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North-West Telecom

May 31, 2004

?++ Corporate Governance Score (Russian Institute of Directors and Expert RA Agency Version) assigned to North-West Telecom

The Russian Institute of Directors (RID) and the Expert RA have published their corporate governance rating for 137 Russian companies. By the results of the 1st half-year, OJSC North-West Telecom is among the companies with a positive corporate governance practice rated as Class ?++.

The RID – Expert RA rating assesses companies by four indicator groups:

  • rights of shareholders,
  • information disclosure,
  • management and control bodies activity,
  • respect to interests of other interested parties, and social responsibility.

The rates are assigned through evaluation of a company’s corporate governance practice against the standards provided in the Russian law, Corporate Ethics Code recommendations, and advanced practice standards formulated by portfolio investors. The rates are based on the questionnaire data filled in by the companies, and on public information.

The award of this RID – Expert RA Corporate Governance Rate is a recognition of the positive corporate governance practice of OJSC North-West Telecom described by the Company’s informational transparency and efficient work of the Board of Directors’ Committees.

In addition, OJSC North-West Telecom regularly undergoes review of the corporate governance rate assigned by the Standard & Poor’s international rating agency. On the list of Russian companies assigned a CGR by Standard & Poor’s are as few as 13 names.

North-West Telecom intends to continue its efforts aimed at improvement of its corporate governance quality, capitalization growth, and higher investment attractiveness of the Company.

 

 

 

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