Gazprom constantly improving corporate governance system taking into account world’s best practices
Gazprom constantly improves the corporate governance system taking into account the world's best practices. At present, a package of measures is being implemented in the Company for this purpose.
In this way, with a view to enhance the Company's transparency, the work is underway for increasing the amount of information disclosed on Gazprom's activities as well as for reducing the publication timing for documents and reports, including financial statements.
A timely disclosure of mandatory and additional information in Russian and English is organized in the Company. Given the increased investor interest in the activities of the Gazprom Board of Directors, regular teleconferences are held involving the independent members of the Board of Directors as well as international investors.
Between 2012 and 2013 Gazprom took a number of polls among foreign investors and shareholders, the results of which were analyzed and took into account in the work.
In addition, with the assistance of KPMG the Company conducted the comprehensive audit of the corporate governance practice in 2013. The results showed that Gazprom had a transparent shareholding structure and the shareholders' rights and obligations were clearly identified in the Articles of Association and other documents. The results also proved that the Company followed the principle of equal treatment of shareholders' votes and set up the mechanism protecting the shareholders' right to vote. Gazprom strictly adheres to the order of convening, preparing, conducting and summing up the results of shareholders' meetings and pays the dividends according to the legislation as well as has tools preventing the volatility of the assets' value. If the Company is interested in approving a deal, it does so in compliance with the law and the Articles of Associations.
Based on the corporate governance audit, a list of recommendations was made. These recommendations are currently being reviewed and will be taken into consideration when planning future activities.
The Gazprom Management Committee was tasked to continue its efforts to streamline the Company's corporate governance.