DOCSLIB.ORG

Results of the Board of Directors Meeting on December 23, 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Results of the Board of Directors Meeting on December 23, 2020 Results of the Board of Directors Meeting on December 23, 2020 PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on December 23, 2020. Resolutions passed on Items of the agenda: Item 1: On Approval of the Report on Implementation of the RusHydro Annual Integrated Purchasing Program for 9 Months of 2020. Adopted Resolution: The report on implementation of the PJSC RusHydro Annual Integrated Purchasing Program for 9 months of 2020 (Schedule No. 1 to the Minutes) be approved. Item 2: On Approval of the RusHydro Annual Integrated Purchasing Program for 2021. Adopted Resolution: The RusHydro Annual integrated Purchasing Program for 2021 (Schedule No. 2 to the Minutes) be approved. Item 3: On Approval of the Company Register of the Non-Core Assets, updated, and the Action Plan for the Non-Core Assets Sale. Adopted Resolution: The following be approved: Register of the Non-Core Assets of RusHydro, in the new revision (Schedule No. 3 to the Minutes); Action Plan for the RusHydro Non-Core Assets Sale for 2020 (Q4) – 2021 (Schedule No. 4 to the Minutes). Item 4: On Review of the Report on Compliance with the RusHydro Information Policy. Adopted Resolution: The Report on Compliance with the RusHydro Information Policy be taken into consideration (Schedule No. 5 to the Minutes). Item 5: On Authorizing to Concurrently Hold Positions in management bodies of other organizations. Adopted Resolution: Viktor Viktorovich Khmarin acting as the RusHydro sole executive body be authorized to hold positions in management bodies of other companies as well as other paid positions in other organizations, as follows: ‒ All-Russia Association of Employers “Russian Union of Industrialists and Entrepreneurs”, member of the Management Board; ‒ Global Sustainable Energy Partnership, member of the Board of Directors; ‒ Global Energy Association, member of the Supervisory Board; ‒ PJSC Inter RAO, member of the Strategy and Investments Committee under the Board of Directors. Item 6: On Consideration of Issues of Material Importance for the Company: 6.1. Confidential. Adopted Resolution: Confidential. 6.2. On the Status of Execution of the Priority Projects for the Construction of Facilities in the Far East. Adopted Resolution: Information on the status of execution of the priority projects for the construction of facilities in the Far East as of September 30, 2020 (Schedule No. 6 to the Minutes) be taken into consideration. 6.3. On Recognition of Members of the Company’s Board of Directors as Independent. Adopted Resolution: 1. Pursuant to the recommendations of the HR and Remunerations (Nominations) Committee under the Board of Directors of the Company (Minutes dated December 21, 2020), the information be taken into consideration on the results of assessment of the Board members’ compliance with the independence criteria provided for in Appendix 4 to the Moscow Exchange Listing Rules (hereinafter, “the Listing Rules”). 2. In accordance with Clause 2 of Section 2.18, Appendix 2, and Appendix 4 to the Listing Rules, recognize: 2.1. Pavel Sergeyevich Grachev as Independent Director, despite the existence of formal criteria of relatedness on the grounds specified in Schedule No. 7 to the Minutes. 2. In accordance with Clause 2 of Section 2.18, Appendix 2, and Appendix 4 to the Listing Rules, recognize: 2.2. Maksim Sergeyevich Bystrov as Independent Director, despite the existence of formal criteria of relatedness on the grounds specified in Schedule No. 8 to the Minutes. Schedule No. 7 to the Minutes Having assessed the compliance of P. S. Grachev, a member of the Board of Directors of the Company, with the criteria for determining the independency of the Board members, as envisaged by Appendix 4 to the Listing Rules, the HR and Remunerations (Nominations) Committee (Minutes No. 105 dated December 21, 2020) established that P. S. Grachev is not a party related to: ‒ the Company; ‒ any substantial Company shareholder; ‒ the Company competitors; ‒ the state (the Russian Federation, a Russian Federation constituent entity), or any municipal entity. Based on the results of the assessment, the criteria of P. S. Grachev’s relatedness to the Company’s substantial counterparty – PJSC FGC UES*, were revealed due to the Company’s contractual relations in the field of technological connection of the Company’s generating facilities to PJSC FGC UES power grids and due to the contractual relations in the field of electric capacity sales by the Company. Therewith, the amount of liabilities under contracts between the Company and PJSC FGC UES exceeds 2% of revenues according to the consolidated financial statements of each party, prepared under IFRS for the preceding fiscal year. The HR and Remunerations (Nominations) Committee under the Board of Directors of the Company established that the existing relatedness to the substantial counterparty