On June 26th it was held the annual general meeting of shareholders and a meeting of the Board of Directors at AvtoVAZ in Togliatti. The general meeting of shareholders of AvtoVAZ approved the annual report and financial statements for 2015. It was decided not to pay dividends on preferred and common shares of the company, informed the press service of AVTOVAZ.

Changes were made in the composition of the board of directors of AvtoVAZ. Sergey Skvortsov, deputy general director of the state corporation "Rostech" was elected the chairman of the board of directors of AvtoVAZ, Denis Levot was elected the deputy chairman of the board of directors.

Council was left by Carlos Ghosn (President of the Renault group, the chairman of AVTOVAZ Board of Directors), and Sergei Chemezov (General Director of the State Corporation "Rostec", deputy chairman of the AvtoVAZ board of directors), as well as some of the rank members: Bo Andersson, Vladimir Artyakov, Jean-Christophe Kugler.

The members of the Board of Directors of AvtoVAZ are the following: Vladimir Avetisyan, Deputy Chairman of the UK "Rosnano"; Eduard Vaino, Vice-President for External Relations and Cooperation with shareholders of AvtoVAZ; Denis Levot, senior vice president of the Renault group, the director of the Eurasia Region; Nicolas Moore, the president of AvtoVAZ; Stefan Mueller, Executive Vice President of the Renault group, Chief Performance Officer.

The following members of board of directors of AvtoVAZ continue to work: Thierry Bollor?, Executive Vice President of the Renault group, Chief Competitive Officer; Igor Zavyalov, deputy general director of the state corporation "Rostech"; Sergei Zaitsev, chairman of the primary trade union organization of AvtoVAZ; Sergey Kogogin, General Director of KAMAZ; Trevor Mann, Nissan Chief Performance Officer; Jeremie Papin, vice president of Renault Group Strategy and Business Development; Peter Joseph, executive vice president and director of Nissan Finance; Sapelin Andrew, First Deputy Chairman of the Board of Vnesheconombank; Sergey Skvortsov, deputy general director of the state corporation "Rostech"; Dominique Thorman, special adviser to the alliance Renault-Nissan.

Participants of the annual general meeting of shareholders of AvtoVAZ discussed the activities of the company in 2015, the results of which were sold 269 thousand LADA cars. The volume of production by AVTOVAZ of brands LADA, Renault, Nissan and Datsun, including vehicle sets, made in 2015, was 468.5 thousand units (less by 19% than in 2014). Against the backdrop of the falling Russian car market by 36%, LADA sales declined by 30%. LADA brand share of the market increased from 16.4% in 2014 to 17.9% in 2015.

The results of "AVTOVAZ" Group in the first quarter of 2016 show that the company has maintained its position in the Russian market and it demonstrates a good dynamics of sales of models LADA of new generation - Vesta and XRAY. The main success of the company for the first months of 2016 is the achievement of almost 20% share in the Russian car market, which is one of the strategic objectives of AVTOVAZ.

The Board of Directors of AvtoVAZ considered the medium-term plan for development of the company that puts the goal of achieving of a 20% share of Russian car market, by increasing the volume of export sales and the implementation of all actions that are necessary for the financial recovery of AVTOVAZ. The plan, after a detailed study, involves the provision of company with the financial assistance on the part of shareholders. The scope and form of this aid will be announced in the beginning of autumn of 2016.

Board of Directors of AVTOVAZ considered the issues, related with the changes in the management, approved the schedule of meetings of the Board of Directors, and discussed the implementation of the budget for 2016.