OREANDA-NEWS. Shareholders of AVTOVAZ OJSC approved the annual report of the company for 2006, the annual financial reporting, including reports on profit and losses of the company, the new Board of Directors of AVTOVAZ OJSC and the Audit Committee of the company.

Ernst & Young LLC became the auditor of AVTOVAZ OJSC.

Also, the decision on allocation of the profit, including payment of dividends for the financial year 2006, was adopted. 330,887 million roubles were allocated to payment of dividends, which makes 13,17% of the net profit.

The size of annual dividends also was approved: on preferred shares and ordinary shares - 10,3 roubles per share.

After the shareholders’ meeting, the first session of a newly elected Board of Directors of AVTOVAZ OJSC was held. Sergey Chemezov was elected as the Chairman of the Board of Directors of AVTOVAZ OJSC.