- If the agenda of the extraordinary General Meeting of Shareholders of the Company includes election of members to the Company's Board of Directors, a Company shareholder (shareholders) jointly holding not less than 2 percent of the Company's voting shares shall have the right to nominate candidates to be elected to the Company's Board of Directors; the number of such candidates may not exceed the size of the Company's Board of Directors (13 persons). Such nominations shall be submitted to the Company not later than 30 days before the date of the extraordinary General Meeting of Shareholders.
- Proposals concerning nomination of candidates shall be submitted in writing, specifying the name (corporate name) of the shareholder(s) submitting the proposal and the quantity and category (class) of shares held by them under the shareholders' (shareholder's) signature.
- The Board of Directors shall review the nominations and decide whether to include the candidates in the list of candidates for voting on elections to the Company's Board of Directors or to refuse to include them in the list of candidates for voting on elections to the Company's Board of Directors within five (5) days after the expiry of the period specified in Clause 1.
- The Board of Directors shall be entitled to refuse to include recommended candidates in the list of candidates for election to the relevant body of the Company in cases specified by the Federal Law "On Joint-Stock Companies" and other regulatory acts of the Russian Federation.
The reasoned refusal of the Board of Directors to include a candidate in the list of candidates for voting for election to the relevant body of the Company shall be sent to the shareholder(s) who put forward such item or recommended the candidate within three (3) days of such decision.
