Gazprom Executive Board proposes to pay dividends for 2001

At yesterday's meeting the Executive Board of Gazprom prepared proposals to the Board of Directors of the company concerning payment of dividends for 2001, the press service of the gas giant reported. According to the company's dividend policy, which was adopted by the Board of Directors in April 2001, the guaranteed share of dividend payment is 2 percent of the company's capitalization but not more than 10 percent of the net profit. In 2000 dividends were RUR0.3 per share, which made up 15 percent of the company's net profit. A decision to pay dividends is adopted by the shareholders' meeting after the recommendation of the board of directors. The volume of dividends cannot be larger than that recommended by the board of directors. The shareholders' meeting may also adopt a decision not to pay dividends.

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