Corporate Governance System

The Company’s corporate governance system takes into account the recommendations outlined in the Corporate Governance Code approved by the Bank of Russia’s Board of Directors on 21 March 2014, and the global best practices in corporate governance, including the OECD Principles of Corporate Governance. It relies on the following principles:

  • equitable and fair treatment of shareholders;
  • leadership, effectiveness, and responsibility of the Board of Directors;
  • accountability of the Board of Directors and executive bodies;
  • effective, transparent and fair remuneration system;
  • transparent and responsible disclosure policy;
  • social responsibility and cooperation with stakeholders.

To boost the quality of its corporate governance, the Company has developed a programme to improve its corporate governance practices and procedures. The programme is approved by the Company’s Board of Directors on the recommendation of the relevant committee. The Board of Directors is also responsible for overseeing the implementation of the corporate governance improvement programme.