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Obuv Rossii held the annual meeting of shareholders
19 June 2020 Obuv Rossii Group has held the annual meeting of shareholders in absentia. The results of the Group's activities in 2019 have been summed up, and a variety of issues related to the further activities of OR PJSC have been discussed.
First of all, the annual report of OR PJSC for the year of 2019 has been approved. In general, the previous year was successful for the Group since it fulfilled its plans on expanding the retail chain and finished the implementation of the 3-year investment program. At the end of 2019, Obuv Rossii announced the improvement of its business model, the beginning of cooperation with suppliers using the marketplace model, the development of new product categories, and the reformatting of stores.
In the first half of 2020, COVID-19 pandemic has triggered an economic crisis and has significantly affected the activities of the majority of non-food retail players in Russia. The company's outlets have been gradually resuming their work since May, and now most of the outlets are already operating. As soon as the situation become normal, Obuv Rossii will return to its previously announced plans: it will focus on improving the retail efficiency, ramp-up of stores opened in 2017-2019, and will also concentrate on transforming its business into online, development of e-commerce and modern services for customers.
A new Board of Directors has been elected. According to the voting results, the new Board of Directors includes: Anton Mikhaylovich Titov, Vyacheslav Vladimirovich Shabaikin, Tatyana Borisovna Zotikova, Aleksey Vladimirovich Skvorkin, Stanislav Matveevich Zverev, Aleksey Aleksandrovich Meshkov, Sergey Aleksandrovich Yung. A new Auditing Commission has been elected. Its new members are: Elena Yurievna Isyangulova, Sergey Nikolaevich Usik, Olga Vasilievna Kuryaeva.
The issue on paying dividends in accordance with the results of 2019 has been considered. It has been decided not to distribute the Company's net profit received by the results of 2019 and not to pay dividends on placed shares. This decision is caused by the economic downturn induced by COVID-19 epidemic which has also affected the Group's financial performance. The Company plans to continue paying dividends next year.
At the meeting, the shareholders decided on the amount of emolument to the members of the Board of Directors, and approved the auditors of OR PJSC. STATUS Auditing Company will conduct an audit according to Russian accounting and reporting standards, and Ernst & Young will conduct an audit according to international financial reporting standards of OR PJSC.
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