About our company

Reforming

On December 23, 2005 the Board of Directors of Irkutskenergo formed the Strategy and Reforming Committee. On January 16, 2006 the first meeting of the committee took place in Moscow. It was dedicated to discussion of the question of reforming of JSC Irkutskenergo according to Federal Law No. 35-FZ "About electric power industry" as of March 26, 2003, and Federal Law No.36-FZ "About features of electric power industry functioning in the transition period" as of March 26, 2003.

The Committee discussed variants of JSC Irkutskenergo reforming proposed by the company's management, taking into account requirements of the legislation.

According to the results of the meeting, the Committee took the following decision: It is recommended to the Board of Directors of JSC Irkutskenergo for the transition period that it should make a decision on JSC Irkutskenergo reforming by creation of 100 % affiliated company along with giving assets to this company for transfer of the electric energy and dispatching management.

In order to estimate possible variants of reforming and analysis of law, economic and technological conditions of the company functioning, as well as to take into account interests of all shareholders, the following decision was taken: It is recommended to the Board of Directors of JSC Irkutskenergo that it should hold competition for performance of consulting services on development of the project of JSC Irkutskenergo reforming upon termination of the transition period.

Irkutsk Grid Company limited (an affiliated company of JSC Irkutskenergo) was registered on February 8, 2006 (http://www.iesk.irkutskenergo.ru). The basic kinds of business of IGC Ltd. are as follows:

· Transfer of the electric power (40.10.2);

· Distribution of the electric power (40.10.3);

· Activity on maintenance of working capacity of the power grid (40.10.5);

The Charter of JSC Irkutskenergo was amended with regard to the items connected with reforming of JSC Irkutskenergo concerning management by JSC IGC through the Board of Directors and the Management Board of JSC Irkutskenergo at the extraordinary general meeting of shareholders as of 6/4/2006.

The Board of Directors of JSC Irkutskenergo (Minutes No. 18 (144) as of 28/4/2006) resolved to approve a large transaction of transfer of property of JSC Irkutskenergo at the cost of RUR 19 056 351 700 (nineteen billion fifty six million three hundred fifty one thousand seven hundred) according to the List of property (Appendix №1) as the additional contribution in the capital stock of Irkutsk Grid Company Ltd.

The Board of Directors of JSC Irkutskenergo (Minutes No. 23 (149) as of 15/9/2006) adopted the decision on approval of the results of making the additional contribution and amending the constituent documents of Irkutsk Grid Company Ltd. (http://www.iesk.irkutskenergo.ru) concerning items connected with increase in the size of the capital stock of JSC IGC and increase in par value of the stake of the participation of JSC IGC, which brought the additional contribution.

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