2.3. Relations with shareholders and investors

As well as adhering to clear and efficient rules of corporate governance, the Company ensure continuous exchange of information with its external audience.

In its work with shareholders and representatives of the investment community, Unipro PJSC prioritises the key task of increasing investment attractiveness, which it achieves by increasing information transparency of information transparency, implementing a stable dividend policy, and increasing the liquidity of its securities.

Rights of shareholders

The Company did not issue any new shares in 2018.

Shares at stock exchanges

The authorised capital of Unipro PJSC is RUB 25,219,482,458.37. According to Unipro’s Articles of Association, 63,048,706,145 full and 44,925,042,874/49,130,625,974 fractional uncertificated registered ordinary shares are issued with nominal value of RUB 0.40.

Unipro’s ordinary shares were listed in the first-tier quotation list of the Moscow Stock Exchange on 1 September 2014.

Source: Moscow Exchange PJSC

Dividends

The dividend policy of Unipro PJSC complies in full with Russian legal requirements and ensures proper balance between the interests of shareholders and the Company’s needs as regards business development, investment appeal and capitalisation.

The Board of Directors approved the Regulation on Dividend Policy, prepared in accordance with Russian legislation and the Charter, on 31 July 2014 (Minutes No. 199 dated 1 August 2014).

All of the Company’s shareholders enjoy equal and fair terms in receiving a share of Company profits through dividends, including:

• a clear and transparent mechanism for calculating and paying dividends;
• payment of dividends in cash only;
• exclusion of instances when shareholders receive Company profits in any manner other than as dividends and liquidation value.

Based on the Company’s performance in 2008–2010, the General Shareholders’ Meeting resolved not to pay dividends for those years.

Report on Declared (Accrued) Dividends on Shares for 2018

In 2018, based on a resolution of the Annual General Shareholders' Meeting, dividends for 2017 were declared in the amount of RUB 7.0 billion. The Extraordinary General Shareholders’ Meeting held on 7 December 2018 resolved to pay interim dividends in the amount of RUB 7.0 billion for nine months of 2018.

As of 31 December 2018, the dividends were paid in full, except for amounts, which were unpaid due to reasons beyond the Company’s control (absence of accurate and necessary address data or bank details of the person entitled to receive dividends).

Disclosures

The information disclosure policy of Unipro PJSC aims to ensure efficient interaction of the Company with its shareholders, investors and other stakeholders, achieving the fullest exercise of their rights to obtain the information necessary for informed investment and management decisions.

When disclosing information, the Company is guided by the current laws of the Russian Federation, the requirements of the Moscow Exchange, the Regulation on the Disclosure of Company Information, as well as other requirements and regulatory acts.

The Company aims to ensure maximum openness and transparency of its operations based on a principle of active dialogue with stakeholders.

Information Disclosure Principles of Unipro PJSC

1) The key channel for information disclosure is the corporate website of Unipro PJSC, which publishes all necessary information about the Company's business, including information about material facts, events, management structure, and the results of financial and business operations.

The site contains the Articles of Association and internal documents, annual reports, accounting (financial) statements according to Russian standards and IFRS, presentations, press releases, consensus forecasts of analysts, an investor’s calculator, data on affiliates and other information that may affect the price of shares of Unipro PJSC.

2) In accordance with the requirements of the Regulation on Information Disclosure, Unipro PJSC also uses an Internet page provided by a distributor of information on the securities market (Interfax-TSRKI LLC) when publishing information that is subject to mandatory disclosure under Russian law.

3) In addition to its use of main information disclosure channels, Unipro PJSC regularly provides information on the Company's activities to federal and local media.

The Company organised a number of events in 2018 for interaction with shareholders and investors as part of its information policy:

• an annual press conference, where the Company's senior management met with national media;
• a press tour of Berezovskaya GRES for national media;
• a teleconference given by Company top managers for IFRS analysts and investors to review business results in 2017;
• regular meetings of Company top management with analysts and investors to provide information necessary for updating of investment models of Unipro PJSC;
• preparation of written responses and email responses to enquires from investors and shareholders.

Totally in 2018, 132 enquiries were received from shareholders, of which 93 were digital and 39 written.