Moscow – January 28, 2004 – Rostelecom
(NYSE: ROS; RTS, MICEX: RTKM, RTKMP),
Russia’s national long-distance telecommunications operator, today welcomed the
announcement that it has been awarded a corporate governance score of 6.4 (out of a possible
10) by Standard & Poor’s.
In its report on Rostelecom, S&P commented, “This [corporate governance] score is driven by
good financial transparency,… timely disclosures; easy access to most of the company’s
information via an informative bilingual website; and a proactive approach regarding investor
relations. Rostelecom is noticeably ahead of most of its domestic peers, and is in line with
many of its foreign peers in terms of transparency and investor relations.”
S&P strongly commended Rostelecom’s management for its diligence in upholding
shareholders’ rights, procedures governing shareholders’-meetings and dividend policy, and
the smooth functioning of its relations with its financial stakeholders.
“This is the second highest corporate governance score among Russian companies and the
highest assigned by S&P to any company within the Svyazinvest group,” said Vladimir
Androsik, chief financial officer of Rostelecom. “Rostelecom’s management is constantly
strengthening corporate governance practices and welcomes S&P’s recognition of these
efforts. We are working to further improve internal procedures in order to ensure that
Rostelecom is a strong, transparent company accountable to its shareholders.”
* * *
A Corporate Governance Score (‘CGS’) is an original product of Standard & Poor’s and reflects
Standard & Poor’s assessment of a company’s structure, corporate governance practices and
principles, namely, the effectiveness of the interaction between a company’s management, board of
directors, shareholders and other stakeholders.
Standard & Poor’s awards CGS as a result of assessment of corporate governance standards within
four components: ownership structure & influence of external stakeholders; investor rights and
relations; transparency & disclosure; board structure & process.
For further details please contact
Director for Public and Investor Relations
Tel.: 973 9920
Fax: 787 2850