MOSCOW
,
April 4, 2023
(press release)
–
The Board of Directors of PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, re-elected the independent director Viktor Cherepov as its Chairman at its first meeting since the Company’s Annual General Meeting of Shareholders. Alexander Sharabaiko was re-elected Deputy Chairman of the Board of Directors.
The meeting also approved the leadership and membership of the Board committees.
The independent director Viktor Cherepov was re-elected Chairman of the Audit Committee; Siroj Loikov was elected Chairman of the Remuneration and Human Resources Committee; and Alexander Sharabaiko was re-elected Chairman of the Strategy and Sustainable Development Committee. Sergey Samosyuk was re-elected Secretary of the Board of Directors.
Having considered the issue of the compliance of the membership of the committees with the objectives of the Board of Directors and the goals of the Company’s activities, the Board of Directors confirmed that, at present, taking into account the scale of operations and the level of risk, the membership of the committees of the Board of Directors is fully in line with the objectives of the Board of Directors and the goals of the Company’s activities, and that there is no need to create additional Board committees.
The Board of Directors also recognised Vladimir Trukhachev as an independent director in accordance with the provisions of the Corporate Governance Code and the Listing Rules of Moscow Exchange.
In addition, the Company’s CEO, Mikhail Rybnikov, spoke at the meeting about the key results of PhosAgro Group’s operations in the first quarter:
“The consistent implementation of our long-term development programme has enabled us to continue to ramp up the pace of production of agrochemical products. According to preliminary data, production in 1Q increased 6% [year-on-year], which lays a solid foundation for us to achieve our production target of 11.3 million tonnes by the end of the year. The main factors driving increased production are our new million-tonne plant in Volkhov, which is going to reach design capacity this year, and our production facility in Balakovo, where the second phase of our large-scale strategic development programme is being completed.
“Positive production trends are reflected in our higher tax payments at all levels and in our support for corporate social and charitable projects as well as our increasing capitalisation: as of the end of 1Q, investors had estimated PhosAgro’s total value at RUB 1 trillion.”
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