In accordance with the Labour Code of the Russian Federation, the labour contract of ALROSA President Fyodor Andreev is terminated since October 23. Fyodor Andreev’s decision on resignation is caused by medical reasons.
Fyodor Andreev will continue as a non-executive Supervisory Board member. First vice-president Ilya Ryashchin has taken over from Mr. Andreev as acting president of ALROSA.
The agenda of the ALROSA Supervisory Board meeting on October 23 didn’t include an item on appointment of a new President.
The Supervisory Board approved an adjusted budget for 2014. According to this budget, in 2014, diamond output of ALROSA will total 36 mln carats. The bigger part of ALROSA’s sales will be made under long-term contracts with large international and domestic diamond and jewelry producers.
The Supervisory Board also discussed issues related to the development of corporate governance system proposed for consideration by companies partially owned by the state in 2014.
In accordance with the Supervisory Board decision, ALROSA must complete and approve the Long-term Development Program until 2023 with due regard for the guidelines for open joint-stock companies and federal state unitary enterprises issued by Ministry of Economic Development of the Russian Federation. The strategy of ALROSA Group, the long-term development plan for 2012-2021, the innovation growth and technical modernization program will become the cornerstone principles to underpin the Long-term development program until 2023.
By 30 March 2015 the Company will also develop and submit for approval a structure of United Treasury of ALROSA and its subsidiaries.