Corporate Governance

This section presents the major corporate governance standards that the Company observes as an issuer of the securities listed on the Russian stock exchanges. The Company realizes that a high level of the corporate governance cannot be achieved solely by following the standards of the joint stock company legislation. Therefore, the Company is committed to the highest standards of corporate governance and takes upon itself additional obligations to its stakeholders.

The present section includes the existing internal regulations of the Company approved at the AGM, as well as the regulations adopted under the initiatives of the Board of Directors and the Management Board. These regulations were developed in accordance with Russian and international best practice and rules, and are aimed at raising the level of the Company’s corporate governance standards.