OREANDA-NEWS. On May 28, 2009 Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, announced that the Board of Directors (the “Board”) has set the agenda for the Company’s Annual General Meeting of shareholders (“AGM”) scheduled for June 27, 2009, reported the press-centre of Sistema.

Among other issues the Board recommended the AGM to consider the following:

Approve the Company’s Annual Report;

Approve the Company’s Russian Accounting Standards annual financial statements for 2008

Elect the members of the Board of Directors;

Elect the members of the Audit Committee;

Approve the distribution of profits and losses of the Company based on the full year 2008 results, including size, order, form and timing of dividends payment;

Approve Sistema’s auditors.

The Board of Directors also recommended the AGM to elect 13 members of the Board as follows:

Alexander Goncharuk
Alexander Gorbatovsky
Vladimir Evtushenkov
Ron Sommer 
Dmitry Zubov
Vyacheslav Kopiev
Robert Kocharyan
Leonid Melamed
Rajiv Mehrotra
Evgeny Novitsky
Stephan Newhouse
Robert Skidelsky
Sergey Cheremin

Vladimir Evtushenkov, Chairman of the Board of Directors at Sistema, commented: “We believe that the presence of independent directors on the Board is one of the key instruments of sound and effective corporate governance. We intend to further develop and improve our corporate governance. Therefore, we have nominated two new independent candidates to the Board, Robert Kocharyan and Rajiv Mehrotra. Furthermore, we have recommended the AGM to elect Leonid Melamed, President and Chief Executive Officer of Sistema, to the Board of Directors, in line with our established corporate practice.”