OREANDA-NEWS. July 4, 2011. OJSC Uralkali (LSE: URKA), one of the world’s major potash producers, held its Annual General Meeting (AGM) of Shareholders in the town of Berezniki (Perm Territory, Russia).

Uralkali’s AGM elected a new Board of Directors which includes two new independent non-executive directors, Sir Robert John Margetts and Paul James Ostling. The two new independent directors have extensive experience as independent directors of public companies and have joined Uralkali’s Board in place of Hans Jochum Horn and Ilya Yuzhanov. Alexander Voloshin, who was Chairman of the previous Board, has also been elected to the new Board. In addition, Vladislav Baumgertner, Uralkali CEO, has joined the new Board of Directors.

Therefore, Uralkali’s new Board of Directors has the following composition:

Vladislav Baumgertner

Alexander Voloshin

Pavel Grachev

Anna Kolonchina

Alexander Malakh

Robert John Margetts

Alexander Mosionzhik

Alexander Nesis

Paul James Ostling

Uralkali’s shareholders also approved a dividend payment of 4.55 roubles per share and about USD 0.8 per GDRi. The dividend will be paid on all Uralkali’s ordinary shares, including two additional issuances into which Silvinit shares were converted as a result from its combination with Uralkali. Thus over 14 billion roubles (ca. USD 500 million)ii or approximately 50% of the net profit received by Uralkali and Silvinit in 2010 according to IFRS will be paid out as a dividend.

Moreover, the AGM approved changes to the Regulations for the Appointment of directors and to Remuneration paid to the members of Uralkali’s Board of Directors. The basic annual remuneration for the members of the Board who are independent directors, excluding the Chairman of the Board of Directors, has been increased from USD 100,000 to USD 150,000. The increase is connected with the combination of Uralkali and Silvinit which has enhanced the scale of Uralkali’s activities.

The AGM approved the Company’s annual report and financial statements. The shareholders approved PricewaterhouseCoopers as Uralkali’s Auditor for 2011 for its IFRS statements and BAT-Audit as Uralkali’s Auditor for 2011 for its Russian GAAP and elected the Internal Audit Commission.

Vladislav Baumgertner, Uralkali CEO:

Corporate governance is a priority for Uralkali. We believe that the extensive experience in public companies of our independent non-executive directors will contribute to the ongoing improvement of corporate governance at the company