The general meeting of the Exchange’s shareholders is the supreme governing body of the company. At general meetings, resolutions on strategic issues are adopted. The scope of questions related to the competence of general meetings of shareholders is determined by the federal law On Joint Stock Companies and the Exchange’s charter.
In 2014, the Exchange held two general meetings of its shareholders. An absentee extraordinary general meeting took place on 10 February at which shareholders adopted new versions of the company’s charter, provisions for the Supervisory Board and guidelines on remuneration and compensation of its members, with good corporate governance practices introduced therein. The EGM also approved the D&O liability insurance agreement for the Moscow Exchange Group, which was on the agenda of the EGM due to the fact that all members of the Supervisory Board were beneficiaries under this agreement.
At the annual general meeting on 26 June shareholders:
In 2014, the Exchange completed the buyback of its 99 852 660 shares (4.2% of the share capital) from its fully-owned subsidiary MICEX-Finance. Following retirement of the shares, existing shareholders’ proportional ownership of the company’s equity and their return on capital increased. This action also strengthened corporate governance by preventing voting with these shares.