Magnit announces the results of the Board meeting, including the Decision to call the AGM and the AGM Record Date

Krasnodar, Russia (13 April, 2020): 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 April 9, 2020.

Please be informed that the meeting of the Board of Directors was held on April 9, 2020 (minutes are w/o No. of April 10, 2020).

Annual General Shareholders Meeting

The Board made a decision to hold the Annual General Shareholders Meeting (AGM) in the form of absentee voting on June 4, 2020.

AGM Record Date is May 12, 2020.

Voting ballots shall be submitted by June 4, 2020 inclusive.

 

Postal address to send the completed voting ballots: 15/5 Solnechnaya Street, Krasnodar, 350072, Russia.

 

Dividends

The Board recommended the AGM the following amount of dividends on PJSC Magnit shares following the results of the 2019 reporting year and the procedure of its payment:

Total amount of dividends - RUB 16,000,082,735.00;

Amount of dividends per share - RUB 157.00.

The Dividend Record Date: June 19, 2020.

Subject to shareholders' approval, this tranche will be the second dividend payment for 2019 resulting in the total amount of dividends paid for 2019 of RUB 31 billion. On February 14, 2020 Magnit made the first dividend payment in the amount of about RUB 15 billion (RUB 147.19 per share) for 9M 2019.

Nominees to the Board of Directors

The Board approved the list of nominees to PJSC Magnit Board of Directors to be elected at the upcoming AGM of PJSC Magnit as follows:

1. Vinokurov Alexander Semenovich;
2. Demchenko Timothy;
3. Dunning Jan Gezinus;
4. Zakharov Sergey Mikhailovich;
5. Koch Hans Walter;
6. Kuznetsov Evgeniy Vladimirovich;
7. Makhnev Alexey Petrovich;
8. Mowat Gregor William;
9. Ryan Charles Emmitt;
10. Simmons James Pat;
11. Jansen Florian.

Hence, Jan Dunning became the eleventh nominee to Magnit Board.

Previously, on February 19th, the Board included 10 candidates nominated by the shareholders who own at least 2% of Magnit's voting shares to the list of nominees for election to the Board of Directors, including Alexander Vinokurov, Sergey Zakharov, Charles Ryan, Gregor Mowat, Florian Jansen, Tim Demchenko, Alexey Makhnev, James Simmons, Evgeniy Kuznetsov and Walter Koch.

Out of eleven nominees only Gregor Mowat and Sergey Zakharov are not members of the current Board of Directors.

Changes in the Management Board

The Board approved the early termination of powers of Jyrki Talvitie as a member of the Management Board effective from April 13, 2020. Jyrki Talvitie remains engaged with the Company and will help to develop the strategy on sustainability.

The Board elected Maxim Shchegolev, previously appointed as the Director for Retail Сhain Development, Real Estate, and Maintenance, to the Management Board of PJSC Magnit effective from April 14, 2020.

Remuneration

The Board approved the remuneration to the members of the Management Board and the other key employees of PJSC Magnit group of companies following the results of 2019.

The Board approved the Short-Term Incentive Programme (STIP) and the Key Performance Indicators (KPI) for the President and members of the Management Board of PJSC Magnit for 2020.

The Board determined the procedure of the Long-Term Incentive (LTI) payment to the participants of the LTI Programme for Key Employees of JSC Tander and PJSC Magnit for the year 2019.

The Board has also reviewed the Evaluation Report of PJSC Magnit Board of Directors prepared by the HR and Remuneration Committee, preliminary approved the Annual Report of PJSC Magnit for 2019, approved the Report on related party transactions made by PJSC Magnit in 2019, reviewed the Audited Financial results of PJSC Magnit and its subsidiaries for the full year 2019 in accordance with IFRS, determined the amount of remuneration for the auditor services for 2020, etc.

 

Please follow the link below to view full results of the Board meeting:

• -disclosure.ru/portal/company.aspx?id=7671 (in Russian language);
•   (in Russian language);
• (in English)

Items of the agenda of PJSC Magnit Board of Directors are related to the exercise of rights on ordinary registered uncertified shares, state registration number 1-01-60525-P of 04.03.2004, International Stock Identification Number (ISIN) RU000A0JKQU8.

 

 

For further information, please contact:

 

Dmitry Kovalenko

Director for Investor Relations

Email:

Office: +7 (861) 210-48-80

 

Dina Chistyak

Director for Investor Relations

Email:

Office: +7 (861) 210-9810 x 15101

 

Media Inquiries

Email:

 

Note to editors:

Public Joint Stock Company Magnit is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2019, Magnit operated 38 distribution centres and 20,725 stores (14,622 convenience, 473 supermarkets and 5,630 drogerie stores) in 3,742 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results for FY 2019, Magnit had revenues of RUB 1,369 billion and an EBITDA of RUB 147 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.