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Nov 20, 2017

Oleg Belozerov appointed Chief Executive Officer – Chairman of the Executive Board of JSC Russian Railways

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In accordance with an order of the Government of the Russian Federation issued on 17 November 2017, Oleg Belozerov was appointed Chief Executive Officer – Chairman of the Executive Board of Open Joint Stock Company Russian Railways.

The appointment is in fact a reappointment and extension of the position of the head of OJSC Russian Railways in accordance with a plan developed by the Ministry of Economic Development and was approved by the State Duma of the Russian Federation in September 2017.

Corresponding amendments to the Charter of OJSC Russian Railways were introduced by a Decree of the Government of the Russian Federation issued on 15 November 2017.

According to the Decree, the sole executive body of OJSC Russian Railways shall be referred to as the "Chief Executive Officer – Chairman of the Executive Board".

The Chief Executive Officer used to serve for three years, but the term of office has been extended to 5 years.

These amendments to the Charter of OJSC Russian Railways are aimed at bringing the name of the head of Russian Railways into line with the national traditions of corporate governance in the sphere of railway transport and with European corporate rail practice.

The increase in the term of office to 5 years is due to the need to plan and implement the bulk of the investment contracts, taking into account the deadlines for the project development and their construction.

The new edition of the Charter introduces the positions of First Deputy Chief Executive Officers and Deputy Chief Executive Officers, which will replace the posts of the Company’s First Vice-Presidents, Senior Vice-Presidents and Vice-Presidents.

OJSC Russian Railways was established on 1 October 2003 in accordance with Resolution No. 585 of the Government of the Russian Federation "On the Establishment of the Open Joint Stock Company Russian Railways on 18 September 2003.”

The Government of the Russian Federation owns 100% of the Company's shares.

Oleg Belozerov was appointed President of Russian Railways on 20 August 2015.

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