Corporate Governance

Major Principles of Corporate Governance

The Company undertakes to develop corporate relations in compliance with the principles, ensuring:

• the shareholders' reasonable opportunity to exercise their rights connected with participation in the Company;
• exercise by the Board of Directors of strategic management of the Company’s activities and its efficient control over the activities of the Company’s executive bodies, and accountability of the Board of Directors to the General Meeting of Shareholders;
• The need of the Company’s executive bodies to reasonably and in good faith exercise management of the Company’s current activities, and their accountability to the Company’s s Board of Directors and General Meeting of Shareholders;
• timely disclosure of information on the Company, including its financial standing, economic performance, ownership and governance structure;
• Efficient control over the Company’s financial and economic activities;
• statutory rights of the Company’s employees, development of partnership relations between the Company and employees in solution of social issues and regulation of labour conditions;
• active cooperation of the Company and investors, creditors and other stakeholders in order to increase the Company’s assets, the value of shares and other securities.

The Company realizes the importance of improving the corporate governance of its subsidiary and dependent entities and will strive to ensure openness and transparency in the activities of the said entities, and practical implementation in them of the Corporate Governance Code basic principles:

• protection of the Sole Shareholder’s interests;
• efficient management of the Company by the Board of Directors and Management Board;
• the Company’s independent activities;
• transparency and objectivity of disclosure of information of the Company’s activities;
• principles of legality and ethics;
• an efficient dividend policy;
• an efficient personnel policy;
• environment protection;
• policy of managing corporate conflicts and conflicts of interest;
• responsibility.