Hydro turbine manufacturer VolgaHydro LLC elected six members to its board of directors during its first meeting of shareholders earlier this month.
VolgaHydro -- a joint venture between JSC RusHydro and Voith Hydro -- was announced in March as a producer of turbine and generator equipment, auxiliary mechanical and electrical systems, control systems, and modernization and rehabilitation services.
Selected to VolgaHydro's board by the shareholders were:
- Mikhail Mantrov, Deputy Chairman of the Management Board RusHydro;
- Boris Bogush, Member of the Management Board, Chief engineer of RusHydro;
- Maxim Zavalko, Head of Corporate Governance department of RusHydro;
- Dr. Leopold Heninger, CEO and President of Voith Hydro;
- Robert Schuhmayer, Member of the Board of Directors of Voith Hydro; and
- Josef Gaschl, Member of the Board of Directors of Voith Hydro.
The joint venture's audit committee was also elected, Rushydro said, with regulations for it and the board also being approved.
RusHydro (LSE: HYDR) holds a share worth 50% plus one ruble, while Voith controls the remainder. The operation will be located in Balakovo City. VolgaHydro is expected to begin producing equipment in December 2015 before reaching its full capacity in 2020.
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