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Board of Directors Meeting.

1 June 2004
A session of the of Board of Directors took place on 26 May on a results of Annual General Meeting of FESCO shareholders held on 21 May 2004.

Siman V. Povareonkin, President of “Industrial investors” LLC, was elected Chairman of the Company’s Board of Directors.

The Board of Directors approved and confirmed the Provision «Of the Fund of Manufacturing Development of FESCO LLC" accordance with which the Fund of Manufacturing Development of FESCO LLC has been formed. The funds will be spent exclusively on updating of the fleet, replacement and modernization of the container equipment.

The Board of Directors has also considered the question of formation of Committees of the Board of Directors.

The following three Committees are supposed to be formed:
 Committee of the Board of Directors on Personnel and Compensation,
 Investment Committee,
 Audit Committee of Board of Directors.

The Committees will execute theirs activity in accordance with the requirements of the Code of Corporate Conduct and the Provision “Of the Fund of Manufacturing Development of FESCO LLC”.

The Board of Directors considered a number of questions of the Company’s current economic activities.

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