is of nominal nature, and recommended the Board of Directors of the Company to recognize P. S. Grachev as an Independent Director. The above relatedness cannot affect P. S. Grachev’s ability to form unbiased and independent opinions as to the agenda items considered by the Board of Directors and act for the benefit of the Company and its shareholders due to the reasons as follows: 1) Pursuant to Order No. 804-r dated March 30, 2020 of the Government of the Russian Federation (hereinafter, the Russian Government), P. S. Grachev was nominated, by the Russian Federation, to the Company Board Members as an Independent Director, thereby there is no duty for P. S. Grachev to vote in pursuance of the Russian Government directives (Clause 16 of Regulation No. 738 of the Government of the Russian Federation dated December 03, 2004); 2) PJSC FGC UES is an organization for managing the unified national (all-Russian) power grid under Article 8 of the Federal Law “On Electric Power Industry” and provides services for the transmission of electricity under conditions of natural monopoly. As a participant in the wholesale electricity and capacity market, the Company sells electricity and capacity as produced, which requires that the Company’s generating facilities be connected to the PJSC FGC UES power grids. The connection to the power grids is performed by entering into contracts with PJSC FGC UES in accordance with the procedure and on the terms specified by the Government of the Russian Federation, and at prices determined in accordance with the acts of the Government of the Russian Federation. Considering the above, P. S. Grachev has no opportunity to influence the terms of the technological connection contracts between the Company and PJSC FGC UES. 3) The Company is a subject of the wholesale electricity and capacity market (WECM) and a party to the Contract for Joining the Wholesale Market Trading System (hereinafter referred to as the “Joining Contract”). The Company concludes contracts in accordance with the WECM Rules and the WECM Regulations, which are appendices to the Joining Contract. The terms and conditions of the Joining Contract are binding on the parties when they participate in relations on the wholesale electricity and capacity market (WECM). The Company and PJSC FGC UES, in accordance with Sub-Clause 4 of Clause 4 of the WECM Rules, have entered into agreements for the supply of capacity at free prices based on the results of competitive capacity takeoff (hereinafter, the “CCT Agreements”), where the Company acts as a capacity supplier. Prices under the CCT agreements are determined in the course of / on the basis of competitive procedures (competitive selection) conducted in accordance with the WECM Rules and Joining Contract provisions. Considering the above, P. S. Grachev has no opportunity to influence the terms and conditions of the CCT Agreements between the Company and PJSC FGC UES. Throughout the period of filling the Board Member vacancy, P. S. Grachev has been involved actively in the activities of the Board of Directors of the Company – he has been participating in the absolute majority of meetings held by the Board of Directors and Committees under the Board of Directors of the Company (including those of the Board of Directors, Audit Committee, HR and Remunerations (Nominations) Committee, Strategy Committee, and Far East Power Industry Development Committee, as held since the beginning of 2020). P. S. Grachev’s track record with the Company Board of Directors and Committees under the Company Board of Directors in 2016 – 2020, as well as his active stands in the discussions at the in-person meetings, have been demonstrating his ability to provide independent, unbiased and fair judgments, since the P. S. Grachev’s stands as to the agenda items of meetings of the Board of Directors and the Committees are based on his professional expertise and experience, being rational and independent, and the nature of resolutions adopted by P. S. Grachev previously and at present allow coming to a conclusion that occurrence of his nominal relatedness to a substantial counterparty of the Company will affect neither independence of P. S. Grachev, nor his ability to act for the benefit of the Company and all shareholders thereof. P. S. Grachev signed a Declaration of a Member of the Board of Directors of the Company Recognized as Independent, in the form recommended by Moscow Exchange. * P. S. Grachev is a member of the Board of Directors of PJSC FGC UES. Schedule No. 8 to the Minutes Having assessed the compliance of M. S. Bystrov, a member of the Board of Directors of the Company, with the criteria for determining the independency of the Board members, as envisaged by Appendix 4 to the Listing Rules, the HR and Remunerations (Nominations) Committee (Minutes No. 105 dated December 21, 2020) established that M. S. Bystrov is not a party related to: ‒ the Company competitors; ‒ the state (the Russian Federation, a Russian Federation constituent entity), or any municipal entity.
