Ekaterinburg (Ural Federal District, Russia) - ОАО «IDGC of Urals» (RTS and MICEX: MRKU) reports on Corporate Governance rating increase.
Consortium of Russian Institute of Directors and Rating Agency «Expert RA» - «RID» increased corporate governance rating of the Company up to NRKU 6+ or Developed Corporate Governance Practice according to National Corporate Governance Rating (NCGR).
Corporate Governance Rating of OAO «IDGC of Urals» was evaluated by four aspects:
- Shareholder rights (evaluated as good);
- Activities of management and control bodies (evaluated as satisfactory);
- Information disclosure (evaluated as excellent);
- Activities to the benefit of other interested parties and corporate social responsibility (evaluated as satisfactory).
Аccording to NCGR's scale, ОАО «IDGC of Urals» has low corporate governance risks. The Company observes Russian legislation on corporate governance, most recommendations stipulated in the Russian Corporate Behavior Code and several recommendations of international leading corporate governance practices.
For the press release and expert opinion of Consortium «RID-Expert RA», please, visit the web-site of Russian Institute of Directors at www.rid.ru.
A more detailed report on corporate governance practice at OAO «IDGC of Urals» can be found on our corporate web-site at Section «Corporate Governance» or here http://www.mrsk-ural.ru/en/684.
Regular activities on improving corporate governance, aspiration to follow recommendations of international and Russian leading corporate governance practices are the part of targeted policy to improve corporate governance standards as well as increase information transparency to our shareholders.
Download IR release (pdf, 170 kb)
ОАО «IDGC of Urals»(est. in February 2005) is the main service provider responsible for energy transportation and technological connection of consumers to electric networks in Sverdlovsk, Chelyabinsk and Perm regions.
Electric network reform process in the Urals came to an end in April, 2008, and since May 1, 2008 ОАО «IDGC of Urals» is a united operating company exercising control over 3 regional subsidiaries (Sverdlovenergo, Chelyabenergo and Permenergo) as well as 3 core-asset affiliated companies (ОАО «Ekaterinburg Electric Grid Company», ОАО «Kurganenergo», ОАО «Ekaterinburgenergosbyt»).
As of 2008 the revenues from services totaled RUR 41.6 bln., net profit reached RUR 1.0 bln (under IAS). Overall energy supply in 2008 amounted to 86.3 bln. kWh, productive supply totaled 79.9 bln. kWh, energy losses reached 6.5 bln. kWh.
Common shares are traded on MICEX and in RTS in quotation lists «B». Free float is about 20%. In end of 2009 Consortium «RID-Expert RA» assigned us Corporate Governance rating at level «NRKU 6+".
For additional information on the Company, please, visit our corporate web-site at www.mrsk-ural.ru, as well as Complex Information Disclosure System (www.skin.ru), Interfax (www.interfax.ru), AKM (www.akm.ru).
Tel./ Fax: (343) 293 26 58/ 293 25 84