OREANDA-NEWS. July 27, 2011. The annual shareholders’ meeting of joint stock company “Ventspils nafta” according to the law considered issues put on the previously announced agenda: approval of the consolidated annual report for 2009, approval of annual reports for 2010, utilization of profit of 2010, election of auditor for audit of annual reports for 2011. The shareholders’ meeting also elected new Supervisory Council of VN, which will consist of 11 shareholder representatives.

The shareholders’ meeting decided to take notice of the report of the Supervisory Council and of the report of the Audit Committee of VN, as well to approve the consolidated annual reports of VN for 2009 and 2010 that have been prepared in accordance with the International Financial Reporting Standards. The annual report of VN for 2010 that has been prepared in accordance with the Law on Annual Accounts of the Republic of Latvia was also approved.

Shareholders decided to postpone consideration of the agenda item on utilization of VN profit of 2010.

Shareholders decided to elect audit firm “PricewaterhouseCoopers” Ltd. as auditor of the annual report and consolidated annual report of VN for 2011 and to authorize the Management Board of VN to conclude a contract with “PricewaterhouseCoopers” Ltd. on audit of the annual reports of VN for 2011, by fixing remuneration within the approved budget of 2011 of VN.

As of July 27, 2011 the following persons have been recalled from the VN Supervisory Council: Javed Ahmed, Mikhail Dvorak, Vladimir Egger, Rubil Yilmaz, Mark Ware, Christophe Theophanis Matsacos, Olegs Stepanovs, Edgars Jansons, Rudolf Meroni, Michael Hason, David Alexander Schlaff.

As of July 27, 2011 the following persons have been appointed to VN Supervisory Council: Javed Ahmed, Mikhail Dvorak, Vladimir Egger, Rubil Yilmaz, Mark Ware, Christophe Theophanis Matsacos, David Guy Anstis, Rudolf Meroni, Mihhail Dementjev, Janis Haze and Hardija Vaivade.

Shareholders’ meeting also assigned Vladimir Egger to call the first meeting of the newly elected VN Supervisory Council, inform Supervisory Council members about the time and place of the meeting, set agenda for the first meeting of the newly elected VN Supervisory Council, open the meeting, as well as perform other necessary activities related to calling and holding of the first meeting of the newly elected VN Supervisory Council.

Shareholders decided to fix a remuneration fund for Supervisory Council members for fulfilling duties of VN Supervisory Council members in amount of LVL 0.00 (zero lats) per year.

Shareholders representing 92.87% of shares with voting rights participated in the meeting.