OREANDA-NEWS. November 30, 2007. On November 27, 2007, the Board of Directors of OJSC LSR Group held a regular meeting that decided to convene an extraordinary General Shareholders Meeting on February 7, 2008, LSR's press service reported.

The approved agenda of the meeting included, in particular, an item on early termination of powers of the Board of Directors and election of a new Board of Directors following the Board's decision to expand its membership.

The proposed increase in the composition of the Board is linked to the decision to establish a Strategy and Investment Committee under the Board of Directors as well as, in conformity with legislative regulations and best practices of corporate governance, to enable the new shareholders of the Company following the IPO to nominate their candidates to the Board. Accordingly, as stated by Member of the Board of Directors and CEO of LSR Group Igor Levit, the company has circulated notice to all major shareholders of LSR Group.

To remind, as of now, the Board of Directors of LSR Group is composed of five members including two independent directors, and has two committees – HR and Compensation Committee, and Audit Committee.