Kamaz board recommends no dividends for 2014
MOSCOW. May 22 (Interfax) - The board of directors of Kamaz , Russia's largest truck maker, recommended on Thursday that shareholders vote at their annual general meeting to waive dividends for 2014, the company said.
The board also reviewed a report on the implementation of the company's business plan in the first quarter of 2015 and tentatively approved the annual report.
The board also voted to dismiss Kamaz management board director Pavel Kanichev early and appoint Andrei Maksimov to the management board.
Kamaz CEO Sergei Kogogin said earlier that the company did not plan to pay dividends for 2014. "I think that with the profit that we earned last year it's laughable to talk about dividends - just 211 million [rubles] in corporate profit. I, as a member of the board of directors and general director will recommend to the board of directors to not pay dividends," Kogogin said.
Kamaz will hold its AGM on June 26. The register for the meeting closed May 15.