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Rostelecom

December 30, 2004

Rostelecom to create the Audit Committee of the Board of Directors

Rostelecom (NYSE: ROS; RTS, MICEX: RTKM, RTKMP), Russia's national long-distance telecommunications operator, today announced the creation of the Audit Committee of the Board of Directors.

On December 21, 2004 the Board of Directors made a decision to establish the Audit Committee comprised of three independent directors and one non-executive director — representative of Svyazinvest — a non-voting member, with only «observer» status.

Establishing the Audit Committee is an important step in enhancing and developing Rostelecom's corporate practices, following the creation of Strategic Planning Committee and Nominations and Remuneration Committee of the Board of Directors.

At the same meeting the Board of Directors approved the Audit Committee Regulations as the principal policy providing for the Committee's terms of reference, including establishing its authority, election of its members and its proceedings.

The Audit Committee Regulations were drafted in compliance with the best standards of corporate governance accepted both in Russia and internationally, including the requirements of the Russian legislation, the demands of The U. S. Securities and Exchange Commission and also the listing standards of the New York Stock Exchange and Russian stock exchanges.

According to the Regulations, the principal purpose of the Audit Committee shall be to assist the Board of Directors in overseeing:

  • the qualifications and independence of the Company's independent auditor;
  • the performance of the Company's internal audit function and the independent auditor;
  • the quality and integrity of the Company's financial statements;
  • the Company's compliance with legal and regulatory requirements.


Apart from this, the Audit Committee shall ensure the promotion of the Board members' actual participation in exercising control and establishment of their personal awareness of the Company's activities related to the issues set above.

Further details on the Audit Committee membership as well as the text of the Regulations are available here: Corporate Governance Standards.

 

Rostelecom Headquarters
Address: 14, 1st Tverskaya-Yamskaya street, Moscow, 125047, Russia

Phone: +7 (095) 972–82–83
Fax: (095) 787–28–50

 

 

 

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