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Raspadskaya determines independent directors

19.09.2006


The Board of Directors of Raspadskaya Met in Mezhdurechensk
 
The Board of Directors elected Alexander S. Vagin as its Chairman. Mr. Vagin is the First Deputy Director of Raspadskaya Coal Company. Board Members Jeffrey R. Townsend and Christian Schaffalitzky (de Muckadell) were determined to qualify as Independent Directors in accordance with the criteria for independence indicated in the new Statute on the Board of Directors. The Board also decided to form an Audit Committee and confirm the Statute on Committees of the Board of Directors.
 
Mr. Townsend was elected as the Chairman of the Audit Committee, which also includes Mr. Schaffalitzky and Alexander Frolov, who represents Evraz Group on the Board.
 
The Board adopted a number of internal documents aimed at increasing the effectiveness of the financial and business activities of the Company and improving the procedures for disclosure of information. In particular, the Board of Directors approved a statute on handling of information that if disclosed could significantly influence the value of the Company’s securities.
 
All of the abovementioned initiatives are part of a program to bring the business activities of Raspadskaya in line with international best practices for corporate management.
 
At the meeting the Board Members also discussed Raspadskaya’s dividend policy. It was decided that the Company’s dividend policy should stipulate the payout in dividends of no less than 25% of consolidated profits according to International Financial Reporting Standards.
 
The Board also confirmed the work schedule of the Board of Directors for the fourth quarter of 2006 and the first half of 2007.

About the Company
 
Raspadskaya comprises a group of enterprises operating in the coal production complex of the Kemerovo Region in Russia. These enterprises include the Raspadskaya Mine, the MUK-96 Mine, the open-cut mine Razrez Raspadsky, the Raspadskaya Koksovaya Mine (under construction) and the Raspadskaya Enrichment Plant, as well as number of transport and infrastructure service enterprises.
 
The Company is the largest producer of coking coal on the Russian market, and it provides coal products to smelters and coking plants in both Russia and the near abroad. In 2005 Raspadskaya produced 9.7 million tons of coal.
 
The managing company for Raspadskaya is Raspadskaya Coal Company. A 92.65% stake in Raspadskaya is owned by Corber Enterprises Limited, which is owned on a parity basis by Evraz Group and the management of Raspadskaya. The remaining shares are held by minority shareholders.
 
Contacts for the Press
 
Raspadskaya Coal Company
7 (38475) 465 30 – Galina Kovalchuk
7 (495) 147 1516 – Alexander Andreev
 
The PBN Company
7 (495) 775 0077 – Artem Dovlatov
© 2017 Raspadskaya