31 May 2019, Magnitogorsk
MMK announces results of Annual General Meeting of Shareholders
PJSC Magnitogorsk Iron and Steel Works (MMK) announces that today, May 31, 2019, the Annual General Meeting of Shareholders was held in Magnitogorsk. The AGM approved the annual report and accounts for 2018 and approved the payment of dividends.
Based on the results of Q4 2018, dividends will be paid in the amount of RUB 1.398 (before tax) per share. Based on the results of Q1 2019, dividends will be paid of RUB 1.488 (before tax) per share.
The record date was determined as:
- 11 June 2019 at the end of the business day for Q4 2018 dividends;
- 20 June 2019 at the end of the business day for Q1 2019 dividends.
The AGM elected MMK's Board of Directors as follows: Victor Rashnikov, Pavel Shilyaev (CEO of MMK), Sergey Ushakov (Deputy Director of Sales at MMK), Andrei Eremin (Financial Director at MMK, elected for the first time), Olga Rashnikova, Zumrud Rustamova (Deputy CEO of Polymetal), Kirill Levin (Deputy Chairman of the Management Board at AO Russian Agricultural Bank). In addition, three directors were elected who meet the criteria for independence of the Russian Corporate Governance Code as approved by the Central Bank of Russia, and the Listing Rules of Moscow Exchange: Valery Martsinovich (Strategic Director for European Fast Growing Markets Cluster at Hay Group), Tav Morgan (Department Director at Baring Vostok Capital Partners Group Limited), Nikolay Nikiforov (elected for the first time, Chairman of the Board of Directors of Diginavis LLC, Minister of Communications and Mass Communications of the Russian Federation from 2012-2018).
The shareholders approved:
- PWC Audit as MMK's auditor;
- Remuneration and compensation paid to members of the Board of Directors during their performance of duties in 2019-2020 (RUB 80 million);
- A new edition of internal documents regulating the activities of management bodies at MMK.
After the AGM, the first meeting of MMK's new Board of Directors took place, at which Victor Rashnikov was elected as Chairman. The Board of Directors formed four committees, including a new one - the Committee on Labour Protection, Industrial Safety and Ecology. In addition, a decision was passed to recognise Kirill Levin as an independent member of the Board.
Information about MMK
MMK is one of the world's largest steel producers and a leading Russian metals company. The company's operations in Russia include a large steel-producing complex encompassing the entire production chain, from the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel products with a predominant share of high-value-added products. In 2018, the company produced 12.7 million tonnes of crude steel and 11.7 million tonnes of commercial steel products. MMK Group's revenue in 2018 amounted to USD 7,546 mln and EBITDA amounted to USD 2,032 mln.
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