OREANDA-NEWS. The Board of Directors of OJSC “AVTOVAZ” has approved the draft frame agreement with the company MAGNA on joint development and manufacture of vehicles of class C, which production is planned to begin in the end of 2009.

The meeting addressed the questions of performance of a decision of the extraordinary general meeting of shareholders of OJSC “AVTOVAZ” on transfer of powers of the executive agency of the company to the management organization. The Board of Directors has suggested to appoint Vladimir Artyakov as the president of the Management Company of Group “AVTOVAZ”.

The Board of directors has elected the general director of FSUE “Rosoboronexport” Sergey Chemezov as the Chairman of the Board of directors of OJSC “AVTOVAZ”.