Load more

Recommended publications
  • QUARTERLY REPORT Public Joint-Stock Company Federal
    QUARTERLY REPORT Public Joint-Stock Company Federal Hydrogeneration Company RusHydro Issuer code: 55038-E for Q2 2018 Address of the issuer: 43/1 Dubrovinskogo St., Krasnoyarsk, Krasnoyarsk Krai 660017 The information contained herein is subject to disclosure pursuant to the securities legislation of the Russian Federation ___________________ N. G. Shulginov Chairman of the Management Board – General Director Date: August 14, 2018 Deputy Director of the Accounting and Tax Department – Deputy _________________ K. V. Permyakov Chief Accountant Date: August 14, 2018 Contact Person: Anna Aleksandrovna Shamne, Chief Expert of the Equity and Information Disclosure Directorate of the Corporate Governance and Property Management Department Telephone: +7 800 333 8000 Fax: +7 495 225 3737 Email: [email protected] The address of the internet site(s) where the information contained herein is to be disclosed: http://www.e-disclosure.ru/portal/company.aspx?id=8580, www.rushydro.ru Table of Contents I. Information on Bank Accounts, the Auditor (Audit Organization), Appraiser, and Financial Adviser of the Issuer and on Persons Who Signed the Quarterly Report ....................................................................................... 6 1.1. Information on the Issuer's Bank Accounts ...................................................................................................... 6 1.2. Information on the Issuer's Auditor (Audit Organization) ............................................................................... 6 1.3. Information
    [Show full text]
  • US Sanctions on Russia
    U.S. Sanctions on Russia Updated January 17, 2020 Congressional Research Service https://crsreports.congress.gov R45415 SUMMARY R45415 U.S. Sanctions on Russia January 17, 2020 Sanctions are a central element of U.S. policy to counter and deter malign Russian behavior. The United States has imposed sanctions on Russia mainly in response to Russia’s 2014 invasion of Cory Welt, Coordinator Ukraine, to reverse and deter further Russian aggression in Ukraine, and to deter Russian Specialist in European aggression against other countries. The United States also has imposed sanctions on Russia in Affairs response to (and to deter) election interference and other malicious cyber-enabled activities, human rights abuses, the use of a chemical weapon, weapons proliferation, illicit trade with North Korea, and support to Syria and Venezuela. Most Members of Congress support a robust Kristin Archick Specialist in European use of sanctions amid concerns about Russia’s international behavior and geostrategic intentions. Affairs Sanctions related to Russia’s invasion of Ukraine are based mainly on four executive orders (EOs) that President Obama issued in 2014. That year, Congress also passed and President Rebecca M. Nelson Obama signed into law two acts establishing sanctions in response to Russia’s invasion of Specialist in International Ukraine: the Support for the Sovereignty, Integrity, Democracy, and Economic Stability of Trade and Finance Ukraine Act of 2014 (SSIDES; P.L. 113-95/H.R. 4152) and the Ukraine Freedom Support Act of 2014 (UFSA; P.L. 113-272/H.R. 5859). Dianne E. Rennack Specialist in Foreign Policy In 2017, Congress passed and President Trump signed into law the Countering Russian Influence Legislation in Europe and Eurasia Act of 2017 (CRIEEA; P.L.
