The Board of Directors of Shen
Holding has taken a number of important personnel decisions. The company’s
press service has told ArmInfo that the agenda of the relevant meeting included
5 crucial items.
To note,
the decisions taken by the Board of Directors were a part of the
recommendations on improvement of corporate governance and enhancement of
information transparency in Shen Holding CJSC. The recommendations were
prepared by the International Finance Corporation in collaboration with the
Corporate Governance Center.
The source
says that the Board of Directors voted unanimously to retain Samvel Beglaryan
as Chairman of the Board. The second item on the agenda was to form the
Management Board of Shen Holding. The Board of Directors approved the
Management Board composed of 3 members, namely, Chief Executive Officer (Pap
Badalyan), Chief Financial Officer (Rudik Poghosyan), and HR Manager (Syuzanna
Yengibaryan).
The third
decision of the Board of Directors was to confirm Anna Vardanyan’s appointment
as Corporate Secretary (Vardanyan concurrently holds the position of Head of the
Strategic Development Department of Shen Holding CJSC). The Corporate Secretary
is to work out the action plan on improvement of the corporate governance
practice, coordinate and control all the processes related to introduction of
the best practices of corporate governance.
The fourth
item on the agenda was to approve the package of internal legal instruments
determining the corporate governance standards. Thus, Shen Holding adopted the
Corporate Governance Code and the Code of Conduct and approved the Corporate
Secretary’s duties, the risk management regulations as well as the procedure
for conclusion of transactions with the involvement of the parties concerned.
By its last
decision the Board of Directors approved the agenda of the extraordinary
general meeting of the company’s shareholders.
Shen
Holding dates back to 1970 when the largest enterprise for state supplies of
non-ferrous metals (“HayGunMet”) was established. In 1995, the latter was
privatized and transformed into Shen Concern CJSC. Having merged with Huntsman
Building Products, Shen Concern was converted into Shen Holding which nowadays
encompasses Shen Concern CJSC, Huntsman Building Products and Shen Group.