Management of IDGC of Centre, PJSC within the annual campaign in preparation for the Annual General Meeting of Shareholders held a meeting in Moscow with representatives of the minority shareholder - JSC VTB Capital Asset Management. The event was attended by Deputy General Director for Corporate Governance Sergey Sharapov, Director of Corporate Governance Olga Kharchenko, and Head of IR Division Sergey Ternikov.
During the meeting the representatives of IDGC of Centre’s management summarized financial and operating results of the company for 2015. In conditions of rigid tariff barriers and unresolved problems with shortfall in income from grid connection of preferential customers the company managed to obtain a net profit following the results of 2015 in the amount of 909 million rubles, which is 1 334,8 million rubles more than the planned value. The achieved positive financial result reflects the efforts of the Board of Directors, the management and all employees of the Company to increase the efficiency of their work. Representatives of the minority shareholder, in turn, were interested in prospects of IDGC of Centre’s activities, including targets of the approved Business Plan for 2016, as well as measures to improve the level of corporate governance.
Particular attention was paid to the issues included in the agenda of the Annual General Meeting of Shareholders and drafts of internal documents of IDGC of Centre planned for approval. The parties agreed that the active participation of shareholders in the decision-making at the General Meeting shall further increase the efficiency and profitability of the Company, providing the key interests of the shareholders and strengthening the Company’s leadership position in the electric power distribution sector.
Summing up the meeting, Sergey Sharapov stressed that the company carries out such activities regularly and they help establish a trustworthy relationship with minority shareholders, increasing the involvement of shareholders in the process of making key decisions by the General Meeting of Shareholders. According to him, "the formation of effective links with minority shareholders and information transparency are the subject of constant concern of the company and an integral part of good corporate governance standards, which are supported by IDGC of Centre."
In turn, a representative of JSC VTB Capital Asset Management said that such meetings with the company’s management have a positive impact on the image of IDGC of Centre and allow to take more informed decisions in the process of investing.
JSC VTB Capital Asset Management is in the top 3 of the largest companies operating in the Russian private and corporate wealth management market. The total amount of net assets under its management and counselling is more than 333 billion rubles as at 31.03.2016. The company has maximum reliability ratings from leading Russian rating agencies.