Principles of Corporate Governance
Corporate governance in TGC-1 is based on Russian legislation standards, Articles of Association, Corporate Governance Code approved by the Board of Directors of the Bank of Russia on 21 March 2014 and recommended for use by joint-stock companies, which securities were admitted to listing on the stock exchange, as well as on internationally recognized principles of corporate governance.
Corporate governance in the Company is based on the following principles:
- Accountability of the Board of Directors to shareholders, accountability of the Company’s executive bodies to the Company’s governing bodies, and confidence in relations existing between all the corporate governance participants;
- Reliable and efficient maintenance of records of title to the shares, free and fast transfer of shares held by the shareholders, and ensuring effective protection to shareholders in case of violation of their rights;
- Transparency, disclosure of reliable information on material facts and information regarding Company’s activities, provision of necessary access to information, maintenance of reasonable balance between ensuring the Company openness and following its commercial interests;
- Company’s social responsibility, including adherence to quality standards, environmental standards, and creation of most forward-looking working conditions;
- Following the ethical practices that prevent the Company employees from the appropriation of corporate opportunities which are harmful to both the Company and third parties, including unlawful use of confidential and insider information.