The Alrosa Supervisory Board meeting held on October 23 approved an adjusted budget for 2014, discussed the development of a corporate governance system and formalised the stepping down of former Alrosa President Fyodor Andreev.

“According to this budget, in 2014, diamond output of Alrosa will total 36 mn carats. The bigger part of Alrosa’s sales will be made under long-term contracts with large international and domestic diamond and jewellery producers,” a statement from the company said.

The meeting terminated Andreev’s labour contract effective October 23.  It may be recalled that last month Andreev had stepped down citing medical reasons and Alrosa’s first Vice President, Ilya Raschin was appointed as Acting President of the company.

The company statement clarified that the appointment of a new President was not an item for discussion.

The Board also discussed “issues related to the development of corporate governance system proposed for consideration by companies partially owned by the state in 2014”

Under a decision of the Board, it is necessary for Alrosa to “complete and approve the Long-term Development Programme until 2023 with due regard for the guidelines for open joint-stock companies and federal state unitary enterprises issued by Ministry of Economic Development of the Russian Federation. The strategy of ALROSA Group, the long-term development plan for 2012-2021, the innovation growth and technical modernization program will become the cornerstone principles to underpin the Long-term development program until 2023”, the company said in its note.