News

30.06.2006

On June 30, 2006 Perm Motors Group Management Company annual general meeting of shareholders was conducted

On June 30, 2006 Perm Motors Group Management Company annual general meeting of shareholders was conducted. Shareholders who own 100% of voting stock attended the meeting.

Perm Motors Group Management Company shareholders approved the Company's Annual Report and annual accounts. Since all the profit received from license payments was used for R&D funding, the decision not to pay the dividends for FY 2005 was taken. "Finance-P" Auditing Company (Perm) was approved as the Company's auditor. The shareholders took the advantage of possible preliminary legislation-envisaged approval of transactions of interest, which can be made with other companies of Perm Motors Group, who transfer the powers of individual executive body to Perm Motors Group Management Company, during the whole period to the next annual meeting of shareholders.

The Board of Director consisting of 9 persons - A.A. Inozemtsev, N.A. Semikopenko, S.Yu. Smolin (Perm Motors Group Management Company), A.V. Deriabina, V.V. Zheglov, Yu.E. Reshetnikov, E.P. Travnikov, G.N. Kroshkina (Bank of Foreign Trade), A.Z. Shaikhutdinov (Gazprom) was elected. A new Revision Commission of 3 persons was elected.

When making comments to the meeting outcomes, Alexander A. Inozemtsev, General Director of Perm Motors Group Management Company, noted that the membership of the elected Boards of Directors actually reflects the dominant role of the main shareholder in the companies of Perm Motors Group and of the Management Company, accordingly.

The election of Mr. Shaikhutdinov to the Board of Directors testifies to the intensions for future development of partnership with Gazprom, including the possibility of Gazprom's representative to take part in implementing issues regarding Perm Motors Group management.