Портал закупок Subscriprion
Choose apartment

Media center

LSR Group Announces Changes to the Proposed Board of Directors

25 January 2008

LSR Group, one of the leading real estate developers and building materials producers in St Petersburg and the Leningrad region, today announces that on January 24 the Board of Directors of OJSC LSR Group granted the request of Mr. Andrey Molchanov, the founder of LSR Group and a nominated candidate for the position of the Chairman of the Board, to withdraw his candidacy from consideration at the EGM scheduled for the 7th February 2008. Mr Molchanov’s request is due to his nomination to the Upper House of the Russian Federation Federal Assembly as a Senator. Under existing Russian legislation the status of Senator prevents its holder from participation in the management of a business entity.

As previously announced, the Group intends to increase its Board of Directors. Board meeting held in January 2007 nominated eight candidates to the new Board, however due to Mr. Molchanov’s decision it is now proposed to increase the Board from five to seven members, comprising four Executive Directors and three Non-Executive Directors.  Subject to their appointment to the Board by LSR’s shareholders at an EGM on 7th February 2008, the current members of the Board - Igor Levit, Dmitry Goncharov, Mikhail Romanov, and two independent directors - Sergey Skaterschikov and Lauri Ratia are nominated for re-election. Elena Tumanova, CFO of LSR Group is nominated as a new Executive Director and Seppo Juha Remes (Finland), a President of Kiuru Partners LLC, as a new Non-Executive Director.

Commenting on today’s announcement Igor Levit, CEO of LSR Group, said: “We are committed to the highest standards of Corporate Governance and I am delighted to welcome the new additions to the Board. We believe our investors will recognise the strength of the the team we have assembled to meet the new challenges as a public company while delivering on the growth strategy. 

I would also like to congratulate Andrey Molchanov on his nomination for the position of Senator representing the Leningrad Oblast and wish him every success in his new role.”

Notes to Editors:

The biographies of the current members of the Board of Directors of OJSC LSR Group are available on the company website

New nominations:

Elena Tumanova has been working for LSR Group since its foundation in 1993 and has held a senior finance position with a number of LSR Group companies. In 2000 she was appointed as a CFO of LSR Group.

Born in the Lipetsk Oblast in 1958, Ms Tumanova holds degrees from Leningrad Shipbuilding Institute and St. Petersburg State University of Economics and Finance as well as the MBA from International Banking Institute

Seppo Juha Remes, 52, is a highly experienced businessman, a President of Kiuru Partners LLC consultancy company and brings extensive business and market knowledge to the Board of LSR. He had an extensive career at NESTE, serving 8 years as a vice-president of NESTE (FORTUM) in Russia. In 2001 he was appointed as a CEO of Vostok Energo Investment Ldt and in 2003 becoming a Director of Vostok Nafta Investment Ltd. From 2004 to 2006 Mr. Remes held a position of Senior Advisor to SITRA (Strategic Development Fund under the Parliament of the Republic of Finland).

Mr.Remes is a Board member of a number of leading Russian companies such us OAO OMZ, Severstal-Auto, OAO SIBUR, OAO Kirovsky Zavod and participates in the work of  the Association for the Protection of the Rights of Investors (EOS Russia) and Ponsse Oyj (Finnish public quoted company, logging machinery).

He graduated from Oulu University in 1984 in Economics (Turku School of Economics and Business Administration, 1994). Seppo Remes is an Honorary Doctor of Plekhanov Russian Academy of Economics (1997) and Tashkent State Economic University, Uzbekistan (1999).

OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates,  production and transportation of building materials, and housing construction – from mass market large-panel housing to elite residential property built after designs made by leading domestic and foreign architects.

LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany.

LSR Group employs over 15,000 people.

In 2004, 2005 and 2006 the revenues of LSR Group were RUB 7,530.9 million, RUB 13,085.5 million, and RUB 21,110.8 million respectively. For the six months of 2007 the Group’s revenues amounted to RUB 16,062.0 million compared to RUB 9,336.4 million for the same period last year. In November 2007, OJSC LSR Group implemented an IPO. In December 2007, LSR Group was bestowed a National Award in the field of business as ‘The Company of the Year’ in the ‘Construction’ category.

For more details please contact:

Press Service, LSR Group
+7 (812) 314-1044

«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.

© 2013-2021 LSR Group. All rights reserved.
Warning request

В вашей версии Internet Explorer работа данного сайта не поддерживается.
Обновите Internet Explorer до последней версии.

© 2007-2019 LSR Group

News subscribe

Комменты отключены в стилях




* required fields
Комменты отключены в стилях






The materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada, Japan or in any jurisdiction in which such offers or sales are unlawful. Any securities issued in connection with an offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or under any applicable securities laws of any state, province, territory, county or jurisdiction of the United States, Australia, Canada or Japan. Accordingly, unless an exemption under relevant securities laws is applicable, any such securities may not be offered, sold, resold, taken up, exercised, renounced, transferred, delivered or distributed, directly or indirectly, in or into the United States, Australia, Canada, Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration of such securities in, the relevant jurisdiction. There will be no public offer of securities in the United States.

The materials are only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). In addition, in the United Kingdom, the materials are being made available only to, and are directed only at, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or who are high net worth entities falling within Article 49(2)(a)-(d) of the Order and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which the materials relate is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the European Economic Area other than the United Kingdom, and will only be engaged with such persons. Other persons should not rely or act upon the materials or any of their contents.

If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this webpage. These materials must not be, released or otherwise forwarded, distributed or sent in or into the United States, Australia, Canada, Japan or any jurisdiction in which such offers or sales are unlawful. Persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from the United States, Australia, Canada or Japan.

Confirmation of understanding and acceptance of disclaimer

I warrant that I am not located in the United States and am not resident or located in Australia, Canada, Japan or any other jurisdiction where accessing these materials is unlawful, and I agree that I will not transmit or otherwise send any materials contained in this website to any person in the United States, Australia, Canada, Japan or any other territory where to do so would breach applicable local law or regulation.

I have read and understood the disclaimer set out above. I understand that it may affect my rights and I agree to be bound by its terms. I confirm that I am permitted to proceed to electronic versions of the materials.



We regret that, due to regulatory restrictions, we are unable to provide you with access to this section of our website.



You have indicated that you are located in the United States. These materials are not intended for, directed at or accessible by persons located in the United States. However, persons located in the United States that make the below certifications can access these materials. Please read the certifications below carefully and provide the information requested in order to access these materials. If you cannot make the below certifications, please exit this page.


“We are a “qualified institutional buyer” (a "QIB") as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Further, if we are acting as a fiduciary or agent for one or more investor accounts, (a) each such account is a QIB, (b) we have investment discretion with respect to each account, and (c) we have full power and authority to make the representations, warranties, agreements and acknowledgements herein on behalf of each such account.”

“We acknowledge that the materials relate to a transaction that is not subject to, or is only available in the United States pursuant to an exemption from, the registration requirements of the Securities Act.”

By clicking “I AGREE” below, you are certifying that the certifications and information provided are accurate and that you would like to access the materials. You agree that the materials you access are for your own use and will not be distributed to any person outside of your organisation.