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23 June, Saturday

Ufa   °

Shareholders' Agreement on disposal and voting procedure of Bashneft’s shares is signed


UFA, 16 September 2015. /Bashinform News Agency, Iliya Spiridonov/.

On September 16, the Federal Agency for State Property Management (Rosimuschestvo) and the Republic of Bashkortostan signed the Shareholders' Agreement on disposal and voting procedure of PSJOC Bashneft’s shares. The document was signed by the Deputy Minister of Economic Development of the Russian Federation — the Head of Rosimuschestvo Olga Dergunova, the Head of the Republic of Bashkortostan Rustem Khamitov and the Minister of Land and Property Relations RB Eugene Guriev.

The agreement was signed in accordance with the Presidential Decree No. 317 dated June 21, 2015 "On the Public Joint Stock Company "Joint Stock Oil Company "Bashneft".

In accordance with the agreement, the parties have committed themselves to exercise consistently rights of shareholders at preparation and voting at general meetings of shareholders of PSJOC Bashneft, as well as while voting at meetings of the Board of Directors of the company on key issues of its activities, including approval of development strategy, budget, determination of the recommended size of dividends, approval of major transactions, the election of the Chairman of the Board of Directors, the appointment of the President of the company and a number of other issues. In addition, the agreement provides for obligations of the parties on disposal procedure for company shares.

The parties also agreed to carry out the necessary activity, including voting accordingly at the general meetings of shareholders in order to ensure the payment of dividends in the amount of not less than 25% of net profit of PSJOC Bashneft, if otherwise is established by the legislation of the Russian Federation, as well as by regulations and instructions of the Government of Russia.

The Shareholders' Agreement enters into force upon signature and is concluded for an indefinite period. The text of the Agreement is available on the website of the Ministry of Land and Property Relations of the Republic of Bashkortostan.

Recall that 88 951 379 ordinary shares of PSJOC Bashneft (50.08% of share capital) are in the property of the Russian Federation. The Republic of Bashkortostan owns 38,128,551 ordinary shares and 6,280,076 preference shares of PSJOC Bashneft  (25% stake).

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