Moscow, Russia – June 30, 2005 – Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, today held its annual general meeting of shareholders.
The company’s shareholders:
- Approved a cash dividend of RUR 26.0 per share (equivalent of $0.91 per share or $0.018 per GDR) for the twelve months ended 31 December 2004. The total dividend payable amounts to RUR 250.9 million (US$ 8.75 million), which is equivalent to 2.1% of Sistema’s US GAAP consolidated net income for 2004.
- Elected the Board of Directors, including
- Sergey Drozdov – Senior Vice President of Sistema
- Vladimir Evtushenkov, President and CEO of Sistema
- Alexander Goncharuk – CEO of KNC
- Alexander Gorbatovsky – independent director
- Vyacheslav Kopiev – non-executive director
- Vladimir Lagutin – CEO of Sistema Telecom
- Alexander Leiviman – CEO of Sistema Mass Media
- Nikolai Mikhailov – independent director
- Evgeny Novitsky – non-executive director
- Ron Sommer – independent director
- Dmitry Zubov – non-executive director
- Appointed Audit-Garantia-M and Deloitte & Touche as the company’s auditors for 2005 in accordance with RAS and US GAAP, respectively
- Approved the Regulation on Shareholder Meetings and made a change to the Company’s Charter introducing a 30-day notice period for shareholder meetings,
The meeting also approved Sistema’s 2004 RAS accounts and elected the Audit Commission.
The Board of Directors held its first meeting on the same day and re-elected Evgeny Novitsky as Chairman, and Vyacheslav Kopiev and Dmitry Zubov as Deputy Chairmen of the Board of Directors.