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On February 7, 2008 an extraordinary Shareholders Meeting of OJSC LSR Group was held with the participation of the holders of 72,469,895 (77.37%) votes out of 93,663,832 (100%) votes. Hence, there was a quorum on all of the items reviewed.
The extraordinary Shareholders Meeting of LSR Group approved the new composition of the Company’s Board consisting of 7 directors including 4 senior managers of LSR Group and 3 independent directors.
The newly-elected Board of Directors of OJSC LSR Group is as follows:
1. Igor Levit, CEO of LSR Group.
2. Mikhail Romanov, Managing Director of LSR Group.
3. Elena Tumanova, CFO of LSR Group.
4. Dmitry Goncharov, Managing Director of LSR Europe GmbH (a company of LSR Group).
5. Lauri Ratia, Independent Director, chairman and member of the boards of directors of a number of Finnish companies in different industrial sectors.
6. Sergey Skaterschikov, Independent Director, Chairman of IndexAtlas Group, Vice President, OJSC MTS.
7. Seppo Juha Remes, Independent Director, CEO of Kiuru Partners LLC consultancy company, member of the Boards of Directors of OJSC RAO UES of Russia, OJSC OMZ, OJSC Severstal-Avto, OJSC SIBUR and others. Chairman of the Board of Directors of EOS Russia.
Thus, the number of Board members of OJSC LSR Group has grown from 5 to 7 people.
The extraordinary Shareholders Meeting also approved amendments and addenda to the Charter of OJSC LSR Group and the revised Regulations on the Board of Directors of OJSC LSR Group providing for increased competence of the Company’s Board of Directors. Particularly, now all transactions made by LSR Group subsidiaries involving the acquisition or sale of shares in other companies as well as all major transactions require preliminary approval of the Board of Directors of the Company.
A Member of the Board of Directors of OJSC LSR Group, Igor Levit commented as follows:
“The strengthening of the role played by the Board of Directors of LSR Group as well as the election of one more independent director is a further example of the company’s consistent implementation of the best principles of corporate governance and I look forward to working very closely with the expanded Board on delivering further value to our shareholders."
|Mr. Dmitry Goncharov has been a member (Chairman) of the Board of Directors since April 2007. Since 2003, Mr. Goncharov has been the Managing Director of LSR Europe GmbH, Munich. Between 1997 and 2003, Mr. Goncharov was a business manager and then a commercial director of the sales department for Siemens AG, CIS and Eastern Europe region. Between 1996 and 1997, Mr. Goncharov worked for BBMS Treuhand GmbH in its audit department. Mr. Goncharov graduated from Ludwig-Maximilians-Universitat in Munich with a degree in Economics in 1996. He is a German citizen.|
|Mr. Igor Levit has been a member of the Board of Directors since 2006. In 2006, he was appointed General Director/CEO. Previously, Mr. Levit was Senior Vice President from 2004 to 2006 and Vice-President from 2002 to 2004. Mr. Levit has worked for the group since 1994 and has held a number of senior management positions in the brick operations of the group. Mr. Levit graduated from the St. Petersburg State Technical University in 1994 and was awarded a doctorate in technical sciences in 2003. Mr. Levit has been awarded the classification of Honored Builder of Russia.|
|Mr. Lauri Ratia has been a member of the Board of Directors since June 2007. Mr. Ratia is also currently chairman of the boards of directors of Sponda Oyj Helsinki Finland, Tecnomen Oyj Helsinki; Edita Oyj Helsinki and Medifiq Oy Helsinki and a member of the board of directors of Olvi Oyj, Iisalmi, Inspecta Oy Helsinki and others. 2007 to 2008 Mr. Ratia was Senior Advisor for CRH Europe Materials. From 1998 to 2006, he was the Managing Director of Lohja Rudus Group, Helsinki (since 1999 part of CRH plc, Dublin Ireland). From 1993 to 1997, he held various top management positions in construction and construction material companies such as Scancem International ANS Oslo Norway, Euroc Abp, Malmo Sweden and Kone Oyj, Helsinki. Between 1990 and 1993 he was a partner with Euroventures Nordica Ab, Stockholm Sweden, Equity Finance and between 1978 and 1990 held various senior positions in Nokia Oyj, including a president of Nokia Inc. (Atlanta), a vice president responsible for corporate planning at Nokia headquarters and a president of Nokia Robotics. Mr. Ratia was also chairman of the Confederation of Construction Materials Industries of Finland between 1998 and 2001 and chairman of the Confederation of Construction Industries of Finland between 2003 and 2004. Mr. Ratia has extensive industrial experience.He graduated from the Helsinki University of Technology with a masters degree in engineering in 1971 and Harvard Business School’s Advanced Management Program in 1986. Mr. Ratia is a Finnish citizen.|
|Mr. Seppo Juha Remes was appointed to the Board in February 2008. Mr Remes is CEO of Kiuru Partners LLC consultancy company. Mr.Remes is also a Board member of a number of leading Russian companies such us OAO OMZ, Severstal-Auto, OAO SIBUR, OAO Kirovsky Zavod and others 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). and others. Chairman of the Board of Directors of EOS Russia 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). 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). Mr Remes is a Finnish citizen.|
|Mr. Sergei Skaterschikov has been a member of the Board of Directors since June 2007. Currently, Mr. Skaterschikov is also a chairman of the board of directors of IndexAtlas Group and a member of the boards of directors of OAO OMZ, Independence Holding and a few other companies. Mr. Skaterschikov is also a member of the investment committee of the board of directors of OAO UESR and a member of the expert council of the audit committee of the board of directors of OAO UESR. In addition, Mr. Skaterschikov is the Vice-President for Business Development at MTS. From 2005 until February 2007 Sergey served as Director, Investment Banking at Dresdner Kleinwort. Mr. Skaterschikov graduated from Moscow State University with a degree in Geography and American Studies in 1994 and Duke University, the Fuqua School of Business with a Global Executive MBA in 2003.|
|Mr. Mikhail Romanov has been a member of the Board of Directors since 2006. In 2002 he became Managing Director for business development (formerly called Vice President). In 1993, he was appointed a General Director of Stroydetal (reinforced concrete). Mr. Romanov, who has worked for the group since October 1993, graduated from the Leningrad Arctic School in 1978 and the Admiral Makarov Leningrad Higher Maritime Engineering School in 1983.|
|Mrs. Elena Tumanova was appointed to the Board in February 2008. Mrs Tumanova has been Chief Financial Officer since 2002. Mrs. Tumanova has worked at the group since 1993 and has held a number of senior finance positions in the group operations. Mrs. Tumanova is an auditor certified by the Russian Ministry of Finance and is also a member of the St. Petersburg Chamber of Auditors. Mrs. Tumanova graduated from the Leningrad Shipbuilding Institute in 1981 and the St. Petersburg State University of Economics and Finance with a degree in Auditing and Accounting in 1995. She also holds an MBA from the International Banking Institute in St. Petersburg|
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, Ekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs over 15,000 people. In, 2005 and 2006 the revenues of LSR Group were 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.
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