03 September 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.

August 31, 2010 saw an extramural BoD meeting that decided over a range of managing and corporate issues

Approval of the Company's internal documents

The Board of Directors approved the Regulations on the dividend policy of IDGC of Urals, OAO stipulating main principles and approaches in decision-taking on dividends. The document was elaborated and adopted to ensure transparency of dividend calculation and pay-out as well as to keep shareholders and other interested persons informed on the Company's dividend policy.

The Regulations are available at Section "Internal Documents" of our corporate web-site.

Corporate Governance

The Board of Directors approved the BoD Committee budgets for 2H 2010. The approval of the budgets, election of the Committees' Deputy Chairpersons and Secretaries as well as approval of the Committees' working plans create foundation for further fruitful BoD performance.

The BoD also decided over the expediency of cancelling the contract with the present registrar (Central Moscow Depositary, ОАО) and arranging the procedures of selecting a new one.

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

The BoD entrusted the Company's representatives to adopt a resolution on liquidation of the Company's subsidiaries - Sverdlovenergozhylstroy, ОАО and Permelektrosetremont, ОАО. This resolution was adopted due to expense minimization and absence of the recent subsidiaries' operations.

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.

Common 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