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Kamaz approves list of candidates for new board

13 March 2002

The board of Russian truck maker Kamaz (Naberezhny Chelny, Tatarstan) in a meeting, March 5, approved the list of candidates for the new board of directors.  The list puts forward 24 candidates for the 17-member board, Vyacheslav Durnov, the board`s secretary, told Interfax.

It includes nine representatives from the Property Ministry, which owns around 34% of Kamaz, and two representatives from the Land and Property Relations Ministry of Tatarstan (the autonomous republic owns just over 11% of the company).

Vneshtorgbank and ZAO Kam-In put forward three candidates each and Sberbank of Russia, MFK, Tatneft and New Century Securities Management Anstalt (Liechtenstein) put forward one candidate each.

The European Bank for Reconstruction and Development and Kamaz International Management, CO, L.P. forwarded a joint list with three candidates.  Shareholders with at least 2% of voting shares have the right to nominate their representatives as candidates, Durnov noted.

The new board will be elected at the company`s annual shareholders meeting, the date for which has not yet been determined. Usually Kamaz holds its AGM in the summer.

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