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 JSC is the holding company for SUEK Group, a vertically integrated coal business headquartered in Moscow, with mining, processing and logistics assets in Russia and a distribution network throughout the world.
In defining SUEK's Charter and other corporate regulatory documents, we followed clauses of the Code of Corporate Governance recommended by the Bank of Russia. The following international best practice has been adopted by SUEK:
- Fair treatment of shareholders and legal recognition and protection of their rights
- Maintaining an efficient system of internal control and audit
- Ensuring financial reporting is full and transparent
- Making sure our business adheres to ethical standards
- Providing a decent working environment for employees and addressing their social issues.
The governing bodies of SUEK are the General Meeting of Shareholders, the Board of Directors, the Management Board 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 increasing or decreasing the authorised capital, distribution of profit, selection of members of the Board of Directors 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, as well as to protect the legitimate interests of shareholders.
Members of the Board are re-elected on an annual basis. The Nomination and Compensation Committee and the Audit Committee include only 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 eleven highly-experienced professionals. Their profound knowledge of the industry and solid expertise ensure high-quality, strategic governance.
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Management Board and CEO
The Management Board and the Chief Executive Officer (CEO, Chairman of the Management Board) are executive bodies of the Company. Their primary responsibilities are to ensure operational management and efficient work of the Company, coordination of the Board of Directors' resolutions, cooperation with state and local authorities.
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