Moscow – The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, recommended that the Extraordinary General Meeting of Shareholders (“EGM”) approve a dividend payment in the amount of RUB 9.324 billion, or RUB 72 per ordinary share (RUB 24 per Global Depositary Receipt) from retained earnings as of 31 December 2017.
The Board of Directors made this recommendation after reviewing the Company’s financial and operating performance for the first nine months of 2018, including the Company's interim consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”), which are scheduled to be published on 21 November 2018.
PhosAgro CEO Andrey Guryev, who is also a member of the Board of Directors, said: “The Company continues to increase its production capacity and, as a result, has delivered impressive financial results. The significant cash flow generated by the smooth implementation of PhosAgro’s long-term development strategy has made it possible to ensure stable dividend payments and to finance new investment programmes and projects in the field of social responsibility. Today's results allow us to look to the future with confidence.”
The Board of Directors also re-elected its Remuneration and Human Resources Committee. The committee includes independent directors Irina Bokova and Andrey Sharonov, and Jim Rogers remains its chairman. New versions of the Company’s Code of Ethics and its Hotline regulation were approved. In addition, information about the results of monitoring of key risks in the third quarter of 2018 and the development of the project management system for PhosAgro enterprises was taken under advisement.
The Board of Directors also heard information from the chairs of the Board committees on the results of their work in the third quarter of 2018, approved related-party transactions and determined the amount of remuneration for the services of the Company's auditor in accordance with Russian Accounting Standards, FBK LLC.