OAO LUKOIL Board of Directors approves 2009 annual report , LUKOIL

Release Date: 2010-05-18

Today the OAO LUKOIL Board of Directors grants preliminary approval to OAO LUKOIL's 2009 Annual Report in accordance with the Federal Law of the Russian Federation “On Joint-stock Companies” and the Charter of the Company. The report is recommended for approval at the General Shareholders Meeting to be held on June 24, 2010 in Moscow.

The meeting attendees also approved a report evaluating the Board of Directors’ performance in 2009-2010. In view of the assessment results obtained via interviewing the Board members based on the assessment criteria approved at the meeting, which took place on April 20, 2010, the Board of Directors activities in 2009-2010 were declared efficient. This evaluation is confirmed by the LUKOIL Group positive development trend under challenging macroeconomic conditions, which is reflected in the figures of OAO LUKOIL's 2009 Annual Report.

The acting OAO LUKOIL Board of Directors, numbering 11 people, was elected at the General Shareholders Meeting on June 25, 2009. The Board of Directors includes two executive directors, and six members of the Board of Directors comply with independent director standards set by the Code of Corporate Governance adopted by the RF Government on November 28, 2001 and recommended by the RF Federal Commission for the Securities Market.

Type:	NORMAL
Company:	LUKOIL
Country:	Russian Federation