OREANDA-NEWS. On October 20, 2006, the meeting of the Board of Directors of OJSC “Vyksa Metal Works” was held at Vyksa Metal Works, which is a part of the United Metallurgical Company (OMK).

According to the press-service of OMK, the agenda discussed the following questions: approval of Regulations about the corporate secretary of OJSC “VMW”; election of the corporate secretary of OJSC “VMW”; convocation of extraordinary general meeting of shareholders of OJSC “VMW”; approval of the Position about insider information of OJSC “VMW”; approval of the Position about avoidance of the conflict of interests of OJSC “VMW”.

Members of the Board of directors have approved projects of the positions reflecting principles and procedures of corporate management on VMW, which earlier have been developed on the basis of recommendations of experts of the Russian Institute of Directors and in conformity with standards of corporate management.

According to the Position approved at the Board of directors, the nominee of the corporate secretary, which functions include regular and duly maintenance of shareholders with full and trustworthy information about work of the enterprise, is elected.

The Board of directors of VMW also made a decision on necessity of convocation of extraordinary general meeting of shareholders on December 5, 2006, at which it is planned to consider the project of the Charter of OJSC “VMW” in new wording, and as well as a number of developed local statutory acts, in particular Position about general meeting shareholders of OJSC “VMW”, Regulations about the Board of directors of OJSC “VMW”, Regulations about the Individual agency of OJSC “VMW”.

According to the Code of corporate behavior, the Board of directors of VMW approved two Positions: about insider information and avoidance of the conflict of interests of OJSC “VMW”.