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Board Committees

Basics of effective management

In 2006 Severstal elected a new Board of Directors consisting of ten directors  five of whom are independent  directors including Chairman of the Board of Directors. The Board acts in accordance with the norms of applicable laws and conforms to the generally-accepted international corporate governance standards and the Corporate Governance Code of JSC “Severstal”.

The role of the Board independent directors is to observe the interests of all Company's shareholders and secure the system of “checks and balances”.

The Board committees serve as consultative and advisory bodies of the Company. Their activity is regulated by the Regulations for the Committees of the Board of directors.

The committee meetings are held apart from the Board meetings so that extra attention can be given to discussing issues, which require preliminary Board consideration prior to the approval by the Board members, and determine the necessity of the Board’s approval for a specific issue.