OREANDA-NEWS. August 18, 2010. Hotel "Rus" (Kyiv) hosted an extraordinary meeting of shareholders NJSIC Oranta. In course of the meeting the issues concerning the company's organizational structure, staffing of the governing bodies and the company’s statute have been reviewed and approved by the relevant amendments and additions. By tradition, the shareholders’ meeting was open to the attendance of mass media proving the company’s policy of transparency and publicity.

The highlight of the meeting was the unanimous approval of Mr. Igor Pugachev in the position of the Chairman of the Board NJSIC Oranta. Mr. Pugachev has been Acting Chairman of the Oranta’s Board from December 1, 2009. Also, by the decision of the shareholders Mr. Sergei Mikhailenko, Mrs. Lyudmila Ivanina and Mrs. Valentina Kolomoets had been appointed the Deputy Chairmen of the Board NJSIC Oranta, all of them previously occupied the posts of the Acting Vice Chairmen. Mr. Valery Gryshchenko was re-elected as the Deputy Chairman.

By unanimously approving the company's management, the shareholders expressed their confidence in the management of Oranta, and thus marked the positive changes that Oranta undergone since the period of their appointment. "The team of Oranta, both the Board and all employees are doing a very good job. The team is highly professional and the company is a leader. As one of the largest, if not the largest, shareholder of Oranta, we are well satisfied with their performance", - told the media Mr. Pavel Prosyankin, the representative of JSC BTA Bank (Kazakhstan) after the meeting.

To illustrate, during the period Igor Pugachev’s chairmanship, Oranta undergone a series of reforms resulting in the change of the company’s organizational structure, centralization of the management functions, increase in sales, minimization of the operational risks, introduction of a new IT office systems, reducing both administrative and operating costs. As a result of the chosen strategy, the financial results for the first half of 2010 amounted to UAH 2.996m. This result is an objective evidence of the effective implementation of the tasks assigned by Oranta’s owners to the company's top management.

Also, the new management of Oranta successfully implemented a launch of of versatile “shelf” insurance products market, thus increasing the percentage of non-motor types of insurance in the company’s portfolio in line with the planned growth of premiums in the motor segment. Oranta became the first insurance company to build a national network of cross-agents in all regions of Ukraine, including the remote locations.

In addition, Oranta in partnership with the major international auditor PriceWaterhouseCoopers has launched an ambitious project aimed at creating a single back-office and service center for the company. According to the outcomes of the first half year the transfer of the settlement function to outsource company Garant-Assistance already resulted in the reduction of the settlement costs by 33%. Thus, the new management successfully coped with all tasks appointed by the owners of Oranta, and will continue its efficient work to pursue Oranta’s proclaimed course of transparency and investment attractiveness in its current staff structure.

At the same time, on August 10, the shareholders of Oranta voted for the amendments and additions to the company’s statute and approved its new edition. It was decided that Oranta will transfer its shares from the existing documentary to a non-documentary form (so called dematerialization of the shares of corporation). This decision shows that Oranta is following the current legislation requirements and brings its activities in correspondence with the law "On the Joint Stock Companies".

With the purpose of reforming the company’s subdivisions, Oranta’s shareholders approved the transfer of all regional directorates to the off-balance status, thus enabling the company to improve the performance of its regional network and to reduce the administrative costs.

The transfer procedure of Oranta’s balance business units into the off-balance status has been ongoing since 2005. This process is justified in terms of both reducing the costs of JSC and improving the manageability of the regional network consisting of 800 affiliate offices. The off-balance status will enable Oranta’s regional offices to focus on sales while the transfer of the accounting functions to the directorates and the head office will allow significantly reducing the administrative costs of the company as a whole.

In course of the meeting company’s shareholders also adopted several decisions concerning the activities of the Supervisory Board of Oranta. Responding to the requests of the Vice-Chairman of the Supervisory Board NJSIC Oranta, Mr. Sergei Sulimov (CEO Clever Management, manages the assets of Mr. Nicholay Lagun), the member of Oranta’s Supervisory Board, Mrs. Elena Popova (Chairman of the Board, Delta Bank) and a candidate member of the Supervisory Board of Oranta, Mr. Valentine Zasukha to dismiss them from their positions at the Supervisory Board, the shareholders approved all of the above requests. Both Mr. Sulimov and Mrs. Popova had worked in Oranta for almost 10 months, since the approval of their positions at the shareholders' meeting of Oranta as of October 30, 2009.

In turn, Mr. Andrey Dudnik (the representative of Beckwood Holdings Limited), Mr. Victor Mokhort (the representative of LEOBERG Holdings Limited) and Mr. Igor Yurchenko (the shareholder) were appointed the members and a candidate member of the Supervisory Board of Oranta respectively. Mr. Dudnik was also elected the Vice-Chairman of the Supervisory Board.

By the decision of shareholders a member of the Audit Commission, Mr. Vitali Masyura and alternate members, Mrs. Laura Likerova and Mrs Tatiana Usachova were dismissed from the Audit Comission of Oranta. However, the following officials were appointed to the Supervisory Board by the decision of Oranta’s owners: Mr. Vladimir Mandrichenko (a member of the Audit Commission), Mr. Constantine Shosta (a candidate member of the Audit Commission) and Mrs. Aidar Alibayeva (a candidate member of the Audit Commission). Apart from that, Mrs Alia Akimbekova has been reappointed as the Chair of the Audit Commission, as well as the members of the Audit Commission – Mrs. Larissa Zdanowich, Mrs. Natalia Tkachenko and Mr. Nicholay Safyannikov.

The powers of the Chairman of the Supervisory Board of Oranta, Mr. Oleg Spilka, the Vice-Chairman of the Supervisory Board, Mr. Pavel Prosyankin, and the members of the Supervisory Board Mr. Alexander Tyminsky, Mr. Nicholay Varenko as well as candidates for the Supervisory Board Mr. Vladislav Manevsky and Madina Kurmanova were unanimously confirmed by the shareholders of the company.

In his closing remarks, the Chairman of the Supervisory Board of Oranta, Mr. Oleg Spilka said: "I expect that the new Board members and new members of the Supervisory Board will make the company better, will add to its value, its transparency and efficiency. I am sure that the owners of Oranta will continue to pay high attention to its development, monitor the accuracy of the company’s strategy at the classic segment of the Ukrainian insurance market, and benefit from Oranta’s steady position of the leader.