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest
    An Overview of Boards of Directors at Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: • “Classic” board compositions of 11, nine, and seven seats prevail • The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board • Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee • Among Directors, there are more “humanitarians” than “techies”, while the share of “techies” among chairs is greater than across the whole sample • The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors • Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the development of digital technologies continues • The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit • Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent • The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times • Twenty-four percent of companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [Show full text]
  • INTER RAO Share Placement Price – 0.0535 RUB
    Additional share issue Fundamentals Basic results of Private placement : INTER RAO share placement price – 0.0535 RUB Number of shares issued – 13,800,000,000,000 common shares Total number of shares placed with the participants of private placement – 6,822,972,629,771 shares. A total of 49.4% of newly issued shares were placed Number of shares placed with Inter RAO Capital – 2,917,890,939,501 (including shares for deal with Norilsk Nickel, stock option program and future deals) Final volume of Inter RAO’s authorized capital after private placement - 9,716,000,000,000 ordinary shares (increase by a factor of 3.36) Value of the share capital of the Company - 272.997 billion RUB* Total value of assets acquired by Inter RAO within the private placement: • Shares of utility companies - 283.2 bn RUB** • Cash – 81.8 bn RUB Share of government and state-owned companies in the authorized capital of Inter RAO amounts to 60%; Registration of additional share placement report by Federal Service for Financial Markets is planned for June 2011 Newly issued shares should start trading in June 2011 and merge into main symbol in October 2011 (MICEX) * Par value of 1 share - 0.02809767 RUB ** Value of assets based on independent appraisers. It does not include assets that might be received by INTER RAO’ s subsidiaries (closed subscription participants) after May, 17 2 Ownership structure Equity structure before Equity structure to May 17, 2011 Target equity structure after deals placement Minority finalization shareholders Federal Property Federal Property
    [Show full text]
  • ESG Ranking of Russian Companies 2020 (As of 11.11.2020)
    ESG Ranking of Russian companies 2020 (as of 11.11.2020) Company Industry Sub-industry ESG Rank E Rank S Rank G Rank LUKOIL Oil&Gas Integrated Oil & Gas 1 3 10 2 SIBUR Holding Chemicals Petrochemicals 2 1 4 10 Passenger Russian Railways Transport Transportation, Ground 3 11 8 4 & Sea Wireless MTS Telecom Telecommunications 4 18 5 3 Services NLMK Metals&Mining Iron & Steel 5 6 2 16 Inter RAO Energy Electric Utilities 6 2 6 17 Integrated Rostelecom Telecom Telecommunications 7 17 12 8 Services Rosatom Energy Nuclear energy 8 8 23 5 SUEK Metals&Mining Coal 9 13 11 15 Sakhalin Energy Oil&Gas Integrated Oil & Gas 10 7 7 29 Gazprom Oil&Gas Integrated Oil & Gas 11 4 14 22 Severstal Metals&Mining Iron & Steel 12 24 3 11 Polyus Metals&Mining Gold 13 14 9 20 Non-Gold Precious ALROSA Metals&Mining 14 15 17 9 Metals & Minerals Sistema Holdings Holdings 15 20 15 13 Aeroflot Transport Airlines 16 26 1 27 FGC UES Energy Electric Utilities 17 12 30 1 RusHydro Energy Electric Utilities 18 5 16 26 Rosneft Oil&Gas Integrated Oil & Gas 19 9 22 18 Rosseti Energy Electric Utilities 20 10 28 6 Phosagro Chemicals Agricultural Chemicals 21 19 24 14 Specialty Mining & Rusal Metals&Mining 22 16 19 25 Metals NOVATEK Oil&Gas Integrated Oil & Gas 23 23 18 21 MMK Metals&Mining Iron & Steel 24 22 25 12 Oil & Gas Transportation TransNeft Oil&Gas 25 28 29 7 Services EVRAZ Metals&Mining Iron & Steel 26 29 20 24 Metalloinvest Metals&Mining Iron & Steel 27 21 21 31 TMK Metals&Mining Iron & Steel 28 25 27 28 Specialty Mining & Nornickel Metals&Mining 29 31 13 23 Metals Tatneft
    [Show full text]
  • Company News SECURITIES MARKET NEWS LETTER Weekly
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody June 28, 2018 Issue No. 2018/23 Company News Safmar says no plans to further cut stake in M.Video On June 22, 2018 Said Gutseriyev, chairman of M.Video’s board of directors and a member of Safmar’s board of directors, stated that Russian financial group Safmar did not plan to further reduce its stake in electronics retailer M.Video. Media-Saturn-Holding (MediaMarktSaturn), controlled by German retailer Ceconomy, said on June 20 it agreed to acquire a 15% stake in M.Video from Safmar of businessman Mikhail Gutseriyev and transfer its Russian business, Media Markt stores, to Safmar. The value of the deal is estimated at EUR 258 mln. As a result of the deal, Safmar’s stake in M.Video fell to 42.7%. Safmar does not plan a further expansion in the retail sector and is not considering any additional acquisitions. The group does not expect any problems with the Federal Antimonopoly Service over M.Video’s acquisition of the Media Markt chain, as believes that the purchase will not significantly raise its market share. He also said that M.Video could resume paying dividends after 2019. In late May, M.Video’s board of directors recommended paying no dividends for 2017. The planned increase of value-added tax (VAT) to 20% from 18% will not significantly impact prices for household appliances and electronics. MGTS holders elect new board of directors, now only MTS executives On June 22, 2018 shareholders of Moscow City Telephone Company (MGTS), a fixed line unit of mobile operator MTS, elected at an annual general meeting a new board of directors, which now comprises only MTS representatives.
