OREANDA-NEWS. December 2, 2010. The Board of Directors of Ingosstrakh OJSIC held a meeting at which the directors heard the report on the company’s performance in Q3 2010, approved the Board of Directors’ Work Schedule through the end of its term and considered other issues related to the company’s day-to-day activities.

The Board of Directors voted against the proposals submitted by representatives of Vega LLC, Novy Kapital LLC and Investment Initiative LLC (controlled by PPF Investments) to include the replacement of the management of Ingosstrakh OJSIC and a number of other items on the agenda of the meetings of the Board of Directors, because those issues did not comply with the applicable laws, contradicted the provisions of the unanimously approved Articles of Association as well as the international corporate management practices and standards.

Ingostrakh is the only insurance company in Russia showing steady growth over many years. The proposals of the minority shareholders represent an attempt to manipulate the public opinion and are detrimental to the reputation of Ingosstrakh. The Board of Directors believe that such actions by representatives of Vega LLC, Novy Kapital LLC and Investment Initiative LLC are aimed to destabilize the company.