Results of the Board of Directors Meeting on December 24, 2019

 

PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on December 24, 2019.

 

Resolutions passed on Items of the agenda:

 

Item 1: On approval of the Company's Business Plan (including the Investment Program) for 2020-2024.

Resolution adopted:

1. To approve the RusHydro Business Plan for 2020 (Schedule No. 1 to the Minutes).

2. To approve the RusHydro Investment Program for 2020 (Schedule No. 2 to the RusHydro Business Plan for 2020-2024).

3. To approve the planning data for RusHydro's investment projects and for new construction facilities of controlled companies that are taken into account in calculating the performance indicator of RusHydro Management Board members "Compliance with the Capacity Commissioning Schedule and the Financing and Utilization Plan, %" for 2020 (Schedule No. 2a to the RusHydro Business Plan for 2020-2024).

4. To take into consideration the RusHydro Business Plan for 2021-2024 (Schedule No. 1 to the Minutes), including the RusHydro Investment Program for 2021-2024 (Schedule No. 2 to the RusHydro Business Plan for 2020-2024).

 

Item 2: On approval of the consolidated Business Plan (including the consolidated Investment Program) of RusHydro Group for 2020-2024.

Resolution adopted:

To approve the consolidated Business Plan (including the consolidated Investment Program) of RusHydro Group for 2020-2024 (Schedule No. 2 to the Minutes).

 

Item 3: On approval of the list and the target values of annual key performance indicators of RusHydro Management Board members for 2020.

Resolution adopted:

1. To approve and put into effect from January 1, 2020:

1.1. A new revision of the Regulation on the System of Key Performance Indicators of RusHydro (hereinafter, the "Regulation"), as per Schedule No. 3 to the Minutes.

2.        The list of annual key performance indicators of RusHydro Management Board members for 2020 as per Schedule No. 4 to the Minutes.
3.        The target values of the annual key performance indicators of RusHydro Management Board members for 2020 as per Schedule No. 5 to the Minutes.
4.        The new revision of the methodology for calculating and evaluating the annual key performance indicators of RusHydro Management Board members as per Schedule No. 6 to the Minutes.

2.               To approve:

2.1. The target values of KPIs under RusHydro's Cycle 4 Long-Term Motivation Program for 2020-2022 as per Schedule No. 7 to the Minutes.

2.2. Changes to the target values of KPIs under RusHydro's Cycle 2 Long-Term Motivation Program for 2018-2020 as per Schedule No. 8 to the Minutes.

2.3. Changes to the target values of KPIs under RusHydro's Cycle 3 Long-Term Motivation Program for 2019-2021 as per Schedule No. 9 to the Minutes.

2.4. Changes to the Methodology for Calculating and Evaluating KPIs under the RusHydro Long-Term Motivation Program approved by decision of the Company's Board of Directors on December 26, 2017 (Minutes No. 264 dated December 28, 2017), as amended on February 19, 2019 (Minutes No. 283 dated February 21, 2019), with respect to calculation of the KPI "Total shareholder return (TSR), %", as per Schedule No. 10 to the Minutes.

3. To calculate the KPIs under the Cycle 2 Long-Term Motivation Program for 2018-2020 and the Cycle 3 Long-Term Motivation Program for 2019-2021 in accordance with the Methodology for Calculating and Evaluating Key Performance Indicators under the RusHydro Long-Term Motivation Program approved by decision of the Company's Board of Directors dated December 26, 2017 (Minutes No. 264 dated December 28, 2017), including amendments thereto, including those stipulated by Clause 2.4 hereof.

 

 

 

About RusHydro

RusHydro Group is the leading producer of renewable energy in Russia. It is Russia's largest generating company and is the fourth in the world with over 400 generating facilities in Russia and Armenia. The Group's total electricity generation capacity including Boguchanskaya HPP is 39.7 GW.

Russian Federation owns 61.20% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on the Moscow Stock Exchange. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.

 

 

For more information:

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Tel. +7 (495) 122 0555 ext. 1607, 1319, 1304

 

The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.