URALCHEM, OJSC, one of the largest producers of nitrogen fertilizers in Russia and the CIS, announces the decisions made at the Annual General Meeting of its shareholders (AGM) on 3 June, 2008.
The shareholders voted in favor of URALCHEM’s revised Charter. The shareholders also approved the following resolutions: “The Board of Directors of URALCHEM, OJSC”; “The General Meeting of Shareholders of URALCHEM, OJSC”; “The Audit Committee of URALCHEM, OJSC” and “The Remuneration Report of the Members of the Board of Directors of URALCHEM, OJSC”.
The shareholders elected the following members to the Board of Directors:
1. Dmitry A. Mazepin;
2. Paul J. Ostling;
3. Dmitry V. Osipov;
4. Anton V. Vishanenko;
5. Dimitry V. Tatyanin;
6. Mikhail V. Genkin;
7. Dmitry V. Konyaev;
8. Mikhail A. Markin;
9. Sergey A. Drinevskiy.
The Board of Directors was increased to nine members from seven in the previous year. Paul J. Ostling was elected as an independent non-executive director of the Board. The Audit Committee of the Board of Directors of URALCHEM, OJSC will be headed by Paul J. Ostling.
Additionally, the Company’s shareholders approved URALCHEM’s 2007 Annual Report; the Annual financial accounts, including the profit and loss statement for full year 2007. The shareholders voted in favor of the proposal to withhold the distribution of profits and payment of dividends for 2007. The shareholders elected members of the Audit Committee.
Dmitriy Mazepin, Chairman of the Board of Directors of URALCHEM, commented: “We welcome Paul Ostling to the Board. Paul brings a wealth of managerial experience and a proven track record in managing a top four multinational auditing and consulting firm. We see Paul as a key person in driving further improvements in our corporate governance and reporting as we take URALCHEM to the next significant level in its development.”
Paul J. Ostling commented: “I am very pleased to join the Board of Directors of URALCHEM as an independent director. URALCHEM is currently one of the largest and most rapidly developing companies on the Russian fertilizer market. The Company presently stands at the threshold of a number of significant positive developments, and I am keen to use my knowledge and expertise to assist URALCHEM in reaching new heights.”
Paul J. Ostling was born in 1948. Mr. Ostling holds a Law Degree from Fordham University School of Law and a B.S. in Mathematics and Philosophy from Fordham University. Mr. Ostling has over 30 years of managerial experience.
From 2003 through 2007 he was Global СОО at Ernst&Young Global, where he also held other top management positions over a 31 year career: in 1994-2003 he was Global Executive Partner, in 1985-1994 - Vice Chairman and Director of Human Resources, in 1977-1985 — Associate General Counsel and Deputy to General Legal Adviser.
Since 2007 Mr. Ostling has been President of KUNGUR Oilfield Equipment & Services (Moscow).
Since June 2007 he has been an independent member of the Board of Directors and Chairman of the Audit Committee on the Board of Directors of MTS OJSC.
Mr. Ostling is Chairman of the Business Council for International Understanding (BCIU), a global organization sponsoring commercial diplomacy. Mr. Ostling is also the Chairman of the Audit Committee of the United Services Organization, and the Deputy Chairman of Cool nrg, PLC, an environmental services company headquartered in Australia. From 2003 until 2007, he was a member of the Board of Directors at Trans-Atlantic Business Dialogue (TABD) and Co-Chairman of the Ukrainian Foreign Investments Council.