29 Jun 2011 13:05

GAZ shareholders vote to waive dividends due to 2010 losses

MOSCOW. June 29 (Interfax) - Shareholders in automobile producer OJSC GAZ voted at their AGM to waive dividends for 2010 due to losses, the company said.

The company did not pay dividends for 2009 either for the same reason.

The board of nine directors elected at the AGM contains one new face, that of Eleonora Bosova, the legal affairs manager at Russian Machines. She replaces Svetlana Sokolova, a former first vice president of the GAZ Group.

Net losses to Russian Accounting Standards (RAS) were 12.5 billion rubles last year.