Valentina Ivanova, the rector of Moscow State University of Technology and Management, has been elected Head of the Supervisory Council. This decision was reached on the basis of the results of the last Supervisory Board election.

In his introduction of the new Supervisory Board Head, Mr Zubkov, in part, said:

"Valentina Ivanova enjoys a reputation as a true professional in her field. She is the rector at one of Russia's leading universities, and she understands the system of business management very well. She is a competent and demanding manager. I am certain that her experience will ensure the effective operation of the Supervisory Board.

Working alongside other members of the Supervisory Board carries with it a lot of responsibility. Rosagroleasing was formed more than ten years ago. The main mission of the company is to implement activities under the priority national Agro-Industrial Complex Development project, a federal agro-industrial development programme active until 2012, with a new stage of the programme active through 2020.

Rosagroleasing has become truly instrumental in the development of the nation's agro-industrial complex. The company is currently at a new stage of development. The Rosagroleasing management system has recently undergone substantial qualitative changes. Intermediaries in the supply of equipment have been eliminated, terms have been shortened, equipment leasing procedures have been simplified and a wider variety of equipment and pedigree livestock have become available.

At the same time, there is still a lot that needs to be accomplished. The main objective is to reach the indicators of the State Programme for machinery and equipment leasing, as well as pedigree livestock, that have been set for this year and the next year.

We must continue working to lower debt levels and improve the lease repayment system for previously owed debt. We should pay particular attention to the exploration of new initiatives. We must foremost create regional stations for machines and equipment, participate in the utilisation programmes for outdated farmland machinery and provide local populations with comfortable housing. These issues are crucially important in order for society to meet the development goals that have been set. I would like to recommend for the Supervisory Board to address these issues regularly at their subsequent meetings.

In conclusion I would like to wish the new leadership of the Supervisory Board successful and effective operation."