NLMK Corporate Governance structure follows key principles set by the Organization for Economic Cooperation and Development (OECD Principles of Corporate Governance, 1999), and the provisions of the Code of Corporate Conduct approved by the Russian regulatory authorities.
Key principles lying at the core of our Corporate Governance are:
- Seek to ensure effective and transparent arrangements to guarantee the rights and interests of shareholders;
- Provide equal treatment of all shareholders;
- Seek to provide shareholders with the opportunity to exercise their right to participate in the management of the Company;
- Observe the rights of third parties;
- Pursue a common corporate policy in respect of subsidiary companies, affiliates and other legal entities in which the Company is the founder, a participant or a member;
- Maintain a policy of open and transparent communications;
- Promote a policy of complying with business ethics in conducting its operations;
- Seek to comply with the applicable legislation and international corporate governance standards.
Тhe Governance structure includes:
- General Meeting of Shareholders - governing authority of NLMK;
- Board of Directors that is responsible for the overall operations of the Company and its long-term development strategy;
- The executive bodies including President (Chairman of the Management Board) and Management Board that manage day-to-day activities of the Company;
- Corporate Secretary that secures shareholders' rights and interests.