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TRANSPARENCY IN CORPORATE REPORTING Assessing Russia’s Largest Companies “Transparency International-Russia” Report ASSESSING RUSSIA’S LARGEST COMPANIES “TRANSPARENCY INTERNATIONAL— RUSSIA” REPORT This report was produced by Transparency International Russia as part of a project led by the Transparency International Secretariat with fund- ing from the Siemens Integrity Initiative. The Transparency in Corporate Reporting assessment conducted in Russia uses the same methodol- ogy as the Transparency in Corporate Reporting: Assessing the World’s Largest Companies which is produced periodically by the Transparency International Secretariat. The latest edition of the global report, pub- lished in 2014, included Siemens as one of the 124 companies that were assessed. Project coordinator Anastasiya Ivolga Project team Anton Pominov, Ekaterina Sukhareva, Ilya Shumanov, Maria Maria Shigreva Project interns Alisa Velmiskina and Svetlana Ivanova © Bureau Verstak, design, 2017 Printed in Tara-Tut print shop (Moscow) TABLE OF CONTENTS Introduction 9 The Overall Results 10 Recommendations 12 Methodology 20 1. Anti-corruption documents 26 2. Organizational Transparency 38 3. Country-by-country reporting 44 Annexes 1. List of evaluated information 50 2. Data per companies 52 — 2 CENTER “TRANSPARENCY INTERNATIONAL R” TRANSPARENCY ACP — ANTI-CORRUPTION PROGRAMS SCALE FROM 0–10, WHERE 0 IS THE LEAST TRANSPARENT, OT — ORGANIZATIONAL TRANSPARENCY 10 IS THE MOST TRANSPARENT. THE INDEX IS BASED ON THE IN CORPORATE REPORTING СВС — COUNTRY-BY-COUNTRY REPORTING AVERAGE VALUE FOR ALL THREE PARTS OF THE STUDY. COMPANIES ARE LISTED FROM THE HIGHEST VALUE OF THE INDEX TO THE LOWEST. COMPANY % ACP OT СВС INDEX COMPANY % ACP OT СВС INDEX COMPANY % ACP OT СВС INDEX COMPANY % ACP OT СВС INDEX Magnet w58w100— 7.9 Surgutneftegas w42w88w 4.3 Transmashholding w w75w 2.5 Techmash w4w — 0.2 Sberbank w85w88w64 7.9 Ilim w54w75w 4.3 Sovcomflot w w75w 2.5 Element-Treyd w4w — 0.2 Kazanorgsintez w81w75— 7.8 Aeroflot w50w75w 4.2 Ingosstrakh w w75w 2.5 Holiday Group w4w — 0.2 Rosseti w50w100— 7.5 SIBUR w38w88w 4.2 RESO-Guarantee w w75w 2.5 UCL w w6w 0.2 Nizhnekamskneftekhim w62w81w60 6.8 Uralkali w50w75w 4.2 Cherkizovo w w75w 2.5 Metallservis w w6w 0.2 Udmurtneft w54w75— 6.4 Saint Petersburg Bank w50w75w 4.2 Siberia Airlines w w75w 2.5 Aston w w6w 0.2 MTS w88w88w12 6.3 LUKOIL w42w75w4 4.1 EuroChem w35w38w 2.4 DNS w w — 0 RUSAL w88w75w21 6.2 LANIT w92w31w 4.1 X5 w54w19w 2.4 Red&White w w — 0 Megaphone w77w88w16 6.0 ODK w42w75w 3.9 UIMC w8w38— 2.3 Alkor and Co w w — 0 ALROSA w92w75w13 6.0 TNS Energo w w75— 3.8 Volga-Dnepr w58w13w 2.3 Intertorg w w — 0 Tactical missiles Corporation w42w75— 5.9 Togliattiazot w w75— 3.8 AlfaStrakhovanie w w44— 2.2 Retail K-1 ("Maria-RA") w w — 0 Nordgold w73w75w25 5.8 Russian Helicopters w27w88w 3.8 PPF "RGS" w15w50w 2.2 MERLION w w — 0 NLMK w92w75w8 5.8 Credit Bank of Moscow w38w75w 3.8 High Precision Systems w4w38— 2.1 SNS Group w w — 0 Evraz w85w56w29 5.7 Detsky Mir w77w38w 3.8 Neftetransservis w50w13w 2.1 Almaz-Antey w w — 0 VimpelCom w73w88w9 5.7 Promsvyazbank w77w38w 3.8 SOGAZ w w56w4 2.0 Tomskneft w w — 0 Rostelecom w81w88w 5.6 Gazprom Burenie w12w63— 3.7 Yandex w42w19w 2.0 SeverEnergia w w — 0 Mosvodokanal w35w75— 5.5 Sakhalin Energy w73w — 3.7 PIK Group w w38— 1.9 Avtotor w w — 0 RZD w81w81w 5.4 Rosselkhozbank w58w50w 3.6 Rolf w w38— 1.9 Neftegazindustriya w w — 0 Akron w88w75w 5.4 Pochta Rossii w69w38w 3.6 Bank Rossiya w w56w 1.9 Miratorg w w — 0 NCSP w31w75— 5.3 INK w69w — 3.5 Rosatom w19w38w 1.9 LUKOIL-Garant w w — 0 Zarubezhneft w85w75w 5.3 Mosinzhproekt w69w — 3.5 Tele2 Russia w23w31w 1.8 Moskovsky Metropoliten w w — 0 Inter RAO w54w88w14 5.2 Slavneft w27w75w 3.4 OMK