On February 20, 2004 JSC CenterTelecom board of directors approved the company's Code of Corporate Governance.
The Code is the Company's voluntarily accepted set of corporate conduct rules providing a balanced account for the interests of shareholders, management and other stakeholders to the major components of the corporate governance process.
The guidelines contained in this document have been developed on the basis of the Corporate Conduct Code recommended by the Federal Securities Commission of the Russian Federation, the basic corporate governance principles of the Organization of Economic Cooperation and Development, the Federal Law "On joint-stock companies", the Company Charter, and the Declaration of JSC CenterTelecom corporate behavior principles.
The draft Code has been reviewed by the leading organizations specializing in corporate governance development: The Russian Institute of Directors, The Association of Independent Directors, The International Financial Corporation (IFC) - and was highly praised by them.
Observance of the Corporate Governance Code should contribute to developing greater shareholders and potential investors trust in JSC CenterTelecom, which should finally raise the Company's investment attractiveness.
The complete text of the Corporate Governance Code and expert opinions are located in the Corporate Governance section on the company's website (http://www.centertelecom.ru/index.html?d=337, rus).