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North-West Telecom

October 12, 2004

North-West Telecom has adopted a Corporate Governance Code

On 22nd September 2004 a meeting of the Board of Directors of  North-West Telecom JSC was held and took a decision to approve a Corporate Governance Code of JSC NWT .   

The Corporate Governance Code was developed by specialists of the company and members of the Corporate Governance Committee of the Board of Directors with the support of IFC (International Financial Corporation).

Adopting the Corporate Governance Code is another step towards improving the corporate governance standards and ethic norms of Company’s business conduct, increasing the responsibility of the Company to the Board of Directors and the responsibility of the Board of Directors to the shareholders, and towards enhancing the role of minority shareholders in Company management.     

General Manager of JSC NWT V.A. Akulich noted: “The Corporate Governance Code is a key document for the protection of investors’ rights, therefore, in addition to increasing the transparency and responsibility of the Company to investors, the fact of adopting the Code will make it possible to North-West Telecom to reduce the value of attracted capital and will facilitate improving the management efficiency, increasing the investment attractiveness and, as a  consequence, strengthening the good reputation of the Company.”.  

You can read the complete text of the Corporate Governance Code of  North-West Telecom JSC on the Company’s site (www.nwtelecom.ru), section "To Investors and Shareholders".

 

 

 

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