24 Apr 2023 17:04

Novatek shareholders approve dividends, elect new board, increase remuneration

MOSCOW. April 24 (Interfax) - Novatek shareholders voted at their AGM to accept a final dividend of 60.58 rubles per ordinary share for 2022.

The dividend record date is May 3.

This is on top of the 45 per share paid for H1 2022. An overall 105.58 rubles will be paid for 2022.

The company did not disclose the outcome of voting on the new board of directors but did say the resolution was adopted, as was a resolution to increase remuneration for board members. Draft resolutions proposed to increase remneration by 20%.

There were nine candidates, three of them new, for election to the board of nine directors.

Novatek First Deputy CEO Lev Feodosyev; Academician of the Russian Academy of Sciences Valery Kryukov, who is a member of the board of directors of Tatneft ; and Viktor Nesterenko, head of Pravotek Institute and member of the boards of directors of JSC General Directorate International Book Exhibitions and Fairs and JSC Kavkazgidrogeologiya, were elected to the board instead two representatives of TotalEnergies , namely Arnaud Le Foll and Dominique Marion; and former director of the Energy Center at Skolkovo Moscow School of Management Tatiana Mitrova.

The rest of the board will remain unchanged: Alexei Orel, a member of the supervisory board of the Russian Gas Society; Irina Gayda, director of the Skolkovo Energy Center; and Emmanuel Quidet; President of the Franco-Russian Chamber of Commerce and Industry; Leonid Mikhelson, the majority shareholder and CEO of Novatek; Andrei Akimov, head of Gazprombank ; and Alexander Natalenko, Novatek board chairman since 2004.

Novatek has 3,036,306,000 issued ordinary shares so a total of 320.57 billion rubles will be paid in dividends.

According to the company's dividend policy, at least 50% of consolidated net profit to International Financial Reporting Standards, adjusted for non-core and non-cash items, is payable to shareholders. This infers that net profit to IFRS is not less than 641.2 billion rubles.

According to the latest data disclosed, Novatek's largest shareholders are Leonid Mikhelson with 24.76%, Gennady Timchenko with 23.49%, TotalEnergies with 19.4%, and Gazprom with 9.99%.