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Meeting of the Board of Directors of OJSC Irkutskenergo is held in Moscow on April 25

On April 25, the Board of Directors of OJSC Irkutskenergo held a meeting in Moscow over the issues related to the Company’s operations. At the meeting, the Board approved the report of the CEO and the Management Board of the Company on the implementation of the business plan for 2012 and provisionally approved the documents subject to approval by the Annual General Meeting of Shareholders of OJSC Irkutskenergo: the annual report for 2012 and the annual financial statements for 2012. Besides, the Board of Directors recommended the Annual General Meeting of Shareholders that profit for 2012 totaling RUB 11.4 bln be allocated for dividend payments on OJSC Irkutskenergo’s shares (RUB 2.5 bln), investments (core business) (RUB 1.5 bln), long-term financial investments (RUB 4.2 bln), social and charity projects (RUB 174.4 mln), and working capital financing (RUB 2.9 bln).

Besides, based on the results of the competition aimed at selecting an audit firm for conducting the statutory audit of OJSC Irkutskenergo’s annual financial statements for 2013 prepared in accordance with Russian Accounting Standards, the Board of Directors recommended including CJSC Intercom-Audit in the ballot for voting at the Annual General Meeting of Shareholders of OJSC Irkutskenergo. Following the closed invitation to tender for the agreement on providing services related to auditing OJSC Irkutskenergo’s consolidated financial statements for 2013 prepared in accordance with IFRS, the Board recommended including CJSC KPMG in the ballot for voting at the Annual General Meeting of Shareholders of OJSC Irkutskenergo.

The Board of Directors also recommended the Annual General Meeting of Shareholders to approve credit agreements to be concluded between OJSC Irkutskenergo and Gazprombank (Open Joint-Stock Company) with a credit limit totaling RUB 2.7 bln.

The Board of Directors recommended including the item “On the entry of OJSC Irkutskenergo into the Russian Water and Wastewater Association”* in the agenda of the Annual General Meeting of Shareholders of OJSC Irkutskenergo. After joining the Association, OJSC Irkutskenergo will be able to influence the adoption of laws and regulations by submitting proposals to federal agencies concerning the development of draft legislation, amending and repealing current legislation on the issues related to water supply and wastewater disposal, as well as by submitting proposals related to formulating and implementing the government policy on water supply and wastewater disposal on the regional and municipal level. As a member of the Association, OJSC Irkutskenergo will be able to gain access to the databank including Russian and foreign R&D in the sphere of new techniques and technology, information on commercial, pilot and specialized equipment, instruments, products and materials in the sphere of water supply and wastewater disposal, and other information.

The Board of Directors approved the agenda of the Annual General Meeting of Shareholders of OJSC Irkutskenergo including the following items:

• Approval of the annual report of OJSC Irkutskenergo.

• Approval of the annual financial statements of OJSC Irkutskenergo.

• Approval of profit distribution of OJSC Irkutskenergo for 2012.

• The amount, dates and form of the annual dividend payment for 2012.

• Election of members of the Board of Directors of OJSC Irkutskenergo.

• Election of members of the Audit Commission of OJSC Irkutskenergo.

• Approval of the auditor of OJSC Irkutskenergo for conducting the audit of financial statements prepared in accordance with Russian Accounting Standards.

• Approval of the auditor of OJSC Irkutskenergo for conducting the audit of consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS).

• Approval of related non-arm's length transactions with Gazprombank (Open Joint-Stock Company).

• On the entry of OJSC Irkutskenergo into the Russian Water and Wastewater Association.

The Board of Directors decided to convene the Annual General Meeting of Shareholders of OJSC Irkutskenergo in the form of meeting (joint presence of the shareholders) in the building of Baikal Business Center, at 279 Baikalskaya Street, Irkutsk, on June 7, 2013. The list of the persons entitled to take part in the Annual General Meeting of Shareholders of OJSC Irkutskenergo will be compiled on April 25, 2013.

Press service of OJSC Irkutskenergo

Reference:

OJSC Irkutskenergo is Russia’s largest power and coal company comprising thermal power plants and hydropower plants, heating networks, open-pit coal mines, haulers, a repair facility and a coal processing plant. The installed capacity of the Company’s power plants totals 12.9 GW, with the capacity of the HPPs exceeding 9 GW. The total output of the coal mines (brown and black coal) amounts to 18.4 mln tons per year. The main shareholders of OJSC Irkutskenergo include OJSC EuroSibEnergo, Russia’s largest private power company (forming part of En+ Group), which owns a 50.19% stake in OJSC Irkutskenergo, and OJSC INTER RAO UES holding a 40.007% stake.

* The Russian Water and Wastewater Association was established in 1990. It is a non-profit organization created for coordinating the work and protecting the rights and property interests of the members of the Association, as well as for representing their interests in government and other agencies and international organizations. The Association includes companies specializing in water supply and wastewater disposal from 8 federal districts: 170 water and sewage utilities, R&D institutes, environmental foundations, international industry organizations and associations, as well as the largest private utility companies (ROSVODOKANAL, Russian Utility Systems, OJSC Evraziyskiy) and companies supplying equipment and technologies to the utility sector. By consolidating and summarizing the issues of Russian water and sewage utilities and the sector as a whole, the Association participates in developing and drafting industry laws, submits proposals to the relevant ministries and agencies concerning amendments to existing laws and regulations, organizes R&D forums, workshops and conferences, and actively participates in all Russian and international industry events.

April 25, 2013
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