Sistema PJSFC: Sistema announces results of Extraordinary General Meeting of Shareholders and Board of Directors meeting

Sistema announces results of Extraordinary General Meeting of Shareholders and Board of Directors meeting

Moscow, Russia 11 July 2022 Sistema PJSFC (Sistema or the Corporation) (LSE: SSA, MOEX: AFKS), a Russian publicly traded investment company, announces the results of the Extraordinary General Meeting of Shareholders of Sistema (EGM) and meeting of the Board of Directors of Sistema which were held on 9 July 2022. 

At the EGM, the following persons were elected to the Board of Directors of Sistema:

1. Anna Belova
2. Elena Chikisheva (independent director)
3. Yaroslav Kuzminov (independent director)
4. Nikolay Mikhailov (independent director)
5. Mikhail Shamolin
6. Tagir Sitdekov
7. Ali Uzdenov
8. Oleg Vyugin (independent director)
9. Daniel Wolfe (independent director)

Following the EGM, it was decided at a meeting of the Board of Directors of Sistema to convene the Annual General Meeting of Shareholders (AGM) on 12 August 2022 with absentee voting. The record date for participation in the AGM is set for 20 July 2022. In line with applicable legislation, votes cast by shareholders before 12 August 2022 will be deemed valid for the AGM.

In light of persistent high market volatility and the need to prioritize the Corporations financial resilience and liquidity, the Board of Directors of Sistema decided to recommend to the AGM that dividends not be paid for 2021.

The Board of Directors also amended Sistemas dividend policy in terms of the procedure for paying dividends to the Corporations shareholders.

The Board of Directors elected Anna Belova as its Chair and formed the committees of the Board of Directors.

The Audit, Finance and Risk Committee will consist of:

• Daniel Wolfe (Chair of the committee, independent director)
• Elena Chikisheva (independent director)
• Oleg Vyugin (independent director)

The Strategy and Sustainability Committee will consist of:

• Anna Belova (Chair of the committee) 

• Yaroslav Kuzminov (independent director)

• Mikhail Shamolin
• Tagir Sitdekov
• Ali Uzdenov

The Nomination, Remuneration and Corporate Governance Committee will consist of:

• Yaroslav Kuzminov (Chair of the committee, independent director)
• Nikolay Mikhailov (independent director)

• Mikhail Shamolin
• Oleg Vyugin (independent director)
• Daniel Wolfe (independent director)

For me, its a great honour and a great responsibility to chair the Board of Directors of Sistema, which brings together professionals with unique experience and broad expertise. More than half the members of the Board are independent directors, which is in line with best practices in corporate governance and helps ensure a balance of the interests of all the Corporations shareholders. We have a lot of work ahead of us to maximize asset value. The Board of Directors will continue to focus on improving corporate governance and business processes, while increasing Sistemas openness and transparency for investors, said Anna Belova, Chair of the Board of Directors.

Tagir Sitdekov, who previously held the post of Managing Partner responsible for the Corporations projects in various sectors, including Healthcare and Pharmaceuticals, was appointed President of Sistema by the Board of Directors. Vladimir Chirakhov, who had served as President of the Corporation since April 2020, will now focus on his own projects and will join the Boards of Directors of a number of Sistemas portfolio companies.

I would like to thank the Board of Directors of Sistema for the trust placed in me. Sistema has a diversified asset portfolio and one of the best management teams in the Russian market. The competencies, knowledge and experience accumulated over almost thirty years enable it to successfully tackle the most ambitious of challenges. I am confident that even in these trying times we will continue to move forward to maximize the shareholder value of the Corporation, said Tagir Sitdekov, President of Sistema.

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For further information, please visit www.sistema.ru or contact:

Sistema PJSFC is a publicly traded, diversified Russian holding company in sectors including telecommunications, high technology, financial services, retail, e-commerce, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2021 was RUB 802.4 billion; total assets as of 31 December 2021 amounted to RUB 1.8 trillion. Sistemas global depositary receipts are listed under the ticker SSA on the London Stock Exchange. Sistemas ordinary shares are listed under the ticker AFKS on Moscow Exchange. Website: www.sistema.ru.