KAMAZ Shareholders Meeting
The annual KAMAZ Shareholders Meeting on 2007 results which took place on 24 June in Naberezhnye Chelny examined all items on the agenda and made decisions.
Holders of 96.5% KAMAZ shares participated in the meeting.
Sergey Kogoghin, Director General of KAMAZ Inc., who chaired the meeting made a current report. He noted that 2007 became a period of change in the KAMAZ history, and the company completely overcame the aftershock of the crisis of the 1990s and managed to regain leadership on the Russian truck market. “To date KAMAZ is on the threshold of the new period of its development – an innovation period”, – said Director General of the auto giant.
Sergey Kogoghin sized up the tasks confronting KAMAZ today as rather difficult. “Not only the future of the company and its 72 thousand employees and their families, but also the future of the Russian truck production in whole depends to a large extent on the investment decisions the company makes today”, – he said in conclusion of his report.
According to Kogoghin, KAMAZ plans to finish elaboration of a new innovation development strategy in 2008. Apparently, innovation growth strategy realization will require considerable investment. In the current year the investment budget of KAMAZ Inc. will make up RUB 6 billion 124 million. It is more by a quarter than the net profit of the company for 2007.
KAMAZ Board of Directors suggested the shareholders meeting allotting the net income in the rate of RUB 4 billion 820 million according to the performance of KAMAZ Inc. in 2007 in the following way:
– 5% to form the reserve of KAMAZ Inc.;
– 29% to pay off last year losses;
– 66% to finance the company’s investment program.
Besides the obligatory issues placed on the agenda according to the articles of KAMAZ Inc. and the RF corporation laws, the annual KAMAZ shareholders meeting on 2007 results also made a decision about liability insurance of KAMAZ board directors and the company’s director general.
The final results of the voting on all discussed issues, including election of the new Board of Directors and the audit commission of KAMAZ Inc., will be published within two weeks.
Friday, 27 June 2008
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