June 28, 2013: the sole shareholder of the Power Machines – ZTL, LMZ, Electrosila, Energomashexport open joint stock company (Power Machines OJSC) – the Highstat Limited Company - considered the issues of the joint stock company’s activity.
In particular, the shareholder approved the annual report and accounting statements of the company for 2012. The eight member Board of Directors of Power Machines OJSC was elected. All the eight directors who constituted the previous Board of Directors were re-elected. They are Alexey Mordashov (General Director, OAO Severstal), Alexey Egorov (Deputy General Director, OAO Severstal), Vladimir Lukin (Deputy General Director for Legal Affairs, OAO Severstal), Roman Elkin (Head of Corporate Control Department, ZAO Severgrupp), Igor Voskresensky (Director General, Universal Invest LLC), Igor Kostin (Director General, Power Machines OJSC), Vadim Chechnev (Economy and Finance Director, Power Machines OJSC) and Alexander Rantzev (Strategic Development and Controlling Director, Power Machines OJSC) .
The directors elected the joint stock company’s Audit Committee consisting of three members.
KPMG CJSC was approved as an auditor.
Also the sole shareholder made a decision not to distribute profit and not to pay dividends according to the results of the financial year 2012.