JSC "TECHSNABEXPORT" Management System

Functions of the Board of Directors

In 2011 JSC "TECHSNABEXPORT" Board of Directors convened 13 meetings, where the following issues have been discussed:

  • approval of the JSC “TECHSNABEXPORT” budget for 2011;
  • approval of the JSC “TECHSNABEXPORT” KPIs for 2011;
  • approval of real estate deals;
  • approval of JSC “TECHSNABEXPORT” opting out of other organisations;
  • approval of significant deals;
  • approval of the Company’s financial estimates for charity in 2011;

The Board of Directors Report on performance in 2011 is provided in Appendix № 3.

On 14 June 2011 the JSC "TECHSNABEXPORT" Board of Directors approved a significant deal (the contract for providing a credit facility to the Company). The relevant terms of the deal are not disclosed in this Report because this information forms a part of the Company's trade secret.

In 2011 the JSC "TECHSNABEXPORT" sole shareholder approved no major transactions, which are deemed major in accordance with the Federal law "On joint stock companies".

In 2010 neither the JSC "TECHSNABEXPORT" Board of Directors nor the JSC "TECHSNABEXPORT" sole shareholder approved interested-party transactions, which are considered such in accordance with the Federal law 'On joint stock companies'.

In 2011 no remuneration was paid to the members of the Board of Directors.