2017 a scheduled meeting of the Rosneft Board of Directors was held in Moscow to consider issues related to the annual general shareholders meeting of the Company for the year 2016.
The Board of Directors resolved to call a Rosneft AGM and hold it in Sochi on June 22, 2017. The list of persons entitled to attending the scheduled general shareholders meeting is scheduled to be issued COB May 28, 2017.
The Board of Directors approved the following AGM agenda:
Approval of the Company’s Annual report;
Approval of the Annual financial statements (accounts) of the Company;
Approval of the Company profit distribution based on the 2016 results;
Amount, term and form of dividend payment based on the 2016 performance;
Remuneration and compensation of expenses to the members of the Company’s Board of Directors;
Remuneration and compensation of expenses to the Company’s Audit Commission members;
Election of the Company’s Board of Directors members;
Election of the Company’s Audit Commission members;
Approval of the Company’s Auditor;
Consent with related party transactions;
Approval of amendments to the Charter of Rosneft.
The Board of Directors preliminary approved the Company’s 2016 annual report and recommended that the AGM adopts a resolution to pay dividends of 5.98 rubles per one ordinary share which constitutes 35% of the Company IFRS net profit attributable to the shareholders. The total amount Rosneft will use for dividend payment will be equal to RUB 63.4 bln.
In December 2016 with a view to further improve the Company’s investment story the Board of Directors of Rosneft approved changes to the dividend policy increasing the minimum payout ratio to 35% of IFRS net income. The new policy also implies a shift to semi-annual dividend payments.
The Board of Directors recommended appointing Ernst and Young LLC as the Company’s auditor of 2017 RAS and IFRS financial statements and determined the cost of services.
Rosneft Information Division
Tel.: + 7 (499) 517-88-97
April 24, 2017
These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.