Annual General Meeting of Bashneft Shareholders to take place on June 27, 2013
The Board of Directors of JSOC Bashneft at its scheduled meeting decided to convene the Annual General Meeting of Shareholders of JSOC Bashneft on June 27, 2013 in Ufa in the form of joint presence of shareholders, approved the meeting agenda and set the date for compiling a list of persons entitled to participate in the General Meeting of Shareholders, the company press-service informs.
In accordance with the dividend policy of JSOC Bashneft stipulating that dividend payments should total at least 10% of the company’s net income under IFRS, the Board of Directors decided to recommend that the Annual General Meeting of Shareholders should approve the dividend payment for 2012 amounting to 24 roubles per ordinary registered share and per preferred registered share of JSOC Bashneft. In case of approval by the Meeting of Shareholders, dividend payments will be made no later than August 26, 2013.
Under the Russian legislation, no dividends are paid on treasury shares. In July 2012 Bashneft bought back shares from the shareholders who had submitted buyback requests; as a result, these securities became treasury shares. The Board of Directors decided to keep these shares within Bashneft Group for the purposes of possible future strategic projects and transactions.
The Board of Directors also recommended that the Meeting should approve CJSC BDO as the auditor of JSOC Bashneft responsible for conducting the audit for 2013 in accordance with Russian Accounting Standards, and to approve Deloitte & Touche CIS to conduct the audit for 2013 in accordance with International Financial Reporting Standards.