ROBERT KOCHARIAN MAY JOIN FINANCIAL CORPORATION SISTEMA BOARD

/PanARMENIAN.Net/
29.05.2009 11:34 GMT+04:00

/PanARMENIAN.Net/ Joint Stock Financial Corporation Sistema, the
largest diversified public financial corporation in Russia and the
CIS, which manages large companies operating in different industries,
today announced that the Board of Directors (the "Board") has set
the agenda for the Company’s Annual General Meeting of shareholders
("AGM") scheduled for June 27, 2009.

Among other issues the Board recommended the AGM to consider the
following: Approve the Company’s Annual Report; Approve the Company’s
Russian Accounting Standards annual financial statements for 2008;
Elect the members of the Board of Directors; Elect the members of the
Audit Committee; Approve the distribution of profits and losses of the
Company based on the full year 2008 results, including size, order,
form and timing of dividends payment; Approve Sistema’s auditors.

The shareholders will also elect 13 members of the Board. Former
Armenian President Robert Kocharian is among the nominees.

"We believe that the presence of independent directors on the Board
is one of the key instruments of sound and effective corporate
governance. We intend to further develop and improve our corporate
governance. Therefore, we have nominated two new independent candidates
to the Board, Robert Kocharian and Rajiv Mehrotra.," said Vladimir
Evtushenkov, the Board chairman.

Sistema’s owns 53.1% shares of MTS and 50.9% of Comstar, which
are major shareholders of Armenia’s K-Telecom cellular operator
(VivaCell-MTS brand) and Cornet-AM internet provider.

Mister Kocharian is perfectly aware of the CIS market. He has wide
international experience and enjoy respect of the business community,
the press office of JSFC Sistema.

From: Emil Lazarian | Ararat NewsPress