Inter RAO shareholders vote against 2012 dividends, elect Sechin to board
MOSCOW. June 25 (Interfax) - Shareholders in electricity holding Inter RAO UES voted at their annual shareholders meeting on June 25 to waive dividends for 2012 due to losses, an Interfax correspondent reported from the meeting.
Net losses were 14.36 billion rubles in 2012. The company did not pay a 2011 dividend for the same reason. Its dividend policy is to pay shareholders at least 5% of annual net profit.
Igor Sechin, the president of Rosneft , was elected to the board of directors at the AGM and then as board chairman.
Rosneft's board gave its approval for Sechin to combine his current position with "the planned position of chairman of the board of directors of OJSC Inter RAO UES." Sechin was nominated for election to Inter RAO's board by the company's subsidiary CJSC Inter RAO Capital. In 2011, when Sechin was deputy prime minister in charge of the energy sector, he stepped down from the Inter RAO board as part of a presidential initiative to replace government officials on state company boards with independent directors.
Dmitry Shugayev, deputy CEO of the state Rostec corporation, was elected to the board and then made deputy board chairman at Inter RAO. The company has not previously had a deputy board chairman. Shugayev, a long-standing associate of Sergei Chemezov at Rosoboronexport and Rostec, has served on the Inter RAO board since June 2011. He has also served on the Rosneft board since 2011, but withdrew from elections to the new Rosneft board elected last week.
Two members of the old board - Inter RAO's former board chairman and advisor to the head of the Rosneft security service, Grigory Kurtser, and the president and CEO of General Electric in Europe, Ferdinando Beccalli-Falco - were not elected to the new one.
The other members are: Boris Kovalchuk Chairman of the Management Board, Inter RAO UES; Oleg Budargin, Chairman of the Management Board, FSC UES JSC; Vladimir Potanin, General Director, Chairman of the Management Board of MMC Norilsk Nickel ; Alexander Lokshin, First Deputy General Director for Operation Unit of the Rosatom Nuclear Energy State Corporation; Kirill Seleznev, Member of the Management Board, Head of the Department for Marketing, Processing of Gas and Liquid Hydrocarbons, Gazprom ; Vyacheslav Kravchenko, Chairman of the Management Board, NP Market Council; Ronald Pollett, President & CEO, GE in Russia & CIS; Denis Fyodorov, Head of the Department for Electric Energy Sector Development and Electric Energy Marketing of the Department for Marketing, Processing of Gas and Liquid Hydrocarbons, Gazprom, General Director, Centerenergoholding, General Director, Gazprom Energoholding LLC; and Vladimir Dmitriev, Chairman, Vnesheconombank (VEB).
Inter RAO owns or manages power plants in Russia and abroad with overall installed capacity of 33.5 GW.
The Russian Federal Property Agency (Rosimuschestvo) owns 14% of Inter RAO's shares. Other shareholders include OJSC Federal Grid Company UES (18.6%), Russian State Nuclear Energy Company Rosatom (12.5%), Vnesheconombank (VEB) (5%), Russian power generating company OJSC RusHydro (5%) and MMC Norilsk Nickel (13%). The subsidiary Inter RAO Capital holds 14% of the parent company's shares and Gazprom owns just under 2%.