The Russian Institute of Directors (hereinafter the RID) has raised the rating of Public Joint Stock Company ALROSA according to the grading scale of the National Rating of Corporate Governance (NRCG®) up to the level 7+ – Developed Corporate Governance Practice.
The RID has recorded a number of substantial positive changes in ALROSA’s corporate governance practice – in particular, the transfer of keeping and maintaining the shareholders’ register to an independent registrar, approval of the Code of Corporate Governance, introduction of the liability insurance practice for the members of the Company’s Supervisory Board and Executive Committee.
Following the annual general meeting of shareholders on June 25, 2015, the best practice of corporate governance was confirmed: three (3) independent directors were elected to the Supervisory Board, the independent members were elected to the Auditing Committee, the 2014 dividend was declared and paid, LLC FBK and ZAO PricewaterhouseCoopers Audit, recognized audit organizations, were elected ALROSA’s auditors.
These changes and sustainable best practices, as well as positive dynamics of the Corporate Governance Practice development, have allowed the Russian Institute of Directors to revise and raise the rating from the level 7 up to the NRCG level 7+ – Developed Corporate Governance Practice.
In accordance with the NRCG scale, the 7+ rating is assigned to a company that complies with the requirements of the Russian corporate governance legislation, follows most of the recommendations of the Russian Code of Corporate Conduct and certain recommendations of international best practices in corporate governance. The Company is characterized by
rather low risks of loss of owners related to the quality of corporate governance.
The detailed information about ALROSA’s corporate governance ratings is posted on the Company’s website in the Corporate Governance section.