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Unified Energy System

December 30, 2004

RAO UES Audit Committee holds its regular meeting

Moscow, 30 December 2004. At its regular meeting, the Audit Committee under the Board of Directors of RAO "UES of Russia" approved the model Regulation on the Audit Committee under the Boards of Directors of subsidiaries and dependent companies (SDCs) of RAO "UES of Russia".

Such Audit Committees are to be created in companies established in the course of the electricity reform, in particular, Wholesale Generation Companies (WGCs), Territorial Generation Companies (TGC), Interregional Distribution Companies (IDCs), and the Federal Grid Company (OAO "UES FGC"). Besides, it is recommended that the Audit Committees be created in companies listed on stock exchanges. The creation of Audit Committees is bound to have a positive influence on the companies' investment attractiveness and increases transparency of their governance.

The Audit Committee backed the proposal of the Committee members that the Auditing Boards of RAO UES SDCs should include representatives of minority shareholders owning in the aggregate at least 15% voting shares. The Audit Committee recommended the Board of Directors and the Management Board of RAO "UES of Russia" to take this proposal into account when determining the Company's position on the voting at AGMs of shareholders of RAO "UES of Russia" subsidiaries and dependent companies.

The Committee also approved the work plan for the period until May 2005.

 

 

 

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