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Unified Energy System

January 21, 2005

Board of OAO "Hydro-WGC" holds its first meeting

Moscow. 21 January 2005. Today, the Board of Directors of OAO "Federal Hydrogeneration Company" (OAO "Hydro-WGC")* held its first meeting.

The Board of Directors of OAO "Hydro-WGC" elected Victor Khristenko, Minister of Industry and Energy of the Russian Federation, as its Chairman. Anatoly Chubais, Chairman of the Management Board of RAO "UES of Russia", was appointed Deputy Chairman of the Board of Directors of OAO "Hydro-WGC".

The Board of Directors of OAO "Hydro-WGC" also appointed the Board Secretary and approved the blueprint for the activities of the Company's Board for the first half of 2005 and the 2005-2006 corporate year. The plan has been drafted in accordance with the Federal law On Joint Stock Companies, the Charter of OAO "Hydro-WGC", taking into account the suggestions made by members of the Board of OAO "Hydro-WGC".

The Board of Directors of OAO "Hydro-WGC" approved the Resolution to issue shares and the share placement report of the Company. Under the Standards for Securities Issuance and Registration of Prospectuses approved by Resolution of the FCSM of Russia No. 03-30/?? dated 18 June 2003, in the process of establishment of a joint stock company, documents needed for state registration of a share issue are to be submitted to the registering authority within one month after the date of state registration of the joint stock company.

The Board of Directors recommended that the general meeting of shareholders approve the Company's regulations:

  • Regulation on the procedure for convocation and conduct of meetings of OAO "Hydro-WGC";
  • Regulation on the Auditing Commission of OAO "Hydro-WGC";
  • Regulation on the Management Board of OAO "Hydro-WGC";
  • Regulation on the payment of remuneration and compensations to members of the Board of Directors of AO "Hydro-WGC";
  • Regulation on the payment of remuneration and compensation of expenses to members of the Auditing Commission of AO "Hydro-WGC".

 ________________________________________________________

* OAO "Hydro-WGC" is being established pursuant to Order of the Russian Government No. 1254-? dated 01 September 2003 (as amended on 25 October 2004). The Board of Directors of OAO RAO "UES of Russia", at its meeting held 24 December 2004, approved the establishment of OAO "Hydro-WGC" as a wholly owned subsidiary of OAO RAO "UES of Russia". OAO "Hydro-WGC" was registered with the regulatory authorities on 26 December 2004 in the city of Krasnoyarsk.

The following persons are members of the Board of Directors of OAO "Hydro-WGC": Victor Khristenko, Minister of Industry and Energy of the Russian Federation; Anatoly Chubais, Chairman of the Management Board of RAO "UES of Russia"; Yakov Urinson, member of the Management Board, Deputy Chairman of the Management Board, Head of Corporate Center of RAO "UES of Russia" ; Vyacheslav Sinyugin, member of the Management Board, Managing Director of "Hydrogeneration" Business Unit of RAO "UES of Russia"; Andrey Rappoport, member of the Management Board of RAO "UES of Russia", Chairman of the Management Board of OAO "UES FGC"; Boris Ayuev, member of the Management Board of RAO "UES of Russia", Chairman of the Management Board of OAO "UES SO-CDA"; Vasily Zubakin, member of the Management Board, Chief of the Reform Management Department of RAO "UES of Russia" ; Dmitry Ponomarev, Chairman of the Management Board of NP "ATS", Chairman of the Management Board of NP "ATS"; David Herne, Managing Director of Halcyon Advisors; Aivaras Abromavicius, Partner, Fund Manager of East Capital Asset Management Fund; and Per-Christian Endsjo, ex-President of Hydro Energy.

Vyacheslav Sinyugin, member of the Management Board and Managing Director of the "Hydrogeneration" Business Unit of RAO "UES of Russia" is the Chairman of the Management Board of OAO "Hydro-WGC".

 

 

 

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