Moscow, 20 September 2004. At the first meeting of the new members of the Audit Committee under the Board of Directors of RAO "UES of Russia", Ilya Yuzhanov, member of RAO UES Board, was elected to serve as Deputy Chairman of the Committee.
The Committee approved the 2004-2005 Work Plan, envisaging, in particular, a study of the fuel procurement system and organization of investment process at OAO RAO "UES of Russia", as well as development of practical recommendations to improve them.
Besides, the Committee approved the report on the results of insider deals in securities of RAO "UES of Russia" in Q2 2004. According to the report, there were no instances of deals in the Company's made by executives of RAO "UES of Russia" that could be regarded as insider trading. The Audit Committee noted that it is advisable to publish this report and later reports on the Company's website.
At the meeting, the Committee members backed the initiative of RAO UES management to reduce the time for the preparation of audited consolidated financial statements in accordance with the IFRS. In its turn, the Committee submitted its recommendations to the Company's management to draft, as soon as possible, the documents regulating the selection of independent auditors for the subsidiaries and dependent companies of OAO RAO "UES of Russia".
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* The Board of Directors appointed new members of the Audit Committee on 30 July 2004:
1. Seppo Remes: President, Kiuru Partners LLC, Chairman of Audit Committee.
2. Ilya Yuzhanov: member of the Board of Directors, OAO RAO "UES of Russia"
3. Alexander Kazakov: Chairman of the Committee for Federation Matters and Regional Policy, Federation Council of the Federal Assembly of the Russian Federation.
4. Sergey Skatershchikov: Director General, OOO Idexatlas, independent expert member of the Audit Committee.
5. A.I. Klekovkin: representative of A.E. Bugrov, member of the Board of Directors, OAO RAO "UES of Russia"
6. R.V. Kozhura: representative of V.V. Rashevsky, member of the Board of Directors, OAO RAO "UES of Russia"
7. E.G. Polovnikova: representative of G.V. Berezkin, member of the Board of Directors, OAO RAO "UES of Russia"
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