Corporate governance principles
The main principles of corporate governance according to the Code are:
- Accountability. The Company’s Board of Directors’ accountability to shareholders and the accountability of the Company’s executive bodies to the Company management bodies, as well as a sense of trust in between all the participants of corporate governance;
- Fairness. The safeguarding of stock ownership rights and the possibility of an unrestricted and fast disposition of stock owned by the shareholders, as well as shareholder access to effective protection in the event of any breach of rights;
- Transparency of activities, disclosure of accurate information on significant facts and information about Company activities; providing required access to information, as well as maintaining a reasonable balance between Company transparency and the pursuit of its commercial interests;
- Responsibility. The Company’s social responsibility, including adherence to quality standards, environmental regulations and creating the most progressive working conditions;
- Ethics. The adherence to ethical norms preventing staff abuse of official positions, which could damage both the Company and third parties, including the illegal use of confidential and inside information.
Mosenergo PJSC’s Strategy to improve corporate governance is to develop the activities of the Company’s Board of Directors Сommittees, improve the quality of materials prepared for Board of Directors’ meetings, including the preliminary discussion of topics to be considered at the Board of Directors’ meetings by committees, and through interaction between Company departments and subdivisions with shareholder representatives.
The Company’s most important corporate governance objectives continue to be the following:
- Maintaining the balance of all shareholders’ interests, as well as those of other persons interest in the continued development of the Company;
- Maintaining the required level of transparency and access to Company information;
- Organizing the operations of the Board of Directors’ Committees with the participation of major shareholder representatives, Company specialists and independent experts;
- Ensuring Mosenergo PJSC’s participation in the management of its affiliate structures, the participation of Company representatives in assemblies, meetings of executive bodies and other corporate events of Company affiliates, non-profit and other organizations where the Company acts as a member.