OREANDA-NEWS. On 12 February 2008 was announced, that an extraordinary Shareholders Meeting of OJSC LSR Group was held with the participation of the holders of 72,469,895 (77.37%) votes out of 93,663,832 (100%) votes. Hence, there was a quorum on all of the items reviewed.  

The extraordinary Shareholders Meeting of LSR Group approved the new composition of the Company’s Board consisting of 7 directors including 4 senior managers of LSR Group and 3 independent directors. 

The newly-elected Board of Directors of OJSC LSR Group is as follows:

1. Igor Levit, CEO of LSR Group.
2. Mikhail Romanov, Managing Director of LSR Group.
3. Elena Tumanova, CFO of LSR Group.
4. Dmitry Goncharov, Managing Director of LSR Europe GmbH (a company of LSR Group).
5. Lauri Ratia, Independent Director, chairman and member of the boards of directors of a number of Finnish companies in different industrial sectors.
6. Sergey Skaterschikov, Independent Director, Chairman of IndexAtlas Group, Vice President, OJSC MTS.
7. Seppo Juha Remes, Independent Director, CEO of Kiuru Partners LLC consultancy company, member of the Boards of Directors of OJSC RAO UES of Russia, OJSC OMZ, OJSC Severstal-Avto, OJSC SIBUR and others. Chairman of the Board of Directors of EOS Russia. 

Thus, the number of Board members of OJSC LSR Group has grown from 5 to 7 people.

The extraordinary Shareholders Meeting also approved amendments and addenda to the Charter of OJSC LSR Group and the revised Regulations on the Board of Directors of OJSC LSR Group  providing for increased competence of the Company’s Board of Directors. Particularly, now all transactions made by LSR Group subsidiaries involving the acquisition or sale of shares in other companies as well as all major transactions require preliminary approval of the Board of Directors of the Company.

A Member of the Board of Directors of OJSC LSR Group, Igor Levit commented as follows:

“The strengthening of the role played by the Board of Directors of LSR Group as well as the election of one more independent director is a  further example of the company’s consistent implementation of the best principles of corporate governance and I look forward to working very closely with the expanded Board on delivering further value to our shareholders."