Improvement of the corporate management system in 2018

In order to implement recommendations of the Corporate Management Code, the Company designed and implemented the Road Map for Enhancement of Corporate Management Efficiency Approved by Decree No. 987 as of 21.12.2017 in 2018 that covers all the aspects of Company corporate management system.

Large-scale work is aimed at analysis and improvement of internal documents and revision of a role played by independent directors in the committees of the Company Board of Directors.

The Board of Directors elected a senior independent director and approved the Methodology for Evaluating Performance of the Company Board of Directors complying with the Corporate Management Code. Self-evaluation was performed and information on such evaluation (self-evaluation) of performance of the Board of Directors was placed on the Company website.

Company internal documents were updated in a part of bringing them in compliance with the requirements of the legislation of the Russian Federation and recommendations of the Corporate Management Code, including Company documents controlling the issues of information disclosure and protection of insider information.

In a result of this work, the Company managed to achieve a level of corporate management called “Advanced Practice” (its corporate management corresponds to advanced practice and has potential for improvement in some issues).