OREANDA-NEWS. The MMK Board of Directors recommended that Annual General Meeting of shareholders (AGM) approve dividends for the 2015 financial year in the amount of RUB 0.31 per common share of issued stock, and that the AGM set the cut-off date for eligibility to receive the dividend as the end of the business day on 7 June 2016.

The Board based its calculation of dividends for 2015 on MMK's IFRS net profit in 2015, adjusted for one-off non-monetary losses (FX exchange loss of USD 173 mln and asset impairment loss of USD 179 mln). The adjusted net profit used for the dividend calculation thereby increased by USD 352 mln to USD 773 mln.

The Board also requested the CEO of MMK to provide for the Board approval a new dividend policy which would set the following:
- dividend pay-out ratio as a rule amounts to 30% from IFRS free cash flow;
- dividend payment as a rule is done on a semi-annual basis.

The Board added the following people to the list of candidates for the Board: Viktor Rashnikov, Nikolai Lyadov, Olga Rashnikova, Sergey Sulimov, Pavel Shilyaev.

At the meeting, the Board outlined the scope of documents (information) to be sent as reference to shareholders prior to the AGM and approved the order in which such documents (information) have to be presented.

The Board issued a recommendation for the AGM to consider approving the Board-nominated Company Auditor, AO PriceWaterhouseCoopers Audit, and set the amount of payment for its services.

The Board has approved the ballot to be used for voting on the items listed on the AGM's agenda.