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9Annex2AMODELCOMPANYCHARTERApprovedbytheGeneralMeetingofShareholdersoftheOpenJointStockCompany«__________________»Minutesofthe[AnnualorExtraordinary]GeneralMeetingofShareholdersNo.______________________________of_____________200_datedthis__dayof________,200_[TheCompany’sSeal]CHARTERoftheOpenJointStockCompany«______________________»Thecityof________________________,200_IFC_part_6.indd9IFC_part_6.indd917.09.200411:24:0317.09.200411:24:0310TheRussiaCorporateGovernanceManualTableofContentsARTICLE1.GENERALPROVISIONS.............................................................10ARTICLE2.THENAMEANDLOCATIONOFTHECOMPANY...............................11ARTICLE3.THEPURPOSEANDACTIVITIESOFTHECOMPANY..........................11ARTICLE4.THECHARTERCAPITAL,SECURITIES,ANDFUNDSOFTHECOMPANY.......................................................................12ARTICLE5.THERIGHTSANDOBLIGATIONSOFSHAREHOLDERSANDDIVIDENDS......14ARTICLE6.THEGOVERNINGBODIESOFTHECOMPANY..................................17ARTICLE7.THEGENERALMEETINGOFSHAREHOLDERS.................................17ARTICLE8.THESUPERVISORYBOARD.......................................................24ARTICLE9.THEEXECUTIVEBODIES...........................................................32ARTICLE10.THECORPORATESECRETARY....................................................36ARTICLE11.THEREVISIONCOMMISSIONANDEXTERNALAUDITOR.....................37ARTICLE12.THEANNUALREPORTOFTHECOMPANY.....................................38ARTICLE13.MISCELLANEOUSPROVISIONS....................................................39Article1.GeneralProvisions1.1.«___________________»,anOpenJointStockCompany(hereinaftertheCompany),wasestablishedpursuanttothedecisionof________________[enterthenameofthegoverningbodythatapprovedthedecision]datedasof_________[enterdate].1.2.TheCompanyshallbegovernedbythepresentcharter(hereinaftertheCharter)andanyapplicableprovisionsoftheCivilCodeoftheRussianFederation,theFederalLawonJointStockCompanies,theFederalLawontheSecuritiesMarket,andotherlegislationoftheRussianFederation,aswellasanyotherlegalactsandregulationsadoptedpursuantthereto(here-inaftertheLaw).TheCharteralsotakesintoaccounttherecommendationsoftheRussianCodeofCorporateConductasdevelopedbytheFederalCommissionfortheSecuritiesMarket(hereinaftertheFCSMCode).1.3.ThedurationoftheCompanyshallbeunlimitedunlessreorganizedorliquidatedpursuanttotheCharterandtheLaw.IFC_part_6.indd10IFC_part_6.indd1017.09.200411:24:0317.09.200411:24:03Annex2.AModelCompanyCharter11Article2.TheNameandLocationoftheCompany2.1.ThefullregisterednameoftheCompanyis:2.1.1.Открытоеакционерноеобщество«__________________»(inCyrillicletters);2.1.2.OpenJointStockCompany«___________________»(inLatinletters).2.2.TheabbreviatedregisterednameoftheCompanyis:2.2.1.ОАО«____________________»(inCyrillicletters);2.2.2.OJSC«____________________»(inLatinletters).2.3.TheCompany’slocationandpostaladdressis________________,theRus-sianFederation,beingthelocationwheretheCompanyisregisteredandwheretheGeneralDirectorislocated.TheCompanyshallnotifythecom-petentregistrationauthoritiesofitspostaladdressandanychangestheretointheestablishedmanner.2.4.TheCompanyhasabranch[orarepresentativeoffice]inthefollowinglocationintheRussianFederation[andabroad]_________________.1Article3.ThePurposeandActivitiesoftheCompany3.1.TheprincipalpurposeoftheCompanyshallbe______________________inordertoearnprofits.3.2.TheCompanymayengageinthefollowingactivitieswiththeaimofac-complishingitsprincipalpurposesassetforthinArticle3.1.above,whileoperatingwithintheparameterssetforthintheLawandsubjecttoobtain-ingallnecessarylicensesorpermits:3.2.1.Conductallactivitiesrelatedto________________;3.2.2.