w27w6— 1.7 LocoTech w w — 0 MMK w73w75w8 5.2 TMK w27w75w 3.4 PPF "Blagosostoyanie" w w25w20 1.5 EFKO Group w w — 0 RusHydro w65w88w 5.1 Lenta w15w50— 3.3 Katren w8w19w20 1.5 CSC Group w w — 0 NOVATEK w77w75w 5.1 TAIF-NK w65w — 3.3 CPC w38w6w 1.5 Major-Auto w w — 0 RussNeft w77w75w 5.1 RUSENERGOSBYT w65w — 3.3 Neftisa w4w38w 1.4 Uralo-Sibirskaya Metallurgicheskaya RTI Systems w77w75w 5.1 LSR group w15w75w10 3.3 Finance&Construction Corporation "Lider" w w25— 1.3 Kompaniya w w — 0 Bashneft w77w75w 5.1 VTB w23w75w1 3.3 Russian Standard Bank w w38w 1.3 Oboronstroy w w — 0 Rusagro w50w50— 5.0 Metalloinvest w23w75w 3.3 SUEK w19w19w 1.3 YUNPK w w — 0 Nornickel w73w75w3 5.0 O’Key Group w27w38— 3.2 PPF Future w8w25w 1.1 Pipe Innovation Technologies w w — 0 Gazprombank w62w88w 5.0 NNK-Aktiv w8w81w6 3.2 Salym Petroleum w19w — 1.0 Novoshakhtinskii Zavod Nefteproduktov w w — 0 KRET w23w75— 4.9 Power machines w19w75w 3.2 Siberian Generating Company w w19— 0.9 Krastsvetmet w w — 0 Uralvagonzavod w23w75— 4.9 Vnesheconombank w15w75w3 3.1 Transoil w w19— 0.9 Trans Nafta w w — 0 Rosneft w73w75w 4.9 Mechel w19w75w 3.1 StroyTransNefteGaz w4w13— 0.8 SIA International w w — 0 DIXY Group w73w75w 4.9 Mostotrest w12w75w 2.9 UMMC w w25w 0.8 GAZFOND w w — 0 PhosAgro w69w75w 4.8 Polyus w19w38— 2.8 EuroSibEnergo w w25w 0.8 Ulmart w w — 0 Polymetal w77w31w32 4.7 URALCHEM w4w75w3 2.7 Sds-Ugol w w13— 0.6 Metallokomplekt-M w w — 0 Globaltrans w46w75w20 4.7 Industrial Metallurgical Holding w w75w3 2.6 Agro-Belogorie w w13— 0.6 RIF w w — 0 Tatneft w54w81w2 4.6 GAZ Group w4w75w 2.6 Neftekhimservis w w13— 0.6 Alfa Bank w w w 0 Binbank w62w75w 4.6 UTair w4w75w 2.6 Genser w w13— 0.6 New Stream Group w w w 0 VSMPO-AVISMA w62w75w 4.6 R-Pharm w77w w 2.6 Voentorg w w13— 0.6 Tashir w w w 0 Sovcombank w62w75w 4.6 M.Video w w50— 2.5 Eldorado w12w — 0.6 Forteinvest w w w 0 Rosta w77w13— 4.5 Ruselectronics w w50— 2.5 Svyaznoy w12w — 0.6 Sodrugestvo w w w 0 USC w27w88w20 4.5 Pulse w31w19— 2.5 EUROCEMENT w4w13w 0.5 Drilling company "Eurasia" w w w 0 Megapolis w81w6— 4.4 Transneft w w75w 2.5 Sportmaster w15w w 0.5 Velesstroy w w w 0 Gazprom w50w81w 4.4 Otkritie Holding w w75w 2.5 Sedmoi Kontinent w8w — 0.4 Euroset w w w 0 KAMAZ w58w75w 4.4 PROTEK w w75w 2.5 UNICONF w w13w 0.4 Best price (Fix Price) w w w 0 Severstal w58w75w 4.4 AvtoVAZ w w75w 2.5 STROYGAZMONTAZH w w6— 0.3 Avtomir w w w 0 UAK w58w75w 4.4 Rosgosstrakh w w75w 2.5 NCC w w6— 0.3 Transaero, Spetsstroyinzheniring, ——— — — 4T Plus w58w75w 4.4 ChelPipe CENTER “TRANSPARENCYw w75 INTERNATIONALw 2.5R” State ATM Corporation w w6— 0.3 Morton HIGHLIGHTS 4 1 1 6 6 3 2 5 companies companies companies companies did not receive a companies do not received either have a confidential commu- single point based regulate contributions 5 or higher points nications channel for reports on the results of for political activities out of 10 possible on corruption offenses, allow- the study points ing them to establish two-way communications with the informant of companies have not introduced the ban 4 2 8 0 % on facilitation payments the largest com- multinational panies by revenue companies gained of companies do not disclose any information do not have a cur- more than 50 %1 in 28 % about their subsidiaries and associates where rently operating all three parts they operate in Russia and abroad web site of companies publish CEO’ message in sup- 14 % port of the anti-corruption policy pursued by 1Hereinafter, the percentage of information disclosed by the company in open source the company — 6 CENTER “TRANSPARENCY INTERNATIONAL R” The study evaluates the transparency of companies in INTRODUCTION three areas underlying the index with respect to: > their anti-corruption programs > organizational transparency of company holdings > the