South West | Finance, business

AvtoVAZ board opts out of 2009 dividends and bonuses

16 Jun '10

Rostekhnologii’s Sergei Chemezov chaired an AvtoVAZ board of directors meeting on May 19.

The key issue on the agenda was the way a corporate counter-crisis program adopted last year had been progressing. Prior to the meeting the board approved for shareholder discussion AvtoVAZ’s 2009 annual report and last year’s books.

Following the firm’s poor performance in 2009 the board of directors is recommending that the shareholders approve no 2009 remunerations.

The auto giant will be reportedly discussing a five-point plan:

- Approval of September 15, 2009 revision of the 2009 counter-crisis program to be worth $460m;
- Setting-up of a counter-crisis board for further implementation of the program;
- Approval of long-term objectives through 2014 in investment and extension of AvtoVAZ’s product line endorsed by the joint Renault – AvtoVAZ Strategic Committee;
- Approval of AvtoVAZ’s social commitments necessitated by last year’s massive lay-offs;
- Revision of the management remuneration system, canceling 2009 bonuses and ‘golden parachutes.’

If the counter-crisis program proves effective and gets fully completed, the auto maker could reportedly save $460+m.
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