General meeting of shareholders

The General Meeting of Shareholders is the supreme governance body of MMC Norilsk Nickel responsible for making decisions on matters most crucial to the Company. A full list of matters within the remit of the General Meeting of Shareholders is detailed in the Company’s Articles of Association. Nornickel has in place the Regulations on the General Meeting of Shareholders, detailing the procedures for convening, preparing and holding general meetings.

The notice of a General Meeting of Shareholders is published in the Rossiyskaya Gazeta and Taimyr newspapers, and posted on Nornickel’s website at least 30 calendar days prior to the date of the general meeting.

Holders of MMC Norilsk Nickel shares who are registered in the shareholder register receive a ballot directly from the Company and are entitled to exercise their voting right by sending the ballot to the Company or by attending the General Meeting of Shareholders (in person or by proxy).

Shareholders of MMC Norilsk Nickel who own the Company shares via nominee holders receive the voting ballot from the nominee holder. They are entitled to vote at the meeting in the same way as the holders registered in the shareholder register or instruct the nominee holder to do the same as prescribed by the Russian securities law. Nominee holders duly instructed by their clients communicate the voting instructions to the registrar. The receipt of instructions by the registrar shall be equivalent to voting by ballot.

ADR holders do not receive voting ballots directly from the Company. According to the depository agreement, Nornickel notifies the depository, which as soon as possible, and provided it is not prohibited by the Russian law, notifies ADR holders about the general meeting and encloses voting materials and a document describing the voting procedure for ADR holders. To exercise their voting rights, ADR holders instruct the depository accordingly.

Except for the cumulative voting to elect members of the Board of Directors, each voting share represents one vote at the General Meeting of Shareholders.

Two General Meetings of Shareholders were held in 2020, and a high level of shareholders’ attendance was maintained. The Annual General Meeting of Shareholders during the COVID-19 pandemic was held in absentia using an e-voting service. Each year, more and more shareholders take advantage of this service enabling them to vote regardless of their location. E-voting is available both on the accessible to general public and via the Shareholder’s Personal Account, a dedicated online resource for Nornickel’s shareholders. The service is highly reliable and easy to use.

General Meetings of Shareholders held in 2020
13 May 2020 — an Annual General Meeting of Shareholders (held in absentia)

The Meeting approved the Annual Report, annual accounting (financial) statements and consolidated financial statements.

Profit for the period was distributed, and the resolution on FY 2019 dividend payout was passed.

A new Board of Directors and Audit Commission were elected; resolutions on remuneration of members of the Board of Directors and the Audit Commission were passed. A new version of the Remuneration Policy for Members of the Board of Directors of MMC Norilsk Nickel was approved.

An interested party transaction (liability insurance of members of the Board of Directors and the Management Board) and related interested party transactions (indemnification of members of the Board of Directors and the Management Board) were approved

The auditor was approved to audit Nornickel’s Russian accounting (financial) statements, consolidated financial statements, and interim consolidated financial statements.

10 December 2020 — an Extraordinary General Meeting of Shareholders (held in absentia) A resolution to pay the 9M 2020 dividend was passed