The outcomes of the Annual General Meeting of Power Machines OJSC Shareholders

Power Machines Open Joint Stock Company – ZTL, LMZ, Electrosila, Energomachexport (Power Machines OJSC) held its Annual General Meeting of Shareholders on June 21, 2012. 

The participants made decisions on all the issues on the agenda. In particular, Power Machines OJSC shareholders approved the annual report and the accounting reporting of the Company for 2011, including the profit and loss statement. 

The Board of Directors, Power Machines OJSC, consisting of eight members, was elected. All the eight directors of the previous Board of Directors were re-elected: Alexey Mordashov (Director General, OAO Severstal), Alexey Egorov (Deputy Director General, OAO Severstal), Vladimir Lukin (Deputy Director General for Legal Affairs, OAO Severstal), Roman Elkin (Head of Corporate Control Department, Severgroup CJSC), Igor Voskresensky (Director General, Universal Invest LLC), Igor Kostin (Director General, Power Machines OJSC), Vadim Chechnev (Director of Economics and Finance, Power Machines OJSC) and Alexander Rantsev (Director of Strategic Development and Controlling, Power Machines OJSC). 

The Shareholders Meeting elected the Company’s revision commission consisting of three persons. ZAO KPMG was approved as the Company’s auditor. Power Machines OJSC Shareholders also approved new revisions of the Company’s charter and other internal documents.

The Meeting of Power Machines OJSC Shareholders made a decision not to distribute profit according to the results of the year 2011 and not to pay dividends.