    [Show full text]
  • Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody April 11, 2019 Issue No. 2019/14 Company News Alexei Rogozin quits posts of Ilyushin CEO, UAC executive On April 4, 2019 it was announced that CEO of Ilyushin Aviation Complex and Vice President of United Aircraft Corporation Alexei Rogozin resigned. Yury Grudinin was appointed as the CEO of Ilyushin Aviation Complex. Bank St Petersburg board to mull share buyback on May 29, 2019 On April 5, 2019 it was reported that the supervisory board of Russia’s Bank Saint Petersburg plans to consider another share buyback program on May 29. In July-September 2018, the bank bought back 2.4%, or 12 mln common shares, and does not plan to sell them on the free market. Deputy CEO Konstantin Balandin said that the bank was considering various buyback options including those involving subsidiaries and that a final decision would be made in late May. MTS buys back 0.5149% of stock under repurchase program On April 5, 2019 it was stated that major Russian mobile operator MTS bought back 10,288,829 shares, both common stock and American depositary receipts (ADRs), representing 0.5149% of its capital, through its wholly-owned subsidiary, Bastion LLC. The operator’s common shares closed at RUB 262.20 rubles on April 4 in Moscow and its ADRs at USD 8.07 in New York. Bastion LLC purchases MTS shares under a repurchase plan launched on July 2, 2018 and since then has acquired 105,952,281 shares, or 5.3019% of MTS’ capital. This includes 52,715,769 common shares acquired from Sistema Finance under a sale and purchase agreement concluded prior to the launch of the repurchase plan.
    [Show full text]
  • UNITING the ENERGY 2018 Annual Report ANNUAL REPORT 2018 of PSJC FEDERAL HYDROGENERATING COMPANY – RUSHYDRO, INCLUDING INFORMATION on SUSTAINABLE DEVELOPMENT
    UNITING THE ENERGY 2018 Annual report ANNUAL REPORT 2018 OF PSJC FEDERAL HYDROGENERATING COMPANY – RUSHYDRO, INCLUDING INFORMATION ON SUSTAINABLE DEVELOPMENT This Annual Report is preliminary approved by the Board of Directors on May 24, 2019, approved by decision of the Annual General Meeting of Shareholders on June 28, 2019 //COMPANY PROFILE PJSC RusHydro | Annual report 2018 CONTENT 10 28 62 146 214 Company Strategic Our Corporate Appendices profile review performance governance 4 Responsibility statement 12 About Company 30 Markets served 64 Economics and finance 148 Corporate governance 216 Auditor’s opinion 4 Information on the report 12 RusHydro’s background 32 Strategy of RusHydro Group 74 Production and sales 153 Shareholders and investors 220 Opinion on Public Assurance 6 Message from the Chairman 17 Key awards and ratings 36 Key performance indicators 106 Innovations 160 Governing bodies 222 Defining materiality and creating of the Board of Directors a materiality matrix 18 Key figures 40 Investment activities 112 Procurement 180 Executive bodies 8 Message from the Chairman of 224 GRI content index 20 Structure of Rushydro Group 51 Sustainable development 117 HR and social policy 187 Audit and control the Management Board – General 229 Tables of compliance with Director 22 Geographical spread Environmental protection 199 Risk management 131 International Integrated 24 Business model 210 Report on remuneration Reporting Framework of the governing and control 230 Glossary bodies 232 List of abbreviations 232 Feedback questionnaire 233 Contacts 2 3 //COMPANY PROFILE PJSC RusHydro | Annual report 2018 Comparability with the ↗ RusHydro’s Information Policy information expanded from 48 to 60 RESPONSIBILITY previous annual reports Regulations; companies.
