Today, November 11, 2010, general shareholders' meeting of the public joint stock company Ventspils nafta has reviewed five issues on the agenda that was previously announced in accordance with the law: approval of reports of 2009, transfer of profit of 2009, election of audit firm as auditor for reports of 2010, amendments to the Articles of Association, elections of audit committee, by adopting specific resolutions in each of them. Item 6 and 7: dismissal of Ventspils nafta Supervisory Council members Aleksej Ovod, Martins Kveps, Valerijs Godunovs, Olegs Stepanovs and Gatis Gravitis, and elections of new Supervisory Council of JSC Ventspils nafta, were excluded from Agenda. Minority shareholders submitted their additional proposals that were reviewed by the shareholder meeting, but no resolutions were adopted regarding these proposals.

The general shareholders' meeting of JSC Ventspils nafta took knowledge of the company's Supervisory Council report on operating results of 2009 and approved the annual stand alone report of JSC Ventspils nafta for 2009 prepared in accordance with the Law on Annual Accounts of the Republic of Latvia.

Shareholders decided to transfer profit of 2009 of JSC Ventspils nafta parent company amounting LVL 1,145,491 (one million one hundred forty five thousand four hundred ninety one Latvian lats) to the company’s remaining reserves.

General shareholders' meeting elected the audit firm Ernst&Young Baltic Ltd (commercial enterprise license No.17) as auditor of annual report and consolidated annual report of JSC Ventspils nafta for 2010, by authorizing the Management Board of JSC Ventspils nafta to conclude a contract with Ernst&Young Baltic Ltd on audit of the company's annual reports for 2010, by fixing a remuneration within the approved budget of 2010 of joint stock company “Ventspils nafta”.

According to the Articles of Association of JSC Ventspils nafta, a resolution on amendments to Articles of Association can be adopted by the company's shareholders' meeting, if at least three quarters of votes of the present shareholders with voting rights are cast in favor of the amendments. Taking into account that less than three quarters voted for the amendments in question, shareholders did not support adopting a resolution in the issue on amendments to the company's Articles of Association. Audit committee of JSC Ventspils nafta for three years was elected with 3 members: Lahsen Idiken, Mikhail Dvorak and Jozef Hubertus Johannes Baarderman. The annual remuneration fund of the audit committee will be not more than equivalent of EUR 28,000.

Shareholders or their authorized persons in total representing 97,50% of the company's voting share capital participated in the general shareholders' meeting of JSC Ventspils nafta.
 

Ventspils nafta

Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733