Uralkhimmash to pass dividend

RID-Expert RA (a consortium uniting the Russian Institute of Directors and Expert RA Rating Agency) gave Magnitogorsk Iron & Steel Works (MMK) 7+ for its advanced corporate governance practices. MMK’s corporate governance policies were monitored in May 2009-May 2010. According to the Consortium, the enterprise is unique in that the functions of the proprietor and those of a manager are embodied in the company’s majority shareholder that owns 85% of MMK’s common stock. In addition, the enterprise has plenty of minority stockholders, which was why the monitoring focused particularly closely

Uralkhimmash Board of Directors suggested that the enterprise’s stockholders vote for passing the dividend on either ordinary registered shares or type A preferred registered shares for the year 2010. The recommendation was made because the company sustained some losses in the past financial year. The agenda of the upcoming annual general meeting also covers issues like confirming the changes in the company’s charter and adopting a new edition of the provision on the BOD.

The BOD of OAO Ural Chemical Machine-Building Plant (Uralkhimmash) suggested that the shareholders vote for keeping last year’s net profit in the hands of the joint stock company when they meet at the upcoming AGM. It was agreed that any decisions regarding the plant’s net profit would be coordinated with the Board of Directors. It was also suggested that the stockholders vote for skipping last year’s dividend payments on ordinary registered shares and type A preference registered shares.

OAO NOMOS-Bank’s Board of Directors suggested that the company’s stockholders vote for passing the dividends on preferred registered stock as well as the dividends on common registered stock for the year 2010 at the upcoming AGM. The annual general meeting has been scheduled for April 18, 2011. The other points on the agenda cover issues related to the annual report approval and profit distribution as well as appointing the supervisory board and the audit commission members.

Uralkhimmash Board of Directors decided recently that the BOD Chairman Daniyar Kamilov should resign. Kamilov has been succeeded by former Uralkhimmash Deputy BOD Chairman Sergey Yelizarov. Uralkhimmash manufactures machinery for the oil and gas sector as well as for the power and nuclear industries, chemicals production business, ferrous and non-ferrous metallurgical enterprises, and construction companies.