CORPORATE GOVERNANCE

Corporate governance practices is governed by the Law on Joint-Stock Companies, other rules and norms, regulating joint-stock companies' activities in the Russian Federation, the Company's Charter and other internal documents.

Basic principles of CZP's corporate governance:

• Respect for and protection of shareholders' rights
• Equal treatment of all shareholders
• Timely and full information disclosure
• Recognition of all concerned parties' legitimate rights
• Promoting active cooperation between the Company and interested parties to ensure the Company's financial stability and growth
• Efficient control by the Board of Directors over the Company's management

The Company's Corporate Governance Code sets out principles and standards for the Company's relations with its shareholders, the composition and proceedings of the Company's Board of Directors, the role of its executive officers, disclosure of information and the auditing of its financial performance. Key provisions of the Corporate Governance Code include the principle of equal treatment of all shareholders of the Company, a commitment to maintain at least two independent directors and the establishment of one permanent board committee, as well as other committees.

The Company's Corporate Governance Code also includes a commitment to transparency. In addition to the Company's obligations under the disclosure standards established by Russian legislation and the requirements of the Federal Service for Financial Markets, the Company aims to ensure timely and precise public disclosure of data on all significant issues, including its operating results, financial position, ownership and corporate governance.

A high level of the Company's corporate governance is confirmed by following facts: CZP is one of the first between Russian companies began to prepare its financial reporting under IFRS since 1996 - financial statements audited by PWC, since 2000 CZP has cooperated with the EBRD provided US$27 mln financing for the Company.

Structure of CZP share capital

Board of Directors

 

Oleg Melukhov - Cairman of the Board of Directors

Vladimir Bublik - Member of the Company's Board of Directors

Igor Myskin - Member of the Company's Board of Directors

Stanislav Naboychenko - Member of the Company's Board of Directors

Andrey Panshin - Member of the Company's Board of Directors

Alexander Tatarkin - Member of the Company's Board of Directors

Rinat Shakirzyanov - Member of the Company's Board of Directors

Management Board

The Management Board is CZP's collective executive body and is appointed by the Board of Directors under the proposal of the General Director. The Management Board is principally responsible for the day-to-day management of CZP's business.

 

Members of the Management Board

Mr. Andrey M. Panshin	General Director
Mr. Alexander V. Zatonsky	Technical Director
Mr. Michail Y. Kabanov	Mining Director
Mr. Boris D. Birman	Finance Director
Mr. Petr V. Kondakov	Head of Procurement and Sales Department
Mr. Pavel A. Ryzhiy	Personnel Director
Mr. Sergey B. Kondakov	Chief Accountant
Mr. Vladimir N. Belousov	Head of Planning and Economic Department

 

Audit Commission

The audit commission oversees and coordinates audits of CZP's financial and economic activity.

 

Members of the Audit Commission

Tatyana V. Kurkova	Member of the audit commission
Gulnara E. Mingazova	Member of the audit commission
Vadim M. Rubinchik	Member of the audit commission