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Nizhnekamskneftekhim

March 14, 2011

Meeting of Board of Directors of OAO Nizhnekamskneftekhim

On March 14, 2011, a regular Meeting of the Board of Directors of OAO Nizhnekamskneftekhim was held in Kazan under the chairmanship of Mr. A. Shigabutdinov, General Director of OAO TAIF, Chairman of the Company’s Board of Directors.

Members of the Board of Directors tentatively approved of the Company’s Annual and Social Reports for 2010.

The Board of Directors recommended to pay dividends based on the results of the Company’s financial and economic activity in 2010 in the amount of 30 percent of net income, which makes RUR2.152 bln., or RUR 1.176 per each ordinary and preferred share.

The Board of Directors approved of the Agenda of the Annual Meeting of Shareholders, the Announcement for publishing purposes, the form and texts of voting bulletins; list of information items to be provided to the shareholders; amendments and addendums to the Statute and internal documents.

The Annual Meeting of Shareholders of OAO Nizhnekamskneftekhim will be held on April 15, 2011, at 10 a.m. at the Company Headquarters.

Based on the results of the tender on selection of an independent auditor of OAO Nizhnekamskneftekhim in accordance with Russian Accounting Standards (RAS) and International Financial Reporting Standards (IFRS), PricewaterhouseCoopers was recommended as an auditor for 2011 for approval at the General Meeting of Shareholders.

The Board of Directors took notice of information about payables and receivables of OAO Nizhnekamskneftekhim, metrics of the Company’s financial stability, the progress of implementing activities focused on improvement of occupational and industrial safety, as well as of the Company’s business in the stock market, credit ratings and capitalization.

 

 

 

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