Rostelecom awarded corporate governance score of 6.4 by Standard & Poor’s
Print version
28.01.2004
Rostelecom (NYSE: ROS; RTS, MICEX: RTKM, RTKMP), Russia's national long-distance telecommunications operator, today welcomed the announcement that it has been awarded a corporate governance score of 6.4 (out of a possible 10) by Standard & Poor's.
In its report on Rostelecom, S&P commented, «This [corporate governance] score is driven by good financial transparency,… timely disclosures; easy access to most of the company's information via an informative bilingual website; and a proactive approach regarding investor relations. Rostelecom is noticeably ahead of most of its domestic peers, and is in line with many of its foreign peers in terms of transparency and investor relations.»
S&P strongly commended Rostelecom's management for its diligence in upholding shareholders' rights, procedures governing shareholders'-meetings and dividend policy, and the smooth functioning of its relations with its financial stakeholders.
«This is the second highest corporate governance score among Russian companies and the highest assigned by S&P to any company within the Svyazinvest group,» said Vladimir Androsik, chief financial officer of Rostelecom. «Rostelecom's management is constantly strengthening corporate governance practices and welcomes S&P's recognition of these efforts. We are working to further improve internal procedures in order to ensure that Rostelecom is a strong, transparent company accountable to its shareholders.»
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In its report on Rostelecom, S&P commented, «This [corporate governance] score is driven by good financial transparency,… timely disclosures; easy access to most of the company's information via an informative bilingual website; and a proactive approach regarding investor relations. Rostelecom is noticeably ahead of most of its domestic peers, and is in line with many of its foreign peers in terms of transparency and investor relations.»
S&P strongly commended Rostelecom's management for its diligence in upholding shareholders' rights, procedures governing shareholders'-meetings and dividend policy, and the smooth functioning of its relations with its financial stakeholders.
«This is the second highest corporate governance score among Russian companies and the highest assigned by S&P to any company within the Svyazinvest group,» said Vladimir Androsik, chief financial officer of Rostelecom. «Rostelecom's management is constantly strengthening corporate governance practices and welcomes S&P's recognition of these efforts. We are working to further improve internal procedures in order to ensure that Rostelecom is a strong, transparent company accountable to its shareholders.»
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A Corporate Governance Score ('CGS') is an original product of Standard & Poor's and reflects Standard & Poor's assessment of a company's structure, corporate governance practices and principles, namely, the effectiveness of the interaction between a company's management, board of directors, shareholders and other stakeholders.
Standard & Poor's awards CGS as a result of assessment of corporate governance standards within four components: ownership structure & influence of external stakeholders; investor rights and relations; transparency & disclosure; board structure & process.