09 June 2010

Results of the Company’s Board of Directors session

Ekaterinburg (Ural Federal District, Russia) - ОАО "IDGC of Urals" (RTS and MICEX: MRKU) reports on the results of BoD session.

June 04, 2010 saw an extramural BoD meeting which reviewed a range of managing and corporate issues.

Approval of candidates for the Company's underwriter positions

The Company's BoD approved ZAO "Insurance Group "Uralsib" as an underwriter insuring rented property against fire and other disasters.

Approval of the Company's collective agreement for 2010 - 2011

The Company's BoD approved a new 2010-2011 collective agreement taking effect on 01.07.2010. This new single document will enable ОАО "IDGC of Urals" to pursue a single HR policy and to establish single payment system for Permenergo, Sverdlovenergo and Chelyabenergo personnel.

Determination of the Company representatives' positions on agenda issue of the GSM and BoD sessions of the SACs

The BoD entrusted the IDGCU's representative to vote "FOR" while adopting the following resolutions:

1)   To approve a report on the completion of 1Q 2010 EESK business plan (including investment program).

2)   To take into consideration an EESK report on the completion of 1Q 2010 insurance coverage program.

Approval of the Company's internal documents

The BoD approved the Risk Management Policy and Internal Control Policy in OAO "IDGC of Urals" elaborated to develop and perfect internal control and risk management systems. The documents determine basic principles of administration, implementation and control of risk management processes as well as basic principles of internal control administration, obligatory for observance. These documents are based on the best global practices of the risk management in energy sector and use statements from fundamentals of risk management (COSO ERM), ISO/IEC Guide 73:2002 as well as other generally accepted risk management documents.

The Policies are available at Section "Internal Documents".

For the full version of the BoD protocol, please, visit Section "Corporate Governance". ­­

Download IR release (pdf, 104 kb) 

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ОАО "IDGC of Urals"(est. in February 2005) is the main service provider responsible for energy transportation and technological connection of consumers to electric networks in Sverdlovsk, Chelyabinsk and Perm regions.

Electric network reform process in the Urals came to an end in April, 2008, and since May 1, 2008 ОАО "IDGC of Urals" is a united operating company exercising control over 3 regional subsidiaries (Sverdlovenergo, Chelyabenergo and Permenergo) as well as 2 core-asset affiliated companies (ОАО "Ekaterinburg Electric Grid Company", ОАО "Ekaterinburgenergosbyt").

As of 2009 the revenues from services totaled RUR 41.3 bln., net profit reached RUR 1.1 bln (under RAS). Overall energy supply in 2009 amounted to 75.8 bln. kWh, productive supply totaled 69.3 bln. kWh, energy losses reached 6.5 bln. kWh.

Сommon shares are traded on MICEX (Quotation list "B") and in RTS (Stock admitted for trading without listing). Free float is about 20%. In December, 2009 Consortium "RID-Expert RA" assigned us Corporate Governance rating at level "6+".

For additional information on the Company, please, visit our corporate web-site at www.mrsk-ural.ru, as well as Complex Information Disclosure System (www.skin.ru), Interfax (www.interfax.ru), AKM (www.akm.ru).  

IR Department

Tel./ Fax: (343) 215 26 58/ 215 25 84