disclosure of key financial information on a country-by-country basis The study “Transparency inter- The objective of the study, on one hand, is to increase national — R” “Transparency in the overall level of transparency and public accountability in the private sector, and on the other hand, to record the Corporate Reporting” assesses degree of disclosure practices of the commercial sector the disclosure of the 200 larg- in Russia before introducing changes to domestic legisla- tion within the framework of the programs to combat the est Russian companies by rev- erosion of the tax base (Base Erosion and Profit Shift- enue from the RBC-20162 rat- ing — BEPS). The study is not aimed at incriminating those or other companies in dishonest business, its main 3 ing on their official websites . purpose is to draw attention to Russian big business Most companies in the survey representatives, state authorities, investors and citizens to the overall level of transparency of companies with re- sample are included in the list spect to their anti-corruption programs, subsidiaries and of the so-called “backbone countries of operation. enterprises” of the Russian Transparency and accountability are the two main tools Federation4. Their profits form for combating corruption in all sectors of the economy. In the current Russian reality, companies should not be more than 70 % of the total na- afraid to take responsibility for establishing fair and trans- tional income, and tax deduc- parent rules of the game.
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  • Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021

    Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021

    Franklin Templeton Investment Funds Emerging Markets Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021 Fund Fact Sheet For professional use only. Not for distribution to the public. Fund Overview Performance Base Currency for Fund EUR Performance over 5 Years in Share Class Currency (%) Templeton Eastern Europe Fund A (acc) EUR MSCI EM Europe Index-NR Total Net Assets (EUR) 231 million Fund Inception Date 10.11.1997 160 Number of Issuers 45 Benchmark MSCI EM Europe 140 Index-NR Investment Style Blend Morningstar Category™ Emerging Europe Equity 120 Summary of Investment Objective 100 The Fund aims to achieve long-term capital appreciation by investing primarily in listed equity securities of issuers organised under the laws of or having their principal activities within the countries of Eastern Europe, as well as 80 08/16 02/17 08/17 02/18 08/18 02/19 08/19 02/20 08/20 02/21 08/21 the New Independent States, i.e. the countries in Europe and Asia that were formerly part of or under the influence of Performance in Share Class Currency (%) the Soviet Union. Cumulative Annualised Since Since Fund Management 1 Mth 3 Mths 6 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Incept Incept A (acc) EUR 6.42 11.11 26.64 33.63 51.24 53.18 56.89 34.32 260.58 5.54 Krzysztof Musialik, CFA: Poland A (acc) USD 5.94 7.30 23.95 29.16 49.67 55.85 66.03 10.37 25.43 1.44 Ratings - A (acc) EUR B (acc) USD 5.87 6.92 23.29 28.09 47.85 50.20 56.08 -2.95 -24.30 -1.84 Benchmark in EUR 5.12 10.50 24.75 24.42 37.82 37.48 54.51 30.76 271.45 5.67 Overall Morningstar Rating™: Calendar Year Performance in Share Class Currency (%) Asset Allocation 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 A (acc) EUR -15.33 36.67 -21.23 17.61 20.37 4.84 -19.49 -3.97 17.37 -40.02 A (acc) USD -7.78 33.81 -24.78 34.11 16.61 -5.88 -29.18 0.07 19.63 -41.94 B (acc) USD -8.80 31.98 -25.72 32.46 14.98 -7.07 -30.09 -1.33 18.15 -42.70 Benchmark in EUR -19.73 34.75 -7.46 5.88 29.27 -5.03 -20.28 -8.61 22.37 -21.10 % Past performance is not an indicator or a guarantee of future performance.