Corporate Governance

Corporate Governance is a totality of processes which enable administration and control over the Company's activities and include relations between shareholders, Board of Directors and executive bodies for the benefit of shareholders. The Company considers Corporate Governance as a means to enhance the Company's effectiveness, strengthen of its business reputation and decrease cost of capital.

Corporate governance in the Company is based on the following principles:

Accountability

The Code of Corporate Governance envisages accountability of the Board of Directors of the Company before all shareholders in accordance with the legislation in force, and is the governing document for the Board of Directors in issues related to strategy planning, administration and control over the Company's executive bodies.

Fairness

The Company undertakes to protect the rights of its shareholders and treat all shareholders on an equal basis. The Board of Directors enables its shareholders to receive efficient protection if their rights are violated.

Transparency

The Company shall provide timely disclosure of credible information on all the important facts related to its activities, including information on its financial condition, social and environmental indicators, results of activities, ownership and management structures; the Company shall provide free access to such information for all interested parties.

Responsibility