OREANDA-NEWS. June 17, 2009. OJSC GAZ shareholders will hold an Extraordinary General Meeting for this purpose.

Former GM Group Vice President Bo Andersson has accepted the proposal of shareholders of OJSC GAZ to join the Board of Directors of the company. A possibility to be appointed Chairman of OJSC GAZ Board of Directors has been discussed with him previously, and the shareholders hope that this candidate will be elected. At this time the former GM Group Vice President has been appointed Chief Consultant to the current GAZ Board of Directors and Advisor on automotive engineering to Mr. Oleg Deripaska.

On June 29th an annual general meeting of OJSC GAZ shareholders will take place at which the new Board of Directors of OJSC GAZ will be elected. In accordance with the corporate procedures the nominations from the shareholders of the candidates to the Board of Directors were accepted prior to February 1, 2009. However, in view of the changes in the situation inside the company and in the industry as a whole, GAZ Group has faced the need to solve the important problems of restructuring the business, creating a new generation of the model range, improving the quality of produced vehicles up to the level of international standards, improving the key performance indicators. Due to the fact that it is impossible to make changes in the list of nominated candidates for legal reasons, OJSC GAZ shareholders will file an appropriate request to the Board of Directors of the company to hold an extraordinary meeting and nominate Mr. Bo Andersson as a candidate for the Board of Directors.