    [Show full text]
  • Details of Candidates to the Board of Directors of Rushydro
    Details of candidates to the Board of Directors of RusHydro N Full name Position as of the Employment history over the 5 years preceding the nomination date, positions Nomination of a Education The relations of a Shareholder who Compliance of o. and year of nomination date: held as of the nomination date candidate to the candidate with nominated the candidate candidates with birth Employ Employme Place of work Position Board of affiliates and major and independence criteria ment nt Directors or contracting parties availability of written (as defined by the comme terminatio selection of the Company1 consent Listing Rules of PJSC ncemen n date (appointment) to of the candidate Moscow Exchange t date positions at other MICEX-RTS and by the entities Corporate Governance Code of PJSC RusHydro) approved by resolution of the Personnel and Remuneration Committee (Minutes No. 74 dated May 18, 2018) 1 Artem Director of New Business of 2011 present Autonomous Nonprofit New Business Director Higher none Russian Federation, Does not match the Davidovich the Autonomous Nonprofit Organization Agency of represented by the Federal independence criteria. Avetisyan Organization Agency of Strategic Initiatives for the Finance Academy under Agency for State Property (as per Decree of the 1976 Strategic Investments for Promotion of New Projects the Government of the Management Government of the the Promotion of New 2012 present Nonprofit partnership Club of Chairman – Russian Federation, Russian Federation N. Projects Leaders in Promotion of speciality: Appraisal
    [Show full text]
  • Rushydro Group's Corporate Sustainability and Social
    2011 RusHydro Group’s corporate sustainability and social responsibility report © 2011 JSC RusHydro About the Report This report reflects the essential facts and results of the operations of the RusHydro Holding in 2011 in three main areas of sustainable development achievement: ensuring the safety and reliability of the power supply, natural resources and environmental conservation and the responsible management of social impacts on the personnel of the Holding’s companies and local communities. Official site of the RusHydro Holding: www.rushydro.ru Central Office Address: 51 Architect Vlasov Street, Moscow, Russia, 117393. Forward-Looking Statements Data relating to the future provided in the Report based on forward-looking information. Such words as “believes,” “anticipates,” “expects,” “estimates,” “intends,” “plans” and similar expressions indicate that in this case these are forward-looking statements. Actual results may differ significantly from the plan and target indicators, expected results, estimates and intentions contained in the forward-looking statements. Forward-looking statements are only valid at the date of the Report. The Company does not guarantee that the expected results of operations contained in the forward-looking statements will actually be achieved, so they should not be considered as the most likely or standard scenario. The Method of Report Preparation The Report was prepared using the Electric Utility Sector Supplement of the Global Reporting Initiative (GRI) Guidelines. Compliance level with the GRI C C+ B
    [Show full text]
  • Transparency in Corporate Reporting
    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
    [Show full text]
  • Nine Russian Corporate Entities Upgraded After Sovereign Upgrade; Outlooks Stable
    Nine Russian Corporate Entities Upgraded After Sovereign Upgrade; Outlooks Stable Primary Credit Analysts: Elena Anankina, CFA, Moscow (7) 495-783-4130; [email protected] Alexander Griaznov, Moscow (7) 495-783-4109; [email protected] Secondary Contacts: Anna Brusinets, Moscow +7 (495) 7834060; [email protected] Sergei Gorin, Moscow (7) 495-783-4132; [email protected] Mikhail Davydov, Moscow (7) 495 662 3492; [email protected] OVERVIEW • On Feb. 23, 2018, we raised our sovereign ratings on Russia by one notch and assigned a stable outlook. • As a result, we have reviewed our ratings on Russia-based corporations in the commodity production and exports, infrastructure, and utility sectors. • We are therefore raising our ratings on nine Russian companies and affirming our ratings on three entities. • Our outlooks on the nine upgraded companies are stable and those on the other three remain positive. MOSCOW (S&P Global Ratings) Feb. 27, 2018--S&P Global Ratings said today that it has raised its ratings on nine Russian corporations and affirmed its ratings on three companies (see the ratings list below for details). These rating actions following the upgrade of the sovereign on Feb. 23, 2018 (see " Russia Ratings Raised To 'BBB-/A-3' On Prudent Policy And Improved Monetary Transmission; Outlook Stable," published on RatingsDirect). COMMODITY PRODUCERS (EXPORTERS) • We raised our ratings by one notch on Gazprom PJSC and Gazprom Neft PJSC. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT FEBRUARY 27, 2018 1 1999141 | 300093995 Nine Russian Corporate Entities Upgraded After Sovereign Upgrade; Outlooks Stable The outlooks are stable. • We affirmed our rating on Oil Company Rosneft OJSC.
    [Show full text]