OMZ Cleans House, Elects New Board of Directors

OMZ, one of Russia's largest heavy-industry enterprises, reported on Jan. 21 that shareholders had unseated all seven board members of the company, electing a new Board of Directors.

The extraordinary general shareholder's meeting voted for an early termination of powers of the Board of Directors, which consisted of seven members. The new Board of Directors consists of nine members, including the CEO of OMZ.

Three of the seven members had been seated on the Board of Directors since the 1990s.

The company reported that shareholders also approved changes to "founding and internal documents" that include the company charter and three bylaws.

A statement issued by OMZ claimed that "the changes to the Charter and the Bylaws were introduced to ensure compliance with the requirements of the Russian Federal Service on Financial Markets and the Russian Law on Joint Stock Companies."

There has been no word on why all of the members of the Board of Directors were voted out of their respective OMZ positions.

According to the OMZ web site, the main shareholder of OMZ is CJSC Forpost-Management. JSB Gazprombank (OJSC) is a strategic financial partner.

In May 2007, The Federal Antimonopoly Service (FAS) of the Russian Federation dismissed the petition of Forpost-Management CJSC to buy 49.85% voting shares of Atomstroiexport CJSC.

In a statement issued by FAS, the grounds for refusal of the petition were based on "incomplete information presented to the antimonopoly service as well as lack of transparency of the company's ownership structure."

Furthermore, the statement revealed that FAS "requires all companies applying for permission to complete transactions, to reveal the end beneficiaries."

Vladimir Yurkov, general director of Forpost-Management, was named as the ninth member to the new OMZ Board of Directors. Valery Chernyshev, the third member elected to the Board of Directors, is the CEO of OMZ.

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