The statement said that the size of the board has been expanded from five to seven places. The new board features two new independent members, the director of Spartacus Private Equity Group Ltd, Marcus Rhodes, and Sven Ombudstvedt.
Ombudstvedt was born in 1966 and worked at Norsk Hydro between 1991 and 2003. Since 2003, he has been employed by Norwegian fertilizer producer Yara International. Between 2006 and 2008, he served as Yara's CFO and sicne 2009, the head executive director at Norske Skog.
Rhodes sits as an independent director on the boards of directors at several Russian companies such as OJSC Rusagro Group, Rosinter Restaurants Holding (RTS: ROST) and Wimm-Bill-Dann Foods (RTS: WBDF).
Retaining their positions on the board of directors at PhosAgro general director, Maxim Volkov, the rector of St. Petersburg State Mining University, Vladimir Litvinenko, professor of the Higher School of Economics, Ivan Rodionov, and the general director at LLC Engineering Center PhosAgro, Igor Antoshin. Also elected to the board was PhosAgro's deputy head, Vasily Loginov, while independent director and commercial director at LLC Odintsovsky Machinery Plant, Gennady Korneyev, left the board.
The shareholders also approved PhosAgro's dividends for 2010 and the first quarter of 2011 worth almost 30 billion rubles.
A portion of the company's undistributed net profit was earmarked for 2010 dividends. The total amount will come to over 26 billion rubles. For instance, the company will pay 2,097 rubles per common share and 2,080.5 rubles per A1 preferred share and 52.9 rubles per A2 preferred share.
Furthermore, a portion of the company's net profit for the first quarter of 2011 will be set aside for dividends. The total payment will come to 3.85 billion rules. The rate per common share will come to 310.35 rubles per share, 308.25 rubles per A1 preferred share and 50.2 rubles per A2 preferred share.
In addition, the shareholders also approved to pay the members of the board no more than 500,000 in compensation and bonuses.
The company's owners also approved PhosAgro's annual report, the accounting results, including the profit and losses and a board of directors' regulation. They also elected the audit committee and selected CJSC AKG Prime Advice as auditor.