OJSC Kazanorgsintez Annual General Shareholders Meeting

OJSC Kazanorgsintez Annual General Shareholders Meeting

OJSC Kazanorgsintez Annual General Shareholders Meeting on results of Company’s activity was held on April, 23 2014. Tatarstan President Rustam N. Minnikhanov as well as ministries and departments representatives took part in the Meeting.

OJSC Kazanorgsintez Annual General Shareholders Meeting on results of Company’s activity was held on April, 23 2014. Tatarstan President Rustam N. Minnikhanov as well as ministries and departments representatives took part in the Meeting.

OJSC Kazanorgsintez’ General Director, Farid G. Minigulov reported results of Company’s activity in 2013. In his speech he noticed that last year was finished by Company with good financial results. Despite prices reduction on Russian and world markets, Company’s profit exceeded previous year values and amounted to over 46 bln. rubles and net profit exceeded 2.1 bln. rubles. Production growth amounted to 107.5%. Effective Company’s operation in 2013 allowed performing early debt repayment to main Company’s lender – Sberbank of Russia, and achieving significant economy on interest payment. Total amount of OJSC Kazanorgsintez’ debt to Sberbank decreased from 19.5 bln. rubles to 15.13m bln. rubles within 2013. The Company performs full and accurate payments to all-level budgets as well as salary payments.

Company’s shareholders approved the Annual Report, Annual Financial Statements and Financial Report on OJSC Kazanorgsintez’ activity in 2013.

OJSC Kazanorgsintez’ profit distribution for 2013 recommended by the Board of Directors was approved on the General Shareholders Meeting:

• dividends payout (30% of net profit) - 647 191 421 rubles 20 kopecks, including:
  -for preference shares 0.25 rubles per share (acc. Article 10.17 of OJSC Kazanorgsintez Articles of Association)
  -for ordinary shares 0.3458 rubles per share;
• for remuneration of Board of Directors’ members, members of Committees, members of Internal Audit Commission, excluding state employees – 19 064 554 rubles 57 kopecks;
• for credits repayment - 1 490 883 766 rubles 32 kopecks.

On General Shareholders Meeting of OJSC Kazanorgsintez the Board of Directors was elected. Its new members are the following:

1. Sergei V. Alekseyev, First Deputy Director General of JSC Svyazinvestneftekhim;
2. Khamza A. Bagmanov, Deputy Minister of Industry and Trade of the Republic of Tatarstan;
3. Vladimir M. Busygin, Deputy General Director, TAIF PSC;
4. Marat M. Garayev, Deputy Head of the Office of the Department of Marketing and Processing of Gas and Liquid Hydrocarbons of OJSC Gazprom;
5. Farid G. Minigulov, Director General of OJSC Kazanorgsintez;
6. Vladimir V. Presnyakov, Deputy Director General of PSC TAIF;
7. Rinat K. Sabirov, Aide to the President of the Republic of Tatarstan;
8. Albert F. Sulteyev, Deputy Head of the Production and Commercial Department of PSC TAIF;
9. Dmitry I. Teslenko, Head of the Financial and Economic Department of PSC TAIF;
10. Ruslan A. Shigabutdinov, Deputy Director General of PSC TAIF.

Minister of Economy of the Republic of Tatarstan Midkhat R. Shagiakhmetov was assigned to the Board of Directors of OJSC Kazanorgsintez as a state representative by virtue of the special right (golden share).

On General Shareholders Meeting the Audit Commission was elected. The new members of the Audit Commission of OJSC Kazanorgsintez are the following:

1. Yulia V. Voronina, Chief Councilor of the Department of the Presidential Affairs of the Republic of Tatarstan;
2. Aida R. Gabdrakhmanova, Head of the Planning and Economic Department of OJSC Kazanorgsintez;
3. Olga V. Ignatovskaya, Chief Accountant of PSC TAIF;
4. Laisan Z. Nurullina, 1st category Accountant of the Controlling Service of the Financial and Economic Department of PSC TAIF.

Fanis G. Gabdulkhakov, Head of the Department of the Economic Analysis of the Ministry of Finance of the Republic of Tatarstan, was assigned to the Audit Commission of OJSC Kazanorgsintez by virtue of the special right (golden share).

ZAO PricewaterhouseCoopers was assigned as Company’s auditor by the General Shareholders Meeting.

The first meeting of new Board of Directors was held upon completion of the Annual General Shareholders Meeting of OJSC Kazanorgsintez . According to suggestion of the President of Tatarstan, Rustam N.Minnikhanov, Ruslan A. Shigabutdinov, Deputy General Director of PCS TAIF was elected to be the new Chairman of the Board of Directors.