MOSCOW, Sept. 10, 2013 (GLOBE NEWSWIRE) -- Minority shareholders of Siberian Cement are asking the board and the authorities to review the results of the Summer 2013 Board of Directors election results, according to the Siberian Cement Minority Shareholders' Association (SCMSA).
In their statement, the minority shareholders say that they believe the votes were possibly miscounted, therefore rendering the outcome of the count inaccurate: "Minority shareholders did not get a single seat on the board of Siberian Cement, even though they had enough voting shares to elect two directors out of five."
A few days before the elections, minority shareholders' representatives said they were concerned about elections rigging by the vote counting committee which reports directly to the management. The management has no interest in allowing outside directors to join the board, according to SCMSA.
The minority shareholders association does not rule out legal action against Siberian Cement if serious violations are unearthed during the initial investigation. SCMSA is also not happy with the top management compensation package and bonus structure:
According to SCMSA, the company lost $280 mln rubles in 2012, yet the CEO of the Sibcem hopes to receive almost a million dollars in bonus. "We disagree with this Board decision and are going to request access to additional information about the losses," Denis Kulikov, minority shareholder association member and head of shareholder rights association said. "After looking at detailed financials, we are going to provide a report for all shareholders, and if we discover any violations, we are going to take legal recourse."
A SibCem minority shareholders' action group (which includes former SibCem President Andrei Muravyov) announced earlier their intention to get on the Board of Directors to ensure dividends for all shareholders, financial transparency, and other basic shareholder rights. "
Siberian Cement, a construction materials giant created in 2004, comprises Topki, Krasnoyarsk, and Timlyuisky cement plants and Pereval open pit mine. SCMSA is a non-profit association of minority shareholders of Siberian Cement and other major production facilities in the Northern Russia.