Board of Directors considers Gazprom's perticipating interest in Gazpromimpoteka fund
The Board of Directors’ meeting has adjourned at the Gazprom Headquarters.
The Board of Directors agreed on Gazprom’s participating interest in the Nonprofit Organization Gazpromipoteka Fund and tasked the Management Committee with organizing the work to set up said company.
The meeting also addressed other issues falling under the authority of the Gazprom Board of Directors.
Background
In 2006 Gazprom has approved the Mortgage Lending Conception and the Gazprom Housing Policy Provision.
Said documents identify the development of mortgage lending as the main mechanism of housing issues settlement for Gazprom Group’s officers and employees. Additionally, the Company’s new housing policy contemplates conveying housing issues settlement functions from Gazprom to an authorized organization, with Gazprom to retain coordination and control functions.
Establishing the Nonprofit Organization Gazpromipoteka Fund will help create a self-supporting housing construction funding mechanism for Gazprom’s officers and employees without using the Company’s financial resources to resolve housing issues. Moreover, Gazprom and its subsidiaries will be exempt from peripheral housing-related activities. The responsibility for housing programs will be vested in an integrated executive centre, namely the Nonprofit Organization Gazpromipoteka Fund.
Information Directorate, OAO Gazprom