Annual Report 2010 - Magnitogorsk Iron & Steel Works

EVENTS AFTER THE ACCOUNTING DATEThe general shareholders’ meeting on 20 May 2011 decided to terminate the authority of the Company'sManagement Board distributing its functions between the General Director and the Board of Directors.Total Remuneration Paid to Members of the Management Board Based on the Results of the Reporting YearCompany officers and directors are not paid any remuneration in their capacity as members of the ManagementBoard. They receive salaries for their main jobs in the Company which in 2010 totaled USD 5.3 m.Shares of Participation in the Company’s Share Capital Owned by Members of the Board of Directors andManagement BoardShare of ParticipationNameStake in the OJSC MMK Share Capital, %As of 01.01.2010 As of 01.01.2011Arkadiy V. Chernov 0,0004 0,0004No other members of the OJSC MMK Board of Directors or Management Board owned any shares in OJSC MMKin 2010.Remuneration to OJSC MMK's ManagementRemuneration to OJSC MMK's top managers includes monthly salaries and annual bonuses.The monthly salary consists of:• a constant part set by the contract;• a variable part (bonus) which is calculated according to the regulations in effect.The annual bonus depends on the achievement of key performance indicators which are determined based onthe Company's short- and long-term objectives.No remuneration is paid to MMK's managers for their work in the governing bodies of OJSC MMK or itssubsidiaries, such as MMK's Management Board of subsidiaries' boards of directors.Information on the Company’s Individual Executive BodyThe authority of the individual executive body is exercised by a managing company, LLC MMK ManagingCompany represented by the President, Viktor F. Rashnikov.LLC MMK Managing Company is located at: Ul.Kirova 93, Magnitogorsk, Chelyabinsk Region, 455000, Russia.The key objectives of LLC MMK Managing Company include ensuring an efficient management system,expanding the Company’s presence in the global steel market and modernising its productions assets.The remuneration (salaries) paid to the employees of LLC MMK Managing Company in 2010 totalled USD 5.1million.64