Corporate governance
Acting responsibly plays a critical role in our success as a sustainable business and as a leader in our sector. It also enables us to generate shareholder value.
SUEK Group is a vertically integrated energy business headquartered in Moscow, with mining, generating and logistics assets in Russia and a distribution network throughout the world.
In defining corporate governance best practice, we followed clauses of the Code of Corporate Governance recommended by the Bank of Russia as well as standards set out in the UK Code of Corporate Governance, including:
- Treating all shareholders equally, recognising and protecting their rights;
- Ensuring the efficiency of our strategic and operational management and internal control and audit mechanisms;
- Ensuring the company’s financial and ESG transparency by providing stakeholders with accurate information in convenient formats;
- Adhering to rigorous ethical business standards;
- Providing a decent, safe and healthy working environment for our employees.
Governing bodies
The governing bodies of SUEK Group are the General Meeting of Shareholders, the Board of Directors, and the CEO.
General Meeting of Shareholders
The General Meeting of Shareholders is the highest governing body of SUEK, which makes decisions on the most important issues regarding our business, including reorganisation and liquidation, increasing or decreasing the authorised capital, distribution of profit, selection of members of the Board and selection of an external auditor.
Board of Directors
The main objective of the Board of Directors is to ensure effective governance, to utilise strategic capabilities, to foster sustainable development for the long term and to increase the value of the Group’s assets. It also protects the legitimate interests of shareholders and ensures disclosure of accurate information about the company.
Members of the Board are re-elected on an annual basis. Each committee includes independent directors with relevant backgrounds. The Board is constantly enhancing its work following the results of the annual performance assessment.
The Board of Directors is made up of six highly-experienced professionals including three independent directors. Their profound knowledge of the industry and solid expertise ensure high-quality, strategic governance.
The Board has three standing committees:
CEO and management of the company carry out operational management and ensure the efficient operation of SUEK, implement the startegy tasks set by the Board of Directors, and interact with government bodies and local government bodies.
For more details see Corporate Governance report from our 2019 Annual Report.
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