Gazprom to accommodate key provisions of Russia’s Code of Corporate Governance in its day-to-day business
The Gazprom Board of Directors took notice of the information about measures (Roadmap) aimed at introducing the provisions of Russia's Code of Corporate Governance in Gazprom's daily activities.
The Management Committee was tasked to carry out a comparative analysis of Gazprom's effective corporate management standards and key provisions of Russia's Code. Considering the obtained results, the Management Committee will develop a draft set of measures (Roadmap) aimed at introducing the key provisions of Russia's Code in Gazprom's day-to-day business.
On March 21, 2014 the Board of Directors of the Russian Federation Central Bank approved Russia's Code of Corporate Governance. The Federal Financial Markets Service of Russia developed the document to replace the out-of-date Code of Corporate Governance adopted in 2002.
Gazprom was among the first Russian companies to adopt in 2002 the Corporate Governance (Behavior) Code. The document aims to provide effective protection of shareholders' and investors' rights, achieve the transparency of decision-making within the Company, establish the professional and ethical responsibility of Gazprom's management and shareholders and ensure higher accessibility of information and development of comprehensive norms of business ethics.
On February 25, 2014 the Board of Directors accepted a proposal to work out the amendments to Gazprom's Code of Corporate Governance (Behavior) after the provisions of its Russian counterpart were adopted.