___________________________;3.2.3.___________________________;3.2.4.___________________________;and1LawonJointStockCompanies(LJSC),Article5,Clause6,providesthatinformationaboutacompany’sbranchesandrepresentativeofficesmustbeincludedinthecharter.IftheCompanydoesnothavebranchesand/orrepresentativeoffices,thechartermayincludeaprovisionthatnobranchesandrepresentativeofficeshavebeenestablished.IFC_part_6.indd11IFC_part_6.indd1117.09.200411:24:0317.09.200411:24:0312TheRussiaCorporateGovernanceManual3.2.5.CarryoutanyandallotheractivitiesnotprohibitedbytheCharterortheLawwithintheRussianFederationorbeyonditsbordersfortheaccomplishmentoftheCompany’spurposes.Article4.CharterCapital,Securities,andFundsoftheCompany4.1.ThechartercapitaloftheCompany(hereinaftertheCharterCapital)shallconsistofthenominalvalueofallsharesissuedtoshareholder(s)andamountsto____________[indigits](__________________)[inwords]Rubles,beingtheequivalentof________________[indigits](______________)[inwords]U.S.dollars[alternatively,inEuros]attheofficialexchangerateoftheCentralBankoftheRussianFederationonthedateofthestateregistrationoftheCompany’sCharter.24.2.AllsharesoftheCompanyareregisteredshares.TheCharterCapitalisdividedinto______________[indigits](_________)[inwords]sharesofcommonstock,eachsharehavinganominalvalueof_________[indigits](___________)[inwords]Rubles,and________[indigits](__________)[inwords]sharesofpreferredstockofclassA,eachsharehavinganomi-nalvalueof_________[indigits](_________)[inwords]Rubles,and________[indigits](____________)[inwords]sharesofpreferredstockofclassB,eachsharehavinganominalvalueof_________[indigits](__________)[inwords]Rubles,thetotalvalueofwhichcomprisesonehundredpercent(100%)oftheCharterCapital.4.3.Inadditiontotheaforementionedissuedshares,theCompanyshallbeauthorizedtoissue_________[indigits](__________)[inwords]addi-tionalsharesofcommonstockhavinganominalvalueof_________[indigits](__________)[inwords]Rublespershare,3________[indigits](____________)[inwords]sharesofpreferredstockofclassA,eachsharehavinganominalvalueof_________[indigits](__________)[inwords]Rubles,and________[indigits](____________)[inwords]sharesof2Thisisrecommendedincaseswherethecompany’scharterincludesassetsdenominatedinforeigncurrency.3LJSC,Article27,Clause1.Thisprovisionisoptional.However,thecompanymaywishtoincludesuchaprovisioninthechartertoeaseitsabilitytoincreasethechartercapital,whichisonlypossiblewithinthelimitsoftheauthorizedchartercapitalandauthorizedshares.IFC_part_6.indd12IFC_part_6.indd1217.09.200411:24:0317.09.200411:24:03Annex2.AModelCompanyCharter13preferredstockofclassB,eachsharehavinganominalvalueof_______[indigits](__________)[inwords]Rubles(the“AuthorizedCommonShares”[and“AuthorizedPreferredShares”,respectively])grantingthesamerightsasissuedshares,bydecisionofthe[GeneralMeetingofShareholders(hereinaftertheGMS)<or>SupervisoryBoard].44.4.OncetheinitialCharterCapitalhasbeenpaidinfull:4.4.1.TheCompanyisauthorizedtoissueoptionsfortheacquisitionofsharesoftheCompany.5IftheCompanyissuesoptionstoacquireshares,thenumberofauthorizedsharescannotbelessthanthenumberofsharesthatcanbeacquirediftheoptionsareexercised.TheCompanymayissueoptionstoacquiresharesofaspecifictypeandclassifthenumberofsharesincludedinsuchoptionsdoesnotexceed5%oftheplacedsharesofthattypeandclass;4.4.2.TheCompanyshallbeauthorizedtoincreaseitsCharterCapitalbydecisionoftheGMS6ortheSupervisoryBoardeitherby:4.4.2.1.IncreasingthenominalvalueoftheCompany’sissuedshares;or4.4.2.2.Issuingadditionalsharesinoneormoreinstallments,however,subjecttothelimitationscontainedintheChar-terregardingthetotalnumberofAuthorizedShares[andAuthorizedPreferredShares],andwithacorrespondingamendmentoftheCharter.74LJSC,Article27,Clause1.Thisprovisionisoptional.However,thecompanymaywishtoincludesuchaprovisioninthechartertomakeiteasiertoincreasethechartercapital,whichisonlypossiblewithinthelimitsoftheauthorizedchartercapitalandauthorizedshares.5LawontheSecuritiesMarket,Article27.1.TheregulationofstockoptionsisanoveltyinRussianpractice.Forthisreason,thecharterprovidesguidanceonhowitcanbereflectedintheCharter.6LJSC,Article28,Clause2;Article48,Clause1,Section6.Thisprovisionisoptional.TheauthoritytoincreasethechartercapitalmaybedelegatedtotheSupervisoryBoardbythecharterorbydecisionoftheGMS(LJSC,Article12,Clause2;Article28,Clause2).TheSupervisoryBoardmayincreasethechartercapitalonlybyissuingauthorizedshares.7LJSC,Article27.NotetherequirementofLJSC,Article27,Clause2that,inthecaseofissuingconvertiblesecurities,thenumberofauthorizedsharesofthespecifictypeandclassmaynotbelessthanthenumberofsharesneededforconversion.TheGMSmayalsoincreasethenumberofauthorizedsharesandissuethesesharesatthesametime.Notethatthereareanti-dilutionruleswherethestateholds25%ofshares(LJSC,Article28,Clause6).IFC_part_6.indd13IFC_part_6.indd1317.09.200411:24:0317.09.200411:24:0314TheRussiaCorporateGovernanceManual4.5.TheCharterCapitalmaybedecreasedbydecisionoftheGMSeitherbydecreasingthenominalvalueofsharesorbypurchasingaportionofsharesforthepurposeofreducingthetotalnumberofoutstandingshares.4.6.Paymentforthesharessopurchasedmaybemadeincash,securities,assetsorpropertyrights,orotherrightshavingmonetaryvalue.4.7.Thevalueofanysubsequentcontributionsin-kindtotheCharterCapitalshallbedeterminedbytheSupervisoryBoardinaccordancewiththeLaw.Incasesofin-kindcontributionstotheCharterCapital,theirvaluationshallbebasedonanappraisalbyanIndependentAp-praiser.4.8.TheCompanymustestablishareservefundintheamountof_______[indigits](______________)[inwords]percentoftheCharterCapi-tal.84.9.AnnualdeductionsfromthenetprofitsoftheCompanytobetransferredtothereservefundshallbe_____[indigits](___________)[inwords]percentofthenetprofitsuntilthereservefundreachestheamountstipu-latedbyArticle4.8hereof.9Article5.RightsandObligationsofShareholdersandDividends5.1.Eachcommonshareshallentitleitsownertoequalrights.Eachcom-monsharegrantsitsowneronevoteattheGMSonallmatters,10andtherighttoreceivedividendsandaportionoftheCompany’sassetsintheeventoftheCompany’sliquidation.5.2.Preferredsharesofthesameclasspossessthesamerightsandhavethesamenominalvalue.PreferredshareshavenovotingrightsattheGMSunlessotherwiseprovidedforbytheLaw.8LJSC,Article35,Clause1providesthatthereservefundmaynotbelessthan5%ofthechartercapital.Inaddition,thecompanymayestablishotherfundsthatarenotrequiredbylegislation.9LJSC,Article35,Clause1providesthattheannualdeductionsfromthenetprofitsofthecompanytothereservefundmaynotbelessthan5%ofthenetprofits.10Theexceptiontotheprincipleofoneshare-onevoteiscumulativevoting.IFC_part_6.indd14IFC_part_6.indd1417.09.200411:24:0317.09.200411:24:03Annex2.AModelCompanyCharter155.2.1.ClassApreferredshares11entitletheirowners,relativetotheown-ersofcommonsharesandotherclassesofpreferredshares,withfirstpriorityforreceivingdividendsandreceivingtheliquidationvalueofsharesbelongingtothem.125.2.2.ThedividendoneachpreferredshareofclassAis____[indigits](_________)[inwords]Rublesperyear,payableannuallynolaterthan____[indigits](_________)[inwords]daysafterthedateoftheGMS.135.2.3.AnyunpaiddividendsordividendsnotfullypaidonclassApre-ferredsharesshallaccumulateandbepaidoncethedecisiontopaydividendsonsharesofclassAismade.5.2.4.TheliquidationvalueofeachclassApreferredshareis____[indigits](_________)[inwords]Rubles.145.2.5.EachclassApreferredshareentitlesitsownerto____[indigits](_________)[inwords]votesonallissuesonwhichclassApre-ferredsharesprovidetherighttovote.5.2.6.ClassBpreferredshares15granttheirownerssecondpriorityforreceivingpaymentsfordividendsandreceivingtheliquidationvalueofsharesbelongingtothem,thatis,theyreceivesuchpay-mentsonlyafterthepaymentofdividendsonclassApreferred11ClassApreferredsharesinthiscasearecumulativepreferredshares.LJSC,Article32,Clause3providesthatthechartermayhaveaprovisionfortheconversionofpreferredsharesofaspecificclassintocommonsharesorpreferredsharesofanotherclass.Ifthisisprovided,thechartermustspecifytheprocedureforconversion,inparticular,thenumber,type,andclassofthesharesintowhichtheyareconvertedandotherconversionterms.Itisprohibitedtoamendthesaidprovisionsofthecharterafterthedecisionismadetofloatconvertedpreferredshares.12Theseareonlysomeofthepreferencesthatcanbeprovidedforpreferredshares.Thechartermayprovideotheroradditionalpreferencesforpreferredshares.13Thechartermayprovideotherwaysofdeterminingtheamountofdividendstobepaidonpreferredsharesofeachclass,forexample,apercentageofnetprofits.Theperiodbetweendeclarationandtheactualpaymentofdividendsshallnotexceed60daysasrecommendedbytheFederalCommissionfortheSecuritiesMarket’sCodeofCorporateConduct(FCSMCode),Chapter9,Section2.1.3.14Thechartermayprovideotherwaysofdeterminingtheliquidationvaluetobepaidonpreferredsharesofeachclass.Forexample,thepercentageofassetsleftafterthesatisfactionofclaimsofcreditorscanbedistributedequallybetweentheownersofclassApreferredshares.15ClassBpreferredsharesinthiscasearenon-cumulativepreferredshares.IFC_part_6.indd15IFC_part_6.indd1517.09.200411:24:0317.09.200411:24:0316TheRussiaCorporateGovernanceManualsharesandpaymentoftheliquidationvalueofclassApreferredshareshasbeencompleted.5.2.7.ThedividendoneachpreferredshareofclassBis____[indigits](___________)[inwords]Rublesperyear,payableannuallynolaterthan____[indigits](___________)[inwords]daysafterthedateoftheGMS.165.2.8.TheliquidationvalueofeachclassBpreferredshareis____[indigits](___________)[inwords]Rubles.5.2.9.EachclassBpreferredsharesentitlesitsownerto____[indigits](___________)[inwords]votesonallissuesonwhichclassBpreferredsharesprovidetherighttovote.5.3.ShareholdersshallhavesuchotherrightsandobligationsasestablishedbytheCharterandtheLaw.175.4.TheCompanyhastherighttodeclareandpaydividendsoncommonsharesbasedontheresultsofeachquarterand/ortheresultsofthefiscalyear.TheCompanyshallpaydeclareddividendswithin_________[indigits](___________)[inwords]daysafterthedecisiontodeclaredividendshasbeenapproved.185.5.Dividendsshallbepaidinmoney.195.6.Thefailuretopaydeclareddividendsortheincompletepaymentofdivi-dendsmaybeagroundfortheSupervisoryBoardtoreducetheremu-nerationoftheGeneralDirector.2016LJSC,Article32,Clause2providesthatifthedateforaccumulatingandpayingdividendsagainstpreferredsharesofaspecifiedclassisnotspecifiedbythecharter,preferredsharesofthatclassarenotdeemedtobecumulative.17Shareholdershaveobligationswithregardtotherulesonrelatedpartytransactions(LJSC,Articles81–84),thedisclosureoftheiraffiliationwiththecompany(LJSC,Article93),andconfidentiality(CivilCode,Article67,139).18LJSC,Article42,Clause4.Thechartermayspecifytheperiodduringwhichdeclareddividendsshallbepaid.Ifthatperiodisnotspecified,theCompanyLawrequiresthatdeclareddividendsbepaidnolaterthan60daysfromthedateofapproval.FCSMCode,Chapter9,Section2.1.3recommendsthatinnocaseshouldtheperiodforpaymentofdeclareddividendsexceed60days.19LJSC,Article42,Clause1providesthatthechartermayspecifycircumstanceswhendividendsarepaidinkind.FCSMCode,Chapter9,Section2.1.4.recommendsthatdividendsbepaidincash.20FCSMCode,Chapter9,Section3.IFC_part_6.indd16IFC_part_6.indd1617.09.200411:24:0417.09.200411:24:04Annex2.AModelCompanyCharter17Article6.TheGoverningBodiesoftheCompany6.1.TheCompanyshallhavethefollowinggoverningbodies:6.1.1.TheGMS;6.1.2.TheSupervisoryBoard;6.1.3.TheGeneralDirector;and6.1.4.TheExecutiveBoard.Article7.TheGeneralMeetingofShareholders7.1.TheGMSisthehighestgoverningbodyoftheCompany.7.2.TheAnnualGeneralMeetingofShareholders(hereinaftertheAGM)mustbeheldannuallyonthefollowingdate:______[insertadatebetweenMarch1andJune30].7.3.AllGMSotherthantheAGMshallbeExtraordinaryGeneralMeetingsofShareholders(hereinaftertheEGM).7.4.TheGMSshallbevalidifaquorumispresent.217.5.ThedetailedproceduresforpreparingandconductingtheGMSarespecifiedbytheLaw,theCharter,andby-lawsoftheCompany.7.6.TheAGMshallbeheldintheRussianFederationintheplacewheretheCompanyislocatedoratanotherlocationifsospecifiedintheby-lawsoftheCompanyorbytheSupervisoryBoard.7.7.ThefollowingissuesfallwithintheauthorityoftheGMSandshallbede-cideduponbyasimplemajorityvoteofshareholdersparticipatingintheGMS:7.7.1.AnincreaseintheCharterCapitalbyincreasingthenominalvalueofplacedshares;7.7.2.AnincreaseintheCharterCapitalbyissuingadditionalcommonandpreferredsharesthroughopensubscription;21LJSC,Article58,Clause1definesaquorumfortheoriginalandanyreconvenedGMS.Incompanieswithmorethan500thousandshareholders,thechartermayspecifyalowerquorumforthereconvenedGMS.FCSMCode,Chapter2,Section2.3recommendsthatthequorumforanyreconvenedGMSinlargecompaniesbenotlessthan20%ofvotingshares.IFC_part_6.indd17IFC_part_6.indd1717.09.200411:24:0417.09.200411:24:0418TheRussiaCorporateGovernanceManual7.7.3.AreductionoftheCharterCapitalbydecreasingthenominalvalueofissuedshares;7.7.4.AreductionoftheCharterCapitalbyreducingthenumberofis-suedsharesbyretiringpurchasedorredeemedshares;7.7.5.Splittingandconsolidatingshares;7.7.6.TheelectionanddismissalofSupervisoryBoardmembers;227.7.7.SettingthenumberofSupervisoryBoardmembers;237.7.8.TheapprovaloftheremunerationforSupervisoryBoardmembers;7.7.9.ThedelegationoftheauthorityoftheGeneralDirectortoanEx-ternalManager;7.7.10.TheelectionanddismissalofRevisionCommissionmembers;7.7.11.TheapprovalofthetermsofcompensationandremunerationforRevisionCommissionmembers;7.7.12.Theapprovaloftheannualreports,annualfinancialstatements,includingbalancesheet,profitandlossstatements,statementofcash-flows,andnotestothefinancialstatements,aswellasthedistributionofprofitsandlossesbasedontheresultsofthefis-calyear;7.7.13.Thedeclarationandpaymentofdividendsbasedontheresultsofeachquarterand/ortheresultsofthefiscalyear;7.7.14.TheelectionoftheExternalAuditor;7.7.15.EstablishingproceduresforconductingtheGMS;247.7.16.TheelectionanddismissalofCountingCommissionmembers;2522LJSC,Article66,Clause4,Paragraph13,statesthatdirectorswhoareelectedwithcumulativevotingdonotnecessarilyrequireasimplemajorityofvotestobeelected.Thecandidateswhoreceivethemostvotesareelected,whichcanbefewerthanasimplemajorityofvotes.23LJSC,Article66,Clause3,Paragraph1.Thenumberofdirectorscanbedeterminedeitherbythecharter(seeArticle8.2oftheCharter)ordecisionoftheGMS.24ItisadvisabletospecifytheproceduresforconductingtheGMSinthecompany’sby-laws.LJSC,Article49,Clause5providesthateitherthecharterorby-lawsofthecompanymayestablishtheproceduresfordecision-makingontheissue.25LJSC,Article56,Clause1,Paragraph2.Ifthecompanyhasmorethan500shareholderswithvotingrights,thefunctionsoftheCountingCommissionshallbeperformedbytheExternalRegistrarofthecompany.Incompanieswithfewershareholderswithvotingrights,theExternalRegistrarcouldbeassignedthefunctionsoftheCountingCommission.IFC_part_6.indd18IFC_part_6.indd1817.09.200411:24:0417.09.200411:24:04Annex2.AModelCompanyCharter197.7.17.DesignatingthenumberofCountingCommissionmembers;7.7.18.TheapprovalofinternaldocumentsthatregulatetheactivitiesoftheCompany’sgoverningbodies(theSupervisoryBoard,theGen-eralDirector,andtheExecutiveBoard);7.7.19.Theapprovaloftheby-lawfortheRevisionCommission;7.7.20.TheapprovalofthereimbursementofexpensesforpreparingandconductinganEGMifconvenedbypartiesotherthantheSuper-visoryBoard;7.7.21.Theapprovalofextraordinarytransactionsthataresubjecttotheap-provaloftheSupervisoryBoardincaseswheretheSupervisoryBoardfailedtounanimouslyapprovethetransactionandtransferredtheauthorityforitsapprovaltotheGMS;7.7.22.TheapprovalofrelatedpartytransactionsincasesspecifiedbytheLawonJointStockCompanies;7.7.23.Awaiveroftheobligationofthecontrollingshareholderstomakeabuy-outofferduringcontroltransactions;267.7.24.DeterminethelistofadditionaldocumentsthatmustbekeptbytheCompany;7.7.25.AuthorizationfortheCompanytoparticipateinholdingcompanies,financialandindustrialgroups,andanyassociationsorotherunionsofcommercialentities;and7.7.26.RequestinganextraordinaryinspectionofthefinancialandeconomicactivitiesoftheCompanybytheRevisionCommis-sion.7.8.AdecisionoftheGMSonthefollowingissuesshallbeadoptedifathree-fourthsmajorityvoteofshareholdersparticipatingintheGMSisreached:7.8.1.AmendingtheCharterorapprovinganewversionoftheCharter;7.8.2.ThereorganizationoftheCompany;26LJSC,Article80providesforawaiveroftherighttoacquiresharesinacompanywithmorethan1,000shareholdersincaseofacquisitionof30%ormoreofthecompany’scommonsha