21 Aug 2009 12:24

Shareholders in Fortum to elect new board of directors on Nov 2

CHELYABINSK. Aug 21 (Interfax) - Shareholders in OJSC Fortum (based in the Chelyabinsk region and formerly OJSC TGK-10 ) will hold an extraordinary meeting on November 2 to approve the preterm suspension of its current board of directors and elect a new board, the genco said in its materials.

The registrar closes on August 31, 2009.

The company's board of directors contains 10 positions.

It was earlier reported that at the start of August, the company's management announced its change of general director, appointing Alexander Chuvayev, a former manager at power engineering equipment giant Power Machines and Siberian Coal Energy Company (SUEK), to this position effective October 1, 2009. Fortum's former general director, Dmitry Novoselov, ended his functions as of August 14. The position of general director between August 14 and October 1 in temporarily being fulfilled by the genco's vice president for personnel, Eric Vekilov.

Finland's Fortum owns 93.4% in the same-named company and is the third largest foreign investor in the Russian electricity sector after E.ON and Enel. Its Russia assets include OJSC Fortum, which operates in Chelyabinsk and Tyumen regions, and a blocking stake in TGK-1, which operates in Russia's northwest. The company's electricity generating capacity comes to around 3,000 megawatts. Heat output comes to over 13,600 Gcal/hour.