OREANDA-NEWS. August 18, 2011. ARMADA group of companies (MICEX, RTS: ARMD) hereby announces a number of resolutions passed at the annual general meeting of shareholders that was held on August 15.

The company’s shareholders approved the Annual Report and the annual accounting reports for 2010. The shareholders also passed a resolution not to pay out dividends based on the results of 2010 and instead to allocate undistributed profit for business development.

One of the items on the meeting’s agenda was related to the election of ARMADA’s board of directors which consists of seven people. Six of the seven members of the board of directors were re-elected: Alexey Kuzovkin, Azer Badalov (Helios IT Solutions CEO), Alexander Kutuzov (PM Expert CEO), Maxim Selivanov (Soyuzinform CEO), Yury Mostovoy (non-executive director) and Viktor Potekhin (non-executive director). The seventh member of the board of directors is Igor Gorbatov, who was ARMADA OJSC’s CEO between 2009 and February, 2011. Igor Gorbatov ranked number one in the rating of Russian CEOs1 of IT and telecom companies. The rating was based on the growth of the company’s stock capitalization during the time when the manager held his position.