Management Board

According to NLMK’s current corporate documents, the implementation of the approved strategy and specific decisions of the Board of Directors is delegated to the President (Chairman of the Management Board) and the Management Board. In order to reach its objective the Management Board is guided by the following principles:

The Management Board main principles:

  • Efficient and objective decision-making that favours the interests of the Company and its shareholders;
  • Fair, timely and efficient execution of the decisions of the General Shareholder Meeting and the Board of Directors;
  • Cooperation with trade unions of the Company’s employees with the purpose of taking into account the employees' interests;
  • Cooperation with government agencies and local authorities on the most important issues.

The key issues that the Management Board is responsible for:

  • Elaboration and submission of a development concept, strategic plans and major activity programmes to the Board of Directors, as well as preparation of reports on the status of their implementation, and development and approval of the Company’s current activity plans;
  • Establishment of procedures for NLMK's cooperation with its subsidiaries and affiliates and the appointment of NLMK representatives to management positions at these companies;
  • Making recommendations to the senior management bodies for the approval of major transactions and related party transactions;
  • Approval of transactions involving NLMK assets if the amount of the transaction exceeds 10% of the Company's assets;
  • Making decisions concerning the Group's participation in other companies if the value of the acquired property is not more than 2% of the value of NLMK's assets.

The make-up and structure of members of the Management Board is approved by the Board of Directors with consideration of the opinion of the President (Chairman of the Management Board). The composition of the Management Board is approved by the Board of Directors based on recommendations from the President (Chairman of the Management Board).

President (Chairman of the Management Board)

President (Chairman of the Management Board) manages the day-to-day activities of the Company, excluding issues that fall within the exclusive competence of the General Shareholders’ Meeting, the Board of Directors and the Management Board; arranges for the execution of the decisions made by the General Shareholders’ Meeting and the Board of Directors. President (Chairman of the Management Board) acts without any Power of Attorney on behalf of the Company.

President (Chairman of the Management Board) submits candidates to the Management Board for approval to the Board of Directors, as well as proposals on the structure and number of members of the Management Board.

According to the corporate documents, President (Chairman of the Management Board) cannot simultaneously be the Chairman of the Board of Directors of the Company.

The President (Chairman of the Management Board) is elected by the General Shareholders’ Meeting for a period lasting until the next Annual Meeting, unless otherwise stipulated by the General Shareholders’ Meeting. Oleg Bagrin has been the President (Chairman of the Management Board) since 2012 and is also a member of the Board of Directors. He was last elected on 5 June 2015.

Detailed information about the Management board composition