On April 24 the Supervisory Board of ALROSA considered the agenda for the Company’s Annual General Meeting of shareholders. The Board approved among other issues the recommended amount of dividend payment for 2013, which may rise 32% as compared to 2012.
The company’s Supervisory Board approved recommendations on profit distribution. In 2013, ALROSA net profit totaled RUB 31.837 billion (calculated under IFRS) including RUB 30.917 billion of profit attributable to owners of OJSC ALROSA. In accordance with the Company’s dividend policy ALROSA spends for dividends at least 35% of IFRS net profit for the year.
The Board recommended shareholders to vote for spending RUB 10.826 billion of net profit for dividend payment for 2013. The recommended amount will be RUB 2.651 billion or 32% higher than dividends paid in 2012. The dividend amount per ordinary share with principal amount of RUB 0.50 may total RUB 1.47.
The remaining part of net profit is expected to be spent on capital expenditures budgeted for 2014.
ALROSA Supervisory Board decided to hold annual shareholders meeting on June 28. The agenda draft of the meeting besides dividends also includes a number of standard items such as approval of the ALROSA annual report and financials, elections to the Supervisory Board and the Audit Commission, approval of changes in the Charter of OJSC ALROSA . The company’s shareholders will also approve the new editions of following documents: Regulations on the procedure of General Meetings of Shareholders,
Regulations on Supervisory Board, Regulations on Activities of the Auditing Committee, Regulations on Remuneration to members of the Supervisory Board.
The meeting also reviewed other issues relating to current operations.