Internal Qualitative Assessment of Corporate Governance
In 2019, FPC’s Internal Audit Unit assessed the Company’s corporate governance practice for compliance with the principles and approaches outlined in the Company’s internal documents, requirements of Russian laws, and generally accepted corporate governance concepts and practices. The assessment comprised the following aspects of corporate governance:
- Shareholder rights protection, support of the Board of Directors and its Committees
- Goal setting procedure; monitoring and overseeing the achievement of goals
- Procedures for disclosing information on the Company’s operations
- Compliance with FPC’s corporate ethos and standards.
The assessment showed that FPC’s corporate governance is aligned with the Russian corporate law and complies with the principles and recommendations of the Bank of Russia’s Corporate Governance Code.
The Internal Audit Unit provided recommendations on further enhancement of corporate governance at FPC.