The Annual General Meeting of Shareholders of PJSOC Bashneft has approved the Company’s annual report and annual financial statements for 2015.
As it was reported by the company on June 30, 2016, the Meeting of Shareholders has resolved to allocate 29.1 billion roubles (164 roubles per ordinary registered share and 164 roubles per preferred registered share) for dividend payments for the 2015 fiscal year; this amounts to 50% of PJSOC Bashneft’s IFRS net income attributable to shareholders of the parent company for the said period. The Meeting has set the record date in accordance with the decision to pay (declare) dividends on PJSOC Bashneft’s shares at July 15, 2016. Dividend payments will be made in full before August 19 this year.
The Meeting of Shareholders has set the number of members of Bashneft’s Board of Directors at 10 and has elected the current Board members to the Board of Directors:
- Charles Watson, independent director;
- Evgeny Guryev, Minister of Land and Property Relations of the Republic of Bashkortostan;
- Maurice Dijols, independent director;
- Anthony Considine, independent director;
- Alexander Korsik, President, Chairman of the Management Board of PJSOC Bashneft;
- Rustem Mardanov, Prime Minister of the Government of the Republic of Bashkortostan;
- Viktor Orlov, President of Non-Governmental Organization Russian Geological Society;
- Vitaly Sergeychuk, professional appointee;
- Alexey Teksler, First Deputy Minister of Energy of the Russian Federation, Chairman of the Board of Directors of PJSOC Bashneft;
- Yury Shafranik, Chairman of the Board of Directors of CJSC Inter-State Oil Company Soyuzneftegaz.
The Meeting of Shareholders has elected members of the Audit Commission and has approved LLC RSM RUS and CJSC Deloitte & Touche CIS, which had won an open tender, as the auditor of PJSOC Bashneft for conducting the audit for 2016 in accordance with Russian Accounting Standards and as the auditor of PJSOC Bashneft for conducting the audit for 2016 in accordance with International Financial Reporting Standards respectively.
Given Bashneft’s efforts to implement recommendations for improvement of corporate governance in accordance with the Code of Corporate Governance of the Bank of Russia and the need to ensure compliance of internal regulations with amended corporate laws, the Meeting has approved a new version of the Company’s Charter and of the Regulations on the General Meeting of Shareholders, on the Board of Directors and on the Management Board.
The Meeting of Shareholders has approved a number of related-party transactions related to the ordinary course of business of Bashneft.
At the meeting of the Board of Directors held after the Meeting of Shareholders, the Board of Directors approved the membership of the Strategy Committee (chaired by Yury Shafranik), the Audit Committee (chaired by Anthony Considine), the Nominating and Compensation Committee (chaired by Maurice Dijols), the Health, Safety, Environment and Social Responsibility Committee (chaired by Charles Watson) and the Budget Committee (chaired by Rustem Mardanov).