The main objective of the Management Board is to ensure that the Company is operating efficiently.
The Management Board is guided by the following principles:
- Efficient and objective decision-making that favors the interests of the Company and its shareholders.
- Fair, timely and efficient execution of the decisions of the General Meeting of Shareholders 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 addressing are as follows:
- Devising and conceptualizing the developmental steps, long-term plans and core areas of activity, drafting performance reports, development and approval of plans on the Company’s current activities.
- Developing modes of interaction between the Company and legal entities in which NLMK holds shares or interest, directly or indirectly, or of which NLMK is a founder, participant or member, as well as approving the list of candidates to the governing bodies, which supervise the activities of these legal entities.
- Advising the NLMK Board of Directors on authorizing or subsequently approving major and/or related party transactions submitted for review by the Board of Directors in accordance with its powers.
- Deciding on Group participation in other organizations in cases where the value of the acquired property is less than 2% of the Company’s asset book value.
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).