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March 31, 2004

Corporate management of LOMO is estimated

On March 31, 2004 the first stage of LOMO PLC participation at trial project “Corporate management in Russia”, conducted by International Financial Corporation (Russian abbreviation is MFK), finished. LOMO top-management got the report about assessment of practice of corporate management of the company.

   MFK is the member of group of the World Bank. It assists to attracting of permanent investments to private business of countries with transition economy, including the Russian Federation. The project “Corporate management in Russia” is directed to preparing of base for investments and its purpose is to raise the level of corporate management of domestic companies.

   In the northern capital MFK works with more than 250 various firms, from the number of those it chooses so called trial projects. In this case the work of MFK and the company is more trial and active from the point of view of inculcating of the best practice of corporate management. Six firms of St. Petersburg are trial projects, LOMO PLC became one of them.

   During the realization of the project representatives of MFK analyzed constituent and internal documents of the optical company, interviewed LOMO employees and LOMO top-managers, revealed the level of conforming of documents content to real situation.

   Report became the result of fulfilled work, in which representatives of MFK estimated LOMO over such points as devoting to principles of corporate management, work of the Board of Directors, disclosure of information and transparency of the company and also keeping to the rights of shareholders. In the whole representatives of MFK gave the positive estimation to the state of corporate management at LOMO and recorded definite primary successes of the company in establishment of high standards in this sphere.

  Following subject was marked especially: “…top-managers and shareholders of the company understand the benefits of inculcation of international standards of corporate management”. LOMO, as MFK underlines in the report, strives to become a really up-to-date competitive company. Departure to the international financial markets for attracting of investments into development of LOMO is planned. Corporate management, in the opinion of leaders of the company, plays a significant role in achievement of set purposes. Successful practice of corporate management will assist LOMO in organizing of effective structure of management, in optimizing of processes of taking decisions, in regulating of control system and also in attracting of additional capital.

   On the basis of conducted research MFK worked out recommendations over modernization of corporate management of LOMO. Realization of elaborated plan of events in practice will become the following stage. Co-operation with the International Financial Corporation at the framework of the project “Corporate Management in Russia” will continue.




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