The Board of directors considered the results of the tender for selection of auditor to carry out statutory audit of the 2004 annual financial statements of the Company. The Board recommended ZAO KPMG to be approved Company’s auditor by general shareholders’ meeting.
9 audit organisations submitted their bid applications, form which one was rejected for non-compliance with the established requirements. ZAO KMPG was announced winner of the open tender. ZAO KPMG is one of the five biggest international auditing organisatons and has experience in conducting audit of financial statements under the International standards.