Robert Kocharian may join Financial Corporation Sistema Board

PanARMENIAN.Net - Joint Stock Financial Corporation Sistema, the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced that the Board of Directors (the "Board") has set the agenda for the Company's Annual General Meeting of shareholders ("AGM") scheduled for June 27, 2009.



Among other issues the Board recommended the AGM to consider the following: Approve the Company's Annual Report; Approve the Company's Russian Accounting Standards annual financial statements for 2008; Elect the members of the Board of Directors; Elect the members of the Audit Committee; Approve the distribution of profits and losses of the Company based on the full year 2008 results, including size, order, form and timing of dividends payment; Approve Sistema's auditors.



The shareholders will also elect 13 members of the Board. Former Armenian President Robert Kocharian is among the nominees.



"We believe that the presence of independent directors on the Board is one of the key instruments of sound and effective corporate governance. We intend to further develop and improve our corporate governance. Therefore, we have nominated two new independent candidates to the Board, Robert Kocharian and Rajiv Mehrotra.," said Vladimir Evtushenkov, the Board chairman.



Sistema's owns 53.1% shares of MTS and 50.9% of Comstar, which are major shareholders of Armenia's K-Telecom cellular operator (VivaCell-MTS brand) and Cornet-AM internet provider.



Mister Kocharian is perfectly aware of the CIS market. He has wide international experience and enjoy respect of the business community, the press office of JSFC Sistema.