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	Gazprom Recommendation
	Gazprom, Russia’s largest company and one of the Fund’s top holdings, elected a new chairman of the board of directors in late June, Dmitri Medvedev. Gazprom's prospects for reform have brightened now that management no longer controls the company’s 11-member board. The management had failed to be proactive in reforming strategic company policies which included collecting on accounts receivable and paying company taxes. The government won five Board seats; management won four seats; and Boris Fedorov and Burchardt Bergman, from German Ruhgas, were also elected by minority shareholders. Now that management has lost control, the government and independent board members have the power to bring about changes, regain control over the company's cash flows, and reduce or stop the transfer of assets to other companies. Approximate Word count = 367 Approximate Pages = 1.5 (250 words per page double spaced)

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