Gazpromís Management Committee largely approved today a Draft program for the improvement of Gazpromís officialsí representations in managing bodies of Gazprom-equity companies.
This issue will be submitted for the Gazpromís Board of Directorsí reviewal.
The Program covers the following:
- Identifying criteria and procedures for the evaluation of Gazpromís representativesí activities in managing bodies of the companies with Gazpromís assets
- Finalizing a string of measures aimed at improving legal environment of Gazpromís officialsí representations
- Making Gazpromís representatives more informed of corporate governance issues
The Program fixes deadlines for the finalization of said measures.
The Program pursues the objective of enhancing the quality of Gazpromís representativesí activities in leaderships of Gazprom-equity businesses. The Management Committee members underscored that achieving said target is a prerequisite for creating an effective corporate governance system.
127 companies with Gazpromís interest (out of a total of 189 businesses) are currently being operated by managing bodies (boards of directors or supervisory councils). Gazpromís officials were elected to administartive boards of all the companies where Gazprom owns substantial shareholdings: 161 Gazpromís representatives are holding 326 positions in managing bodies of 88 businesses.
In 2004, a wider scope of Gazpromís officials were promoted to leaderships of Gazprom-equity companies. The work done in this direction was aimed to bring into line corporate shares in charter capitals of the businesses with Gazpromís interest and the quantity of the Companyís representativesí positions in managing bodies of said businesses.
Over 2003-2004, Gazpromís officials submitted 522 issues (or 29.2% of their overall amount) for the consideration of executive boards of Gazprom-equity companies. In 2004, Gazpromís representatives took part in 90 general annual shareholdersí meetings. Most companies with Gazpromís interest adopted intra-corporate documents and developed provisions regulating interaction between parent companies and subsidiaries.
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