Kyivenergo Fails to Hold AGM: Lack of Quorum

At Kyivenergo’s (KIEN: HOLD) AGM yesterday, only 50.38% of voting shares checked in (with 60% quorum required to convene the AGM as per Ukrainian legislation). Among the large shareholders, only the National Energy Company of Ukraine (50%) checked in. The city of Kyiv and a local business group that together control more than 40% did not participate. Alexander Paraschiy: Private block holders of Kyivenergo ignored the interests of the NC ECU. At the meeting, the NC ECU planned to replace the supervisory board with representatives close to its new top management. The news looks neutral: on one hand, it explicitly demonstrates that there is a conflict between the NC ECU and the private owners of Kyivenergo, while on the other hand, the status quo in management means the conflict between shareholders still has not changed operations inside the company.