documentation has been prepared in accordance with the latest changes in Russian legislation system, providing for increase of transparency and efficiency in the company’s procurement system.
The Board approved the updated register of the Company’s non-core assets and action plan for divestment of none-core assets for the 4th quarter of 2020 and 2021.
The Board took into consideration the report on compliance of PJSC RusHydro’s information policy.
The company places particular emphasis on effective cooperation with shareholders, investors and other stakeholders, which contributes to value growth, and trust in the Company.
The Board of Directors approved Victor Khmarin, acting Chairman of the Management Board – General Director of RusHydro, holding the following concurrent positions:
The Board of Directors took into consideration the information on status of execution of priority projects in the Far East.
In September, RusHydro commissioned CHPP in Sovetskaya Gavan, the last of the four facilities under the presidential decree from 22.11.2012 (2nd phase of Blagoveshenskaya CHPP, 1st phase of Yakutskaya GRES-2, Sakhalinskaya GRES-2 and CHPP in Sovetskaya Gavan).
RusHydro completed project engineering and technical audit of the first phase of construction of two single circuit 110kV Pevek-Bilibino power lines. In June 2020 and agreement was signed with JSC TSIUS-UES, general contractor for the construction of the project. The foundation for electrical transmission towers is currently under construction, eight towers have been assembled already.
The new overhead lines will provide reliable power transmission between Pevek, where earlier this year the floating nuclear power plant Akademik Lomonosov has been commissioned, and Bilibinskaya nuclear power plant. The necessity to implement the project is driven high wear and tear of the existing power lines and decommissioning of Bilibinskaya nuclear power plant. In addition, a number of mining projects requiring reliable electriiciity supply are currently under way in Pevek-Bilibino power complex.
The Board of Directors took into consideration the information on evaluation of independence of members of the Board of Directors, Maksim Bystrov and Pavel Grachev with the criteria specified in the listing rules of the Moscow Exchange and determined them independent directors.
Shares / ADR