OREANDA-NEWS. July 30, 2009. General shareholders' meeting of the public joint stock company Ventspils nafta has reviewed all issues on the agenda that was previously announced in accordance with the law, by adopting specific resolutions in each of them.

The general shareholders' meeting of JSC Ventspils nafta took knowledge of the company's management and consolidated report on operating results of 2008, report of the company's Supervisory Council and auditor's opinions on annual reports for 2008. Shareholders approved the annual report of JSC Ventspils nafta for 2008 that is prepared in accordance with the Law on Annual Reports of the Republic of Latvia, and the consolidated annual report of JSC Ventspils nafta for 2008 that is prepared in accordance with the International Financial Reporting Standards.

Shareholders decided to transfer profit of 2008 of JSC Ventspils nafta parent company amounting LVL 40,046,348 to the company's remaining reserves.

General shareholders' meeting elected the audit firm Ernst&Young Baltic Ltd (commercial enterprise license No.17) as auditor of annual report and consolidated annual report of JSC Ventspils nafta  for 2009, by authorizing the Management Board of JSC Ventspils nafta to conclude a contract with Ernst&Young Baltic Ltd on audit of the company's annual reports for 2009.

Majority of JSC Ventspils nafta shareholders did not support adopting a resolution in the issue on amendments to the company's Articles of Association. It was therefore not possible to review also the issue on elections of audit committee. According to the Articles of Association of JSC Ventspils nafta, a resolution on amendments to Articles of Association can be adopted by the company's shareholders' meeting, if at least three quarters of votes of the present shareholders with voting rights are cast in favor of the amendments, but the absolute majority of present shareholders with voting rights - 99.79 % voted against the amendments in question.

Shareholders or their authorized persons in total representing 93.44% of the company's voting share capital participated in the general shareholders' meeting of JSC Ventspils nafta.