The Board of Directors of Generation Company Four of the Wholesale Power Market (OGK-4) approved a resolution on changing the composition of the Audit Committee of the Board of Directors. In accordance with the resolution of the Board of Directors, Dmitry Burnashev, Head of the Business Planning Department of the Corporate Center of RAO UES of Russia, was excluded from the Committee. Elena Evseenkova, Deputy Head of the Economic Planning and Financial Control Department of Business Unit 2 of RAO UES of Russia, was included into the Committee.
In accordance with the Regulations for the Audit Committee of OGK-4 only an acting member of the Board of Directors of the Company may be a member of the Committee. New members of the Board of Directors of OGK-4 were elected by the annual general meeting of shareholders of the Company on May 25, 2007, and D. Burnashev was not included therein.
Currently members of the Audit Committee of the Board of Directors of OGK-4 set up by the resolution of November 30, 2006 of the Board of Directors of the Company also include Yury Makushin, Deputy Managing Director of Business Unit 2 of RAO UES of Russia, and Dmitry Fedorchuk, Head of the Corporate Management Department of Business Unit 2 of RAO UES of Russia.
The Audit Committee of the Board of Directors of OGK-4 was set up for going into the issues referred to the competence of the Board or studied thereby in accordance with the control procedure related to the activities of the executive body of the company. The Committee’s tasks include development of necessary recommendations for the Board of Directors and the executive body of OGK-4. The activities of the Audit Committee are aimed at increasing the transparency of the company’s activities and improving the corporate management system of OGK-4.