In its activities, the Board of Directors of the Company undertakes to fully and accurately follow and adhere to the principles set forth in the Corporate Governance Code approved by the Bank of Russia and recommended for use by joint-stock companies whose securities are admitted for organized trading (Letter No. 06-52 / 2463 dated April 10, 2014 ), hereinafter referred to as the "Code", as well as the clarification given in the Letter of the Bank of Russia dated February 17, 2016 No. IN-06-52 / 8 "On disclosure of compliance with principles and recommendations of the Corporate Governance Code in the Annual Report of public joint-stock companies", which establishes the principles of corporate governance in joint-stock companies. At the same time, the Board of Directors of the Company declares that certain provisions (principles) of the Code are currently not being implemented (partially or fully) due to a number of circumstances described in detail in the section “Explanations of noncompliance with the corporate governance principles” in the Appendix “Report on the Company’s compliance with the principles and recommendations of the Corporate Governance Code” of this Annual Report.
The methodology used by the Company to assess compliance with the principles and recommendations of corporate governance set out in the Code was based on the recommendations set out in the Bank of Russia's Letter № IN-06-52/8 "On disclosure of compliance with principles and recommendations of the Corporate Governance Code in the Annual Report of public joint-stock company".
Information on compliance with the principles and recommendations of the Code is reviewed by the Company’s Board of Directors as part of this Annual Report.
