MMK To Pay 1.242 RUR Per Share in Dividends

UrBC, Magnitogorsk, Chelyabinsk Region, May 26, 2017. It was decided at Magnitogorsk Iron & Steel Works (MMK) annual general meeting that a dividend of 1.242 RUR per share (tax considered) should be paid out to shareholders, the company reports.

The shareholders also received the dividends for MMK’s performance in the first half of 2016 (0.72 RUR per share, with taxes accounted for).
The AGM also elected MMK’s new Board of Directors: Viktor Rashnikov, MMK Director-General Pavel Shilyaev, MMK Deputy DG for Sales Nikolai Lyadov, MMK Deputy DG for Production Sergey Ushakov, MAGSTORN Finance Director Olga Rashnikova, Polymetal Deputy DG Zumrud Rustamova, and Rosselkhozbank Deputy Chair of the Board Kirill Lyovin.

The BOD also comprises three independent members in compliance with Russia’s Corporate Governance Code: President of Bank Otkrytiye Ruben Aganbegyan, Hay Group’s Strategic Director for Europe’s Emerging Markets Valeriy Martsinovich, and Baring Vostok Capital Partners Group Limited Department Director Ralf Tavakolyan Morgan.

An audit committee comprising Alexander Maslennikov, Oxana Dyuldina, and Galina Akimova got elected as well, with PwC Audit as the company auditor.

It was also decided that the company’s name OAO MMK should be changed to PAO MMK to meet the demands occasioned by the recent legislative amendments.

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