Kamaz holds board meeting in Moscow

The JSC Kamaz yesterday held a regular board meeting, attended by the mayor of Naberezhnye Chelny Ildar Khalikov.

The board examined the Kamaz entities’s performance against the business plan in the 9 months in 2009 and the forecast until the end of the year. The Kamaz deputy general director for finance Gluza Imanova and director for marketing and advertisement Ashot Arutunyan delivered reports on the matter.

Following the reports, the independent board member Terrence O’Rock on behalf of the audit committee noted outstanding results the company management had achieved in managing cash flow and inventory capital, as well as in implementing a cost-reduction plan in the most severe stage of the crisis. He was supported by the mayor of Naberezhnye Chelny, board member Ildar Khalikov, who stressed that due to Kamaz’s effective cooperation with its customers, the company had in the time of falling sales on the open market been able to make up for the losses through big corporate and state orders, and that Kamaz’s financial stability meant social stability in the city of Naberezhnye Chelny.

A report on the general director and other board members being employed by other entities’s governing bodies was delivered as well.

The meeting highlighted the development of joint ventures. The board heard a report on the strategies and current status of the joint ventures set up by JSC Kamaz and Daimler AG, told Tatar-inform the Kamaz’s press service.