Rusnano Board of Directors Meets in Regular Session
OREANDA-NEWS. December 30, 2011. Meeting in regular session, the Board of Directors of RUSNANO approved co-investment in a project to establish a manufacturing company in
The technology at the base of this project comes from German company AQUANOVA AG. It provides a means for encapsulating active organic substances in nanocontainers (micelles) with a diameter of about 30 nanometers. By enhancing the activity of the natural components, the cost-effective technology makes rational use of biomaterials.
Final details of RUSNANO’s new investment project will be published after investment agreements have been signed by its participants.
The Board of Directors approved the conditions of a long-term incentive program for the chairman and members of the Executive Board of RUSNANO. In earlier communications, the company had announced that key employees would be eligible to purchase, with their own resources, shares or interest in project companies after RUSNANO had exited them and/or to receive a portion of RUSNANO’s additional (above planned) profit from realization of investment projects.
The document that the board approved states that incentive remuneration will be paid to the chairman and members of the Executive Board only under the following circumstances:
When, at the conclusion of an investment project, the project company has earned income at least equal to the level specified for it in RUSNANO’s business strategy, and
RUSNANO’s net income, calculated cumulatively in accordance with Russian Accounting Standards from the first accounting period of the company’s existence though the current accounting period, is positive.
During the meeting, the Board of Directors approved RUSNANO’s near-term financial plan for calendar year 2012 and its mid-term financial plan for 2012–2014. The financial plan provides for fulfillment of the company’s strategic goals and balance expenditures with receipts. The mid-term financial plan anticipates income of 149 billion rubles. RUSNANO would spend during that period 126.4 billion rubles to finance investment projects in nanotechnology and 9 billion rubles to finance construction of the European XFEL, or European X-Ray free electron laser project, an international scientific-technological complex for advanced research in nanotechnology. Expenditures to attract and service loans would be 32.5 billion rubles.
RUSNANO will continue its policy of conservative investment of temporarily free financial resources, placing monies exclusively on deposit with banks whose reliability is above the standards established by the Ministry of Finance of the
The Board of Directors approved limitation on the debt position of RUSNANO at 120 billion rubles. Surety will come in the form of government guarantees from the
The Board of Directors approved the sale of a portion of the shares of nanotechnology center Idea (
The Board of Directors endorsed a number of transactions between RUSNANO and the Fund for Infrastructure and Educational Programs in which members of the Executive Board of RUSNANO are interested parties.
During the meeting, the Executive Board presented a report on progress in realizing investment projects that the Board of Directors had approved and information on projects for which financing approval fell within the competency of the Executive Board. As set forth in the policy On Procedures and Conditions for Financing Investment Projects of RUSNANO, decisions on participations in investment projects are within the competency of the Executive Board when financing with resources of the corporation is greater than 300 million rubles but not more than 1.3 billion rubles.
Finally, the Board of Directors took note that RUSNANO had founded a subsidiary in
The Board of Directors gave its consent to combining Executive Board responsibilities with other positions:
Anatoly Chubais, chairman of the Board of Directors of RUSNANO, to serve concurrently as member of the boards of directors of Joule Global Holdings B. V. and Stichting Joule Global Foundation as part of realizing the investment project Joule: Biofuel and chemical products
Andrey Malyshev, member of the Executive Board of RUSNANO, to serve concurrently as member of the board of directors of Novomet-Perm as part of realizing investment projects Novomet: Nano-enabled submersible oil production equipment
Yakov Urinson, member of the Executive Board of RUSNANO, to serve concurrently as chairman of the Board of Directors of joint-stock commerical bank STRATEGIYA.
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