Results of the Company’s Board of Directors session

26 February 2010

Ekaterinburg (Ural Federal District, Russia) - ОАО «IDGC of Urals» (RTS and MICEX: MRKU) reports on the results of BoD session.

February 18, 2010 saw an extramural BoD meeting which reviewed a range of managing and corporate issues.

 

The Board of Directors approved a CEO's report on observance of the Corporate Governance Code as of 2H 2009

This report demonstrates results of the measures taken by the Company on the following corporate directions:

- general shareholder meetings;

- BoD activities;

- managing board activities;

- information disclosure;

- control over financial and operating activities;

- dividends.

The Company observes most of the Code statements. To view the report, please, visit Section «Corporate Governance» at our corporate web-site.

 

The Board of Directors approved the underwriters for 2010

- Property fire and terrorism insurance, equipment and mechanism damage insurance - Open Joint-Stock Company «Insurance Company of Gas Industry» (ОАО «SOGAZ»);

- Voluntary transport insurance - Open Joint-Stock Company «Insurance Company «ENERGOGARANT»;

- Compulsory motor insurance - Limited Liability Company «Rosgosstrakh-Ural» (ООО «RGS-Ural»);

- Compulsory civil liability insurance of the company exploiting dangerous production facilities - Open Joint-Stock Company «Alfa Strakhovanie»;

- Voluntary medical insurance - Open Joint-Stock Company «Alfa Strakhovanie»;

- Personal accident and sickness insurance - Open Joint-Stock Company «Alfa Strakhovanie»

 

The Board of Directors determined positions of the Company's representatives on agenda issues of GSM and BoD sessions of the SACs

The Board of Directors entrusted the Company's representatives to vote «FOR» while taking the following decisions:

- to elect a new BoD of ООО «Security Service «Permenergo»;

- to nominate a range of candidates to the BoD of OAO «Ekaterinburg Electric Grid Company»;

- to nominate a range of candidates to the Audit Commission of ОАО OAO «Ekaterinburg Electric Grid Company»;

- to nominate a range of candidates to the BoD of OAO «Ekaterinburgenergosbyt»;

- to nominate a range of candidates to the Audit Commission of OAO «Ekaterinburgenergosbyt»;

- to nominate a range of candidates to the BoD of OAO «Kurganenergo»;

- to nominate a range of candidates to the Audit Commission of ОАО «Kurganenergo»;

- to nominate a range of candidates to the BoD of ZAO «Insurance Company «Privat-Energostrakh».

The Board of Directors also approved the Budgets of the Committees on audit, reliability, personnel and remunerations, strategy and development.

For the full version of the BoD protocol, please, visit Section «Corporate Governance". ­­

Download IR release (pdf, 132 kb)

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ОАО «IDGC of Urals»(est. in February 2005) is the main service provider responsible for energy transportation and technological connection of consumers to electric networks in Sverdlovsk, Chelyabinsk and Perm regions.

Electric network reform process in the Urals came to an end in April, 2008, and since May 1, 2008 ОАО «IDGC of Urals» is a united operating company exercising control over 3 regional subsidiaries (Sverdlovenergo, Chelyabenergo and Permenergo) as well as 3 core-asset affiliated companies (ОАО «Ekaterinburg Electric Grid Company», ОАО «Kurganenergo», ОАО «Ekaterinburgenergosbyt»).

As of 2008 the revenues from services totaled RUR 36.0 bln., net profit reached RUR 862.1 mln (under RAS). Overall energy supply in 2008 amounted to 86.3 bln. kWh, productive supply totaled 79.9 bln. kWh, energy losses reached 6.5 bln. kWh.

Common shares are traded on MICEX and in RTS in quotation lists «B». Free float is about 20%. In October, 2008 Consortium «RID-Expert RA» assigned us Corporate Governance rating at level «6».

For additional information on the Company, please, visit our corporate web-site at www.mrsk-ural.ru, as well as Complex Information Disclosure System (www.skin.ru), Interfax (www.interfax.ru), AKM (www.akm.ru).

IR Department

Tel./ Fax: (343) 293 26 58/ 293 25 84

IR@mrsk-ural.ru

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