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Draft resolutions of Annual Shareholders’ Meeting on July 25, 2012

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Draft resolutions of Annual Shareholders’ Meeting on July 25, 2012

july 11, 2012 / Latvian Shipping Company

Approval of annual reports for the year 2011.

1. To take a notice of the report of the Supervisory Council and of the report of the Audit Committee of joint stock company “Latvijas kuģniecība”.

2. To approve the Annual Report of joint stock company “Latvijas kuģniecība” for 2011.

3. To approve the Consolidated Annual Report of joint stock company “Latvijas kuģniecība” for 2011.

 

Distribution of the profit for the year 2011.

The profit of joint stock company “Latvijas kuģniecība” (parent company) of 2011 in the amount of 854’866 LVL (eight hundred fifty four thousand eight hundred sixty six lats) use to cover loses of previous periods.

 

Election of auditor for the audit of annual reports for the year 2012.

1. To elect audit company „PricewaterhouseCoopers” Ltd. (commercial company licence No. 5) as auditor of the annual reports of joint stock company “Latvijas kuģniecība” for the year 2012.

2. To authorize the Management Board of joint stock company “Latvijas kuģniecība” to conclude a contract with „PricewaterhouseCoopers” Ltd. on audit of the annual reports of joint stock company “Latvijas kuģniecība” for 2012, by fixing a remuneration within the approved budget of 2012 of joint stock company “Latvijas kuģniecība”.

 

Election of the Audit Committee.

1. Considering that Mikhail Dvorak has resigned from the Audit Committee of joint stock company “Latvijas kuģniecība”, to recall from the position of member of the Audit Committee of joint stock company “Latvijas kuģniecība” Lahsen Idiken and Jozef Hubertus Johannes Baardemans.

2. To elect as members of the Audit Committee of joint stock company “Latvijas kuģniecība” for 3 (three) years beginning of term of duties as of July 25, 2012:

2.1. Lahsen Idiken, born [..], address: [..];

2.2. Nafiset Negouch, born [..], address: [..];

2.3. Jozef Hubertus Johannes Baardemans, born [..], address: [..].

3. To set remuneration fund of the Audit Committee of joint stock company „Latvijas kuģniecība” for a year in amount not exceeding EUR 28.000 (twenty eight thousand euro) equivalent in lats, by authorising the Chairman of the Audit Committee to split the remuneration fund between members of the Audit Committee.

Management Board of joint stock company “Latvijas kuģniecība”

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Information on the newly proposed candidate for the member of the Audit Committee

The proposed candidate for the member of the Audit Committee Nafiset Negouch in 2002 graduated from Moscow State University for Foreign Relations, since 2002 is a member of Finance department of Moscow Representative office of VNT S.A. and currently holds position of Financial controller. N.Negouch does not own shares of joint stock company “Latvijas kuģniecība”.

Management Board of joint stock company “Latvijas kuģniecība”