June 25, the annual general meeting of shareholders of OJSC AvtoVAZ. It was attended by owners of 77.41% of the voting shares of the company.
At the meeting, shareholders approved the annual report of the society for the year 2008, annual financial statements, including the income of society, elect a new board of directors of OJSC AvtoVAZ.
was also elected to the Auditing Commission of OJSC AvtoVAZ. Auditor appointed Ltd. Ernst & Young.
As part of the shareholders' meeting decided to approve the transaction or several interrelated transactions for the acquisition of CJSC IC Troika Dialog exchange of bonds of OJSC AvtoVAZ in the course of their placement.
In the light of the losses of shareholders of OJSC AvtoVAZ decided not to pay annual dividends on preferred and common stock of society and to the members of the board of directors and audit committee members, members of committees of the Board of Directors on the basis of 2008 fiscal year.
Chairman of the Board of Directors of OJSC AvtoVAZ Sergei Chemezov gave an overview of the performance of the company in 2008. He stressed that the global economic crisis primarily affected the automotive because of its direct dependence on consumer demand.
Turning to the shareholders, Sergei Chemezov said that today it is important to identify problems and find ways out of crises, not only for individual enterprises, but also for the entire industry as a whole. And we know the solutions to these problems and solve them as soon as possible, - he stressed.
detailing the ways out of the crisis, the crisis of the program, Sergei Chemezov said that we need to Gold work to preserve AvtoVAZ as a leading developer and manufacturer of high domestic production.
president of JSC AvtoVAZ Boris Alyoshin said that despite the negative financial performance, 2008 wasthe year the company made the fundamental decisions: managed, in particular, to determine the real capacity of enterprises and to reach a record level of production - more than 801 thousand 141 cars and thousands of Automotive.
Boris Alyoshin also recalled that in February 2008 signed a document which started a strategic partnership of one of the world's biggest car manufacturers Renault Group and OAO AvtoVAZ. Also in 2008, the company launched into production and sale to consumers of three new models: LADA KALINA Estate, LADA PRIORA hatchback and Low car LADA KALINA Sport with the 1.4 liter engine.
According to the president of the company in 2009 in the context of the global financial crisis OJSC AvtoVAZ continued development of the existing model range. It has been our buyers in the market LADA KALINA Sport with the 1.6 liter engine and LADA PRIORA estate, launched in late May of this year to serial production. A renewal SUV LADA 4×4. The goal is to finalize preparations for the production of small cars LADA PRIORA Coupe .
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