55/1-1, Leninsky prospekt, Moscow, 119333
The Board of Directors of PJSC PhosAgro (Moscow Exchange, LSE: PHOR) (“PhosAgro”, the “Company”), one of the world’s leading vertically integrated phosphate-based fertilizer producers, has decided to hold the Company’s Annual General Meeting of Shareholders on 24 March 2023 by absentee voting. The record date for participation in the meeting is 1 March 2023.
At the meeting of the Board of Directors, information was conveyed about workplace injuries at PhosAgro Group companies. Consistent efforts to improve occupational health and safety resulted in a reduction in the overall injury rate by over 55%, from a LTIFR (lost time injury frequency rate, including all categories of workers) of 0.86 to 0.38, as well as a 67% reduction in the severity of injuries suffered by PhosAgro staff in 2022.
“The positive trend in reducing injuries in the workplace attests to the fact that the Company’s focus over the years on fostering a culture of safety and introducing state-of-the-art tools is bearing fruit.
“Ensuring safe working conditions is one of the key principles of the ESG agenda integrated into PhosAgro’s long-term development strategy. Its consistent implementation enables the Company to set new production records while fully meeting all its social obligations. As a result, last year PhosAgro increased its support for social and charitable projects by a factor of almost 2.5, to a record RUB 12.9 billion. What is more, the Company’s tax payments at all levels increased by a factor of 1.5, to more than RUB 59 billion,” said Viktor Cherepov, Chairman of PhosAgro’s Board of Directors, commenting on the Company’s FY 2022 results.
The Board of Directors took under advisement an evaluation of the effectiveness of the Company’s risk management and internal control system in 2022. The Company’s Board of Directors was briefed on the results of its work in 2022, and reports from the Chairs of the Board committees on the work of the committees in Q1 2023 were considered.
The Company’s 2022 Annual Report was provisionally approved and submitted to the Annual General Meeting of Shareholders for approval. The Board of Directors also approved a report on compliance with the principles and recommendations of the 2022 Corporate Governance Code, confirming that at present PhosAgro’s corporate governance system and practices fully meet the Company’s current needs and allow shareholders to exercise their rights. The Internal Audit Department’s report on its work in 2022 was also approved at the meeting.
In addition, the Board of Directors approved a report on related-party transactions performed by the Company in 2022, and the Board proposed that the Annual General Meeting of Shareholders approve JSC Unicon as the Company’s external auditors under Russian Accounting Standards for 2023.
The Board of Directors will consider other issues connected with preparations for the Annual General Meeting of Shareholders, including the Company’s annual statements for FY 2022, at one of its upcoming meetings.
Тhe Analytical Credit Rating Agency (ACRA) has assigned PhosAgro a credit rating for the first time: the AAA rating
The AGM also decided to pay out dividends at the rate of RUB 465 per ordinary share and confirmed 4 April 2023 as the dividend record date.
Besides wages, the Company’s production sites have a flexible bonus system in place that is tied to the fulfilment and over-fulfilment of production targets.