Moscow – PhosAgro (or "the Company") (Moscow Exchange, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces that its Board of Directors unanimously re-elected Maxim Volkov as the Company’s CEO.
In accordance with PhosAgro’s charter, the CEO is elected by the Board of Directors for a one year period.
PhosAgro’s Board of Directors has also voted to allow the Company’s CEO Maxim Volkov to hold positions in the governing bodies of other companies, including PhosAgro subsidiaries Apatit and PhosAgro-Cherepovets, where Mr. Volkov chairs the Boards of Directors.
PhosAgro’s Board also approved the Company’s development strategy for 2013. The strategy entails further strengthening of PhosAgro as a leading global producer of phosphate-based fertilisers and increasing shareholder value.
Some of the highlights of the strategy include:
- Greater use of the full potential of apatite-nepheline ore through deeper processing in order to extract marketable concentrates and other products with high value added;
- Continue modernisation and increases to flexibility of mineral fertilisers production lines, which will further enable the Company to quickly adapt its fertiliser production to changes in demand and other market factors;
- Increase output of complex fertilisers;
- Expand product line by introducing specialty fertilisers, technical phosphates, purified phosphoric acid, etc.;
- Consolidation of ownership in subsidiaries.
The PhosAgro Board also determined the amount to be paid to the Company’s RAS auditor, made certain amendments and additions to the terms of reference for the Remuneration and HR Committee, and approved several related-party transactions.