The members of Magnitogorsk Iron & Steel Works (MMK) Board of Directors decided to give up on their remuneration starting January 1, 2009. This decision will be valid through the entire term of their office.

MMK’s BOD Chairman Viktor Rashnikov is reported to say that the decision stems from the need to cut down on the company’s expenses at the difficult time of the global financial and economic crisis. The executive explains that the BOD members showed a lot of understanding and gave up on their remuneration voluntarily.

The company’s Board of Directors members are: MMK Management Company’s President Viktor Rashnikov (Chairman of the Board), MMK Management Company’s Vice President Gennady Senichev (Deputy Chairman), Gorodisskiy & Partners Law Office’s Managing Partner Andrei Gorodisskiy, MMK Management Company’s Vice President Sergey Krivoschekov, Renaissance Capital Management Company’s Managing Director Kirill Levin, Centre for Studies in Security and Diplomacy’s Director Sir David Logan, the head of the enterprise’s Moscow representation and Polymetall’s Deputy GD Zumrud Rustamova, MMK Management Company’s Vice President Rafkat Takhautdinov, British Petroleum Regional Director for Russia, CIS and Turkey Peter Charow, and MMK Management Company’s Vice President Vladimir Shmakov.