Amtel-Vredestein holds shareholders meeting, appoints new CEO

Amsterdam, the Netherlands - Amtel-Vredestein NV, held its 2007 Annual General Meeting of Shareholders on 30 June 2007 in Haarlemmermeer (near Amsterdam), The Netherlands.

The meeting included reports of the supervisory board and the executive board for the year 2006. In its report, management presented the 2006 annual accounts and confirmed a positive outlook for the company in 2007.

The company was represented by its supervisory board led by chairman, Sudhir Gupta; its executive board, led by its chairman and company CEO, Alexei Gurin; and other senior management and advisors.

All resolutions proposed to the meeting set out in the Notice of the AGM of 15 June 2007 were passed, including:

• Adoption of the company's audited financial statements for 2006 as well as approval of the extension period during which they were finalised.

• Adoption of a policy for allocation of profits and dividends in which, for the foreseeable future, the company will not pay dividends but will instead reinvest all net profits into its business.

• Discharge of the executive board and supervisory board to release them from any liability related to their duties as reflected in the 2006 annual report and the annual accounts or otherwise disclosed to the AGM prior to the adoption of the 2006 annual accounts.

• Appointment of an auditor, Deloitte Accountants BV.

• Adoption of a remuneration policy regarding executive board and supervisory board members which is designed to provide competitive base salaries and the opportunity to achieve significant rewards if the company creates value for shareholders.

• Authorisation of the executive board to acquire depository receipts of shares in the capital of the company granting the executive board discretion - through 29 December 2008 -- to purchase (depository receipts of) shares when appropriate and to use them to cover obligations under share-based compensation plans or otherwise as it deems appropriate.

As a result of the meeting Amtel announced that it has appointed Petr Zolotarev as CEO of the company as of 1 July, following the anticipated resignation of Alexei Gurin. It was also annouced that Vadim Pesochinsky has been appointed CFO also effective 1 July - a post temporarily held by Gurin since 9 March 2007.

 

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Press release from Amtel

Annual report from Amtel