Magnit Announces the Results of the Board Meeting
The current size and composition of the Board of Directors reflects the voting results at the Annual General Shareholders Meeting (AGM) held on June 10, 2021.
MAGNIT PJSC (MGNT) Magnit Announces the Results of the Board Meeting Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
Magnit announces the results of the Board meeting
Krasnodar, Russia (25 June, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the results of the Board of Directors meeting held on June 22, 2021. Charles Ryan was elected Chairman of the Board of Directors of PJSC Magnit and James Simmons as Deputy Chairman. Ilya Sokolov was elected Board Secretary. The following directors were elected to the Audit Committee: Evgeny Kuznetsov, James Simmons, Gregor Mowat (Chairman). The following directors were elected to the HR and Remuneration Committee: James Simmons (Chairman), Evgeny Kuznetsov, Walter Koch. The following directors were elected to the Strategy Committee: Walter Koch (Chairman), James Simmons, Charles Ryan. The following directors were elected to the Capital Markets Committee: Charles Ryan (Chairman), Evgeny Kuznetsov, Gregor Mowat. The following eleven members were elected to the collective executive body (Management Board) of PJSC Magnit (hereinafter - "Management Board") with effect from June 25, 2021:
*including 46,226 GDRs, which certify the rights in relation to ordinary shares of PJSC "Magnit" at a ratio of 5 GDRs per 1 ordinary share.
The current size and composition of the Board of Directors reflects the voting results at the Annual General Shareholders Meeting (AGM) held on June 10, 2021. Amongst other decisions made at the AGM, shareholders approved a new edition of the Articles of Association of PJSC Magnit. One of the amendments to the Articles of Association stipulates an increase in the size of the Board of Directors from 9 to 11 members. The Board elected in accordance with the last edition of the Articles of Association in 9 members is legitimate and will function until the next shareholder meeting convenes to elect members of the Board of Directors. The Board may decide to call an Extraordinary Shareholder meeting (EGM) in the beginning of July 2021. Once the respective decision is disclosed, shareholders will be able to nominate their candidates by mid-August and vote on the new composition of the Board at the EGM which may take place at the beginning of September. This will allow the Company to strengthen the composition of the Board of Directors, boost its efficiency, increase the number of independent members and distribute the burden of participation in the Board committees.
Please follow the links below to view full results of the Board meeting:
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ISIN: | US55953Q2021 |
Category Code: | MSCU |
TIDM: | MGNT |
LEI Code: | 2534009KKPTVL99W2Y12 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 113777 |
EQS News ID: | 1212317 |
End of Announcement | EQS News Service |
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