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Corporate Governance Principles
LSR Group accords good corporate governance great importance. We believe that effective and transparent corporate governance is one of the key foundation stones of the successful business. In this regard, we are committed to constantly improve our corporate governance system to ensure that our company is managed in responsible and efficient manner.
We comply with the corporate governance requirements applicable to Russian public companies listed on Russian stock exchanges. Our Ordinary Shares have been admitted to list ‘‘I’’ on MICEX since September 4, 2007, and to list ‘‘I’’ on RTS since September 8, 2007.
As a result, we are required to comply with a number of corporate governance requirements as of the listing date, including: (1) obligation to have at least one independent director, (2) formation of an audit committee, (3) adoption of insider trading rules and (4) implementation of internal regulations.
We are in full compliance with these requirements. In addition, we observe the code of corporate conduct, as recommended by the FSFM. Although we are not required to comply with the Combined Code on Corporate Governance published by the UK Financial Reporting Council, we intend to adopt practices to comply with certain provisions of the Combined Code.
The General Shareholders’ Meeting held on August 23, 2007 approved new internal regulations governing the activities of our management bodies that we consider to be in line with best practice of corporate governance. We monitor new, proposed and final Russian corporate and UK listing requirements, and are committed to making adjustments to our corporate governance rules and procedures in order to remain in compliance with these requirements.
LSR Group accords good corporate governance great importance. We believe that effective and transparent corporate governance is one of the key foundation stones of the successful business. In this regard, we are committed to constantly improve our corporate governance system to ensure that our company is managed in responsible and efficient manner.
We comply with the corporate governance requirements applicable to Russian public companies listed on Russian stock exchanges. Our Ordinary Shares have been admitted to list ‘‘I’’ on MICEX since September 4, 2007, and to list ‘‘I’’ on RTS since September 8, 2007.
As a result, we are required to comply with a number of corporate governance requirements as of the listing date, including: (1) obligation to have at least one independent director, (2) formation of an audit committee, (3) adoption of insider trading rules and (4) implementation of internal regulations.
We are in full compliance with these requirements. In addition, we observe the code of corporate conduct, as recommended by the FSFM. Although we are not required to comply with the Combined Code on Corporate Governance published by the UK Financial Reporting Council, we intend to adopt practices to comply with certain provisions of the Combined Code.
The General Shareholders’ Meeting held on August 23, 2007 approved new internal regulations governing the activities of our management bodies that we consider to be in line with best practice of corporate governance. We monitor new, proposed and final Russian corporate and UK listing requirements, and are committed to making adjustments to our corporate governance rules and procedures in order to remain in compliance with these requirements.
