OREANDA-NEWS. OJSC VolgaTelecom Board of directors annual session was held; its agenda included the issues related to preparation and holding of annual general meeting of OJSC VolgaTelecom shareholders. Earlier the Board of directors appointed the date and the location of the annual general meeting of shareholders - June 22, 2007, Nizhny Novgorod city.

OJSC VolgaTelecom Board of directors preliminarily approved the Company’s annual statement for 2006 and recommended to the annual general meeting of shareholders to approve the annual statement, annual accounting statement, including the Company's profit and loss statement. The Board of directors considered the findings of the auditor and the Company's Auditing committee based on the results of the check of the annual accounting statement for 2006.

The Board of directors adopted the decision to recommend to the annual general meeting of shareholders to distribute the Company’s profit, based on the results of the reporting (2006) fiscal year, in the following way:
1. Dividends payment - 633 401 556,68 rubles, including:
• On preferred shares - 2,9928 rubles per a share;
• On ordinary shares - 1,5776 rubles per a share;
Dividends are to be paid in money form on preferred shares starting since 15.07.2007 to 01.11.2007, on ordinary shares starting since 15.07.2007 to 01.11.2007.
2. 1 820 186 159,05 rubles for the increase in the Company's equity capital.

In addition, the Board of directors approved the agenda of the annual general meeting of shareholders:
1. Approval of the annual statement, annual accounting statement, including profit and loss statement (profit and loss accounts), and also distribution of profit (including dividend payment) and loss of the Company based on the results of the reporting (2006) fiscal year.
2. Introduction of changes to the Company’s Charter.
3. Introduction of changes to the Provision on the Company’s Board of directors.
4. Introduction of changes to the Provision on the procedure of holding a general meeting of stockholders of the Company.
5. Election of the members of the Company’s Board of directors.
6. Election of the members of the Company’s Auditing committee.
7. Approval of the Company’s auditor for 2007.
8. Determination of annual remuneration to the members of the Company’s Board of directors.
The Board of directors recommended to the annual general meting of shareholders to approve LLC “Ernst & Young” as the Company’s auditor for 2007.