Magnit shareholders have an opportunity to elect a majority independent board at the EGM scheduled for April 19, 2018.

26-03-2018
PRESS RELEASE
March 26, 2018
 Magnit shareholders have an opportunity to elect a majority independent board at the EGM scheduled for April 19, 2018.
Magnit is one of Russia's leading retailers. In February, VTB Capital acquired 29.1% of the outstanding Magnit shares from the founder, Sergei Galitsky. Due to this change of ownership structure, Magnit shareholders will re-elect the Board of Directors at an extraordinary general meeting on April 19, 2018. 
The Association of Institutional Investors (API), in combination with API members and other institutional shareholders of Magnit, has held consultations to identify and nominate independent candidates to the board. API has facilitated the nomination of four candidates who will promote a high standard of corporate governance and protect the interests of all shareholders as the company moves from a founder style management to an institutionalised public company. Additionally, API has informed major shareholder about nomination of independent candidates. 
API’s team of independent candidates to the Board of Directors of Magnit are:    
- Alexander Prisyazhnyuk, former board member and CFO of Magnit (1999 till 2008). He combines a strong retail background with board experience as he has served as an independent director of both Dixy and M.video. Alexander is based in the UK;
- Alexander Shevchuk, executive director of API. Alexander has more than 13 years of experience in corporate governance matters and ensuring the maintenance of healthy balance of interests between major shareholders, management and other stakeholders in Russian public companies;
- Evgeny Kuznetsov, former Partner and Portfolio Manager at Genesis Investment Management, LLP in London (1996 to 2015). Evgeny is based in Switzerland;
- Oleg Zherebtsov, founder of the Russian hypermarket chain Lenta. Oleg is a controlling shareholder and CEO of a pharmaceutical company, located in St Petersburg.
In the coming days, API will consult with Magnit shareholders regarding the election of a majority independent board of directors.  If you have any questions about the candidates referenced above, please contact API.


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