Annual General Meeting of Shareholders of OJSC Power Machines Held

On June 20, 2011 the annual meeting of shareholders of the Open Joint Stock Company Power Machines – ZTL, LMZ, Electrosila, Energomashexport (OJSC Power Machines) was held. 

OJSC Power Machines shareholders approved the company annual statement and accounting statement for 2010, including the profit and loss statement. 

The eight member Board of Directors of OJSC Power Machines was elected. All directors who constituted the previous Board of Directors were re-elected. They are Alexei Mordashov (General Director, OJSC Severstal), Alexei Egorov (Deputy General Director, OJSC Severstal), Vladimir Lukin (Deputy General Director for Legal Affairs of the General Directorate, OJSC Severstal), Michael Suess (Chief Executive Officer of the Fossil Power Generation Division, Siemens Aktiengesellschaft), Hans-Jurgen Vio (Vice President, Siemens, Russia and Сentral Asia), Igor Kostin (General Director, OJSC Power Machines), Vadim Chechnev (Director of Economics and Finance, OJSC Power Machines) and Igor Voskresensky (General Director, Universal Invest LLC). 

The shareholders’ meeting elected the company revision commission comprising seven members. KPMG CJSC was chosen as an auditor. 

The shareholders approved interested party transactions and transactions which may be conducted in the future as part of the stock company's ordinary activities. The shareholders also approved the redrafted charter and internal documents of the company.

The meeting of shareholders of OJSC Power Machines took the decision not to distribute profits from 2010 and not to pay dividends.