OREANDA-NEWS. May 27, 2011. Today, the JSC United Aircraft Corporation [RTS, MICEX: UNAC] held a regular Board of Directors (BoD) meeting chaired by Sergei Ivanov, Deputy Prime Minister of the Russian Federation at the headquarters of the Corporation. The BoD considered the Corporation’s Development Strategy for the period until 2025. The meeting’s agenda also included issues of administration of the UAC’s budget for 2010 and the budget for 2011; preparations for the JSC UAC’s Annual General Shareholders Meeting, and other issues.

The BoD approved the key provisions of the UAC’s Development Strategy for the period until 2025 and commissioned the Corporation’s executive board to develop and approve with interested federal agencies methods and tools of implementation of the Corporation’s Development Strategy until 2025.

The BoD also approved UAC’s budget for 2011 taking into consideration that the key activities of the United Aircraft Corporation are the following:
Sale and construction of civil aircraft in accordance with the concluded agreements where UAC committed itself as a contractor;
Performing R&D works including those stipulated in the Federal Targeted Program;
carrying out exploratory scientific works;
Financial activities to complete the restructuring of the debt of the Group’s enterprises within the framework of financial restructuring through the bonds issue;
ensuring financial stability and liquidity of the Company;
Investments including state funding of the plants;
coordinating and financing projects of re-equipment within the Federal Targeted Program for the Military Industrial Complex,
financing aircraft design and aircraft production programs.

The BoD preliminary approved the annual report of the Corporation for 2010 and its accounting report for 2010. The BoD recommended the General Shareholders Meeting to approve the UAC’s annual report for 2010 and the UAC’s accounting report for 2010 including the report on Company’s profits and losses for the previous financial year.

The BoD recommended the UAC’s Annual General Shareholders Meeting not to distribute any profits and not to pay any dividends on the shares due to lack of net profit in 2010.

The BoD decided to hold an Annual General Shareholders Meeting of JSC UAC on June 30, 2011 and to send out the voting bulletin to shareholders prior to the meeting. The agenda of the Annual General Shareholders Meeting will include the following issues:
Approval of the annual report of the Company.
Approval of the annual accounting reports including the reports on profits and losses of the Company.
Approval of the Company’s profits distribution upon the results of 2010.
On size, terms and form of dividends payments upon the results of 2010.
On payment of remuneration to those BoD members who are not public officers in the amount set by the internal documents of the Company.
Election of the members of the BoD of the Company.
Election of the members of the Audit Committee of the Company.
Approval of an independent auditor.

The list of the persons entitled to take part in the Annual General Shareholders Meeting should be drawn up by May 23, 2010. The BoD also considered other issues relating to preparation and holding of the Annual General Shareholders Meeting.

The BoD also determined the stance of JSC UAC in relation to the composition of the BoDs and executive boards of the subsidiaries.

The BoD considered and approved a number of UAC`s related party transactions (transactions with its subsidiaries). The point of these transactions is to finance the Corporation’s subsidiaries’ production activities.