Corporate governance

IDGC of Urals, ОАО places a special emphasis on corporate governance assuming that high quality of corporate governance system plays a pivotal role in its activities and finally determines its reputation and investment attractiveness. To ensure top-quality corporate governance and understanding between us and our shareholders we have assumed obligations to adhere to the following fundamental principles of corporate governance in our operations:

  • fairness (ensuring equal attitude to all shareholders and providing opportunities for efficient protection in case their rights are violated);
  • management accountability (answering to the shareholders for efficient management and proper control over the Company’s operations and performance according to the approved decision-taking system);
  • transparency and timely information disclosure (disclosing reliable information on Company facts, including its financial status, social and ecological indicators, performance results, shareholding and governance structure as well as free access to information required for all interested parties).

The Company observes the requirements set forth by the Russian legislation on corporate governance. We strive to adhere to the recommendations of the Russian Corporate Governance Code (recommended for use by Russian Federal Securities Commission Decree #421/r dd. 04.04.2002) and the principles of corporate governance approved by the best international practices. For detailed information on the observation of our Corporate Governance Code, please, visit Section “Corporate Governance” at our corporate web-site at: http://www.mrsk-ural.ru/ru/685

To ensure shareholder rights for participation in management and decision-taking on vital operating issues there are the following internal documents regulating managing bodies:

  1. The Charter of IDGC of Urals, OAO (approved by the AGSM on 25.06.2010, protocol #2 dd. 30.06.2010).
  2. The Regulations on the Procedure for GSM Convention and Arrangement (approved by the GSM resolution, protocol #1829 pr/3 dd. 28.02.2008).
  3. The Regulations on the Procedure for BoD Convention and Arrangement (approved by the GSM resolution, protocol #1829 pr/3 dd. 28.02.2008).
  4. The Regulations on the Management Board (approved by the GSM resolution, protocol #1829 pr/3 dd. 28.02.2008).
  5. The Regulations on the Audit Commission (approved by the GSM resolution, protocol #1865 pr/3).

The Charter and other internal documents regulating our management bodies can be found at Section “Internal Documents” at: http://www.mrsk-ural.ru/ru/374

According to the Charter our management bodies are the General Shareholder Meeting, Board of Directors, Management Board and General Director. The Audit Commission is a body for controlling financial and operating activities of the Company.