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PhosAgro EGM Elects Board and Approves Dividends

2 October 2017
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that an Extraordinary General Meeting of Shareholders (“EGM”) held today has approved the payment of a dividend of RUB 3.1 billion, or RUB 24 per ordinary share (RUB 8 per global depositary receipt) from the Company’s undistributed net income as of 31 December 2016. The dividend record date has been set as 13 October 2017.

The EGM aslo elected a new Board of Directors, following an EGM decision earlier this year to increase the number of Board of Directors seats from 8 to 10 people:

New Board of Directors

Previous Board of Directors

1.

Andrey A. Guryev

Andrey A. Guryev

2.

Andrey G. Guryev*

Andrey G. Guryev*

3.

Sven Ombudstvedt*

Sven Ombudstvedt*

4.

James Rogers*

James Rogers*

5.

Ivan Rodionov*

Ivan Rodionov*

6.

Marcus Rhodes*

Marcus Rhodes*

7.

Mikhail Rybnikov

Mikhail Rybnikov

8.

Alexander Sharabaiko

Igor Antoshin

9.

Natalia Pashkevich*

 

10.

Andrey Sharonov*

 

* non-executive director

PhosAgro Board of Directors Member, Management Board Chairman and CEO Andrey A. Guryev said: “I am happy to welcome the new members to the Board of Directors, and have no doubt that they will strengthen our team. We believe that increasing the number of seats at the Board of Directors from eight to ten is important to support the further development of PhosAgro, given the Company's continued growth, as well as the expanded shareholder base following the SPO earlier this year. I believe that the new Board of Directors will bring an even more diverse range of expertise, while also remaining 50% independent. 

“Andrey Sharonov, who has held senior posts in government and in private sector finance, joins the ranks of our Independent Non-Executive Directors, helping to ensure that all major shareholder groups are properly represented at the Board level. Andrey is well known and respected by the investment community, and I am confident that he will contribute not only to refining PhosAgro’s strategy and business model, but also to further strengthening our relations with minority shareholders. 

“Natalia Pashkevich is a Professor, PhD in Economics and First Vice-Rector of the St Petersburg Mining University who is well known in international academic circles. PhosAgro has a long-standing partnership with the St Petersburgy Mining University. Around 70% of the management personnel at our mining and processing subsidiary Apatit are graduates of the university, which produces some of the best-qualified professionals in the field. I have full confidence that Natalia’s experience, scientific knowledge and international expertise in the mineral resources sector and environmental protection will be put to good use as we develop PhosAgro’s strategy to 2025.”

Today’s EGM also approved remuneration and compensation for the members of the Board of directors, as well as changes to the Charter and the bylaws governing general meetings of shareholders.