7.5. General Meeting of Shareholders

The General Meeting of Shareholders is Transneft’s supreme governing body that makes the most important decisions related to the Company’s management.

Competences, timeframes, preparation and holding procedures for the General Meeting of Shareholders are determined by:

  • Federal Law On Joint-Stock Companies;
  • Articles of Association of Transneft;
  • Regulations on the General Meeting of Shareholders of Transneft.

The Board of Directors, the Management Board, the President and the Revision Commission report to the General Meeting of Shareholders.

All resolutions on the issues within the competence of the General Meeting of Shareholders are formalised by orders of the Federal Agency for State Property Management, since the Russian Federation holds 100% of the voting shares of the Company.

In 2019, the General Meeting of Shareholders was held once.

The Annual General Meeting of Shareholders of Transneft on 30 June 2019 Order of the Federal Agency for State Property Management No. 406-r dated 30 June 2019 The Annual General Meeting of Shareholders approved:
  • The Annual Report and the annual accounting (financial) statements for 2018,
  • distribution of profits for 2018,
  • the auditor for 2019.
Resolutions were also passed to elect members of the Board of Directors and the Revision Commission, to pay dividends on shares based on the results of 2018, to pay remuneration to members of the Board of Directors and the Revision Commission.
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