OREANDA-NEWS. Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, today announced the decisions made at the Annual General Meeting of its shareholders ("AGM") on June 30, 2007. 

The AGM approved an annual dividend of RUR 48 per ordinary share, or approximately US$ 0,038 per Global Depositary Receipt ("GDR"), for the twelve months ended December 31, 2006, to be paid to holders of Sistema's shares as at the record date of May 12, 2007. The dividend payment, which amounts to approximately RUR 463,2 million or approximately US$ 17,9 million, represents approximately 2% of Sistema's US GAAP consolidated net income for the full year 2006 and is due to be paid within 60 days of today's AGM approval.

The shareholders also approved the election of the members of the Board of Directors as follows:

- Vladimir Evtushenkov - Chairman

- Alexander Goncharuk - Chief Executive Officer

- Evgeny Novitsky - Non-executive Director

- Dmitry Zubov - Non-executive Director

- Vyacheslav Kopiev - Non-executive Director

- Alexander Leiviman - Non-executive Director

- Sergey Drozdov - Senior Vice President

- Alexander Gorbatovsky - Non-executive and Independent Director

- Stephan Newhouse - Non-executive and Independent Director

- Ron Sommer - Non-executive and Independent Director

In addition, the AGM approved the election of the members of the Audit Committee and approved a new version of the Company's Charter

Audit-Garantia-M was appointed as Sistema's Russian Accounting Standards auditor for  2007, and Deloitte & Touche was appointed as Sistema's US GAAP auditor for 2007.

At the statutory Board meeting following the AGM, the Sistema's Board of Directors re-elected Vladimir Evtushenkov as Chairman and Vyacheslav Kopiev and Dmitry Zubov as the Deputy Chairmen of the Board of Directors.