TMK BOD Comprises 11 People Now

The shareholder meeting of Pipe Metallurgical Company (TMK) was held in Moscow.

The shareholders approved of the company’s annual report and the annual accounting report, including the P & L statement for the financial year 2011; they also elected the company’s Board of Directors and the check-up committee and approved of the desirable transactions. Ernst & Young was chosen as TMK’s auditor.

What is more, the shareholders voted for paying a 2.7 RUR dividend per one ordinary share with face value of 10 RUR for the year 2011. The dividend payments will thus total to 2.53bn RUR.

TMK shareholder meeting also approved of the changes in the company’s charter: the number of BOD members will go up from ten to eleven people. The following BOD members were elected: Ruben Aganbegyan, Mikhail Alekseyev, Bob Foresman, Andrei Kaplunov, Igor Khmelevsky, Peter O’Brian, Sergey Papin, Dmitri Pumpyansky, Alexander Shiryayev, Alexander Shokhin, and Oleg Shchegolev.

Six out of eleven directors are independent ones.

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