Corporate Governance Code
In June 2008 the Company’s Board of Directors adopted Severstal’s Code of Corporate Governance (2006) in the new edition (The first company Code was adopted in 2006).
This Code ensures protection of the interests of all company shareholders. The Code is based on principles provided for by the Corporate Conduct Code of the Federal Financial Markets Service and British Combined Code on Corporate Governance recommended by the companies listed on the London Stock Exchange.
The Company keeps track of the developments in global corporate governance practices, as well as amendments to these advisory documents and is doing its utmost to apply their requirements to the Company’s corporate governance practice.
The basic provisions of this Code are formally upheld by the Company’s regulatory documents as required by Russian law.
Provisions
The Code determines the Company’s corporate governance principles, rights of the shareholders, the leading role of the Board of Directors in general management of the company operations and working out the development strategy, principles of composition of the Board of Directors, authorities of the company Corporate Secretary, the Company’s intention to disclose information on its operations to the full extent, as well as secures control over financial and business activity of the Company.
Benefits of the Code
By adhering to the adopted principles of corporate governance and observing the policy of information transparency, Severstal complies with the applicable laws of the Russian Federation and international corporate governance standards and ensures a high level of interaction between all company shareholders, the Board of Directors and the management.
The Code also demonstrates Severstal commitment to the strict observance of all requirements for foreign public companies quoted on the London Stock Exchange.
Full Corporate Governance Code
