Acting responsibly plays a critical role in our success as a sustainable business and as a leader in our sector. It also enables us to generate shareholder value.
SUEK Group is a vertically integrated coal and power generating business headquartered in Moscow, with mining, generating and logistics assets in Russia and a distribution network throughout the world.
In defining corporate governance best practice, we followed clauses of the Code of Corporate Governance recommended by the Bank of Russia as well as standards set out in the UK Code of Corporate Governance, including:
- Fair treatment of the shareholder and legal recognition and protection of their rights
- Maintaining an efficient system of internal control and audit
- Ensuring financial reporting is full and transparent
- Making sure our business adheres to ethical standards
- Providing a decent working environment for employees and addressing their social issues.
- Governing bodies
The governing bodies of SUEK Group are the General Meeting of Shareholders, the Board of Directors, and the CEO.
General Meeting of Shareholders
The General Meeting of Shareholders is the highest governing body of SUEK, which makes decisions on the most important issues regarding our business, including reorganisation and liquidation, increasing or decreasing the authorised capital, distribution of profit, selection of members of the Board and selection of an external auditor.
Board of Directors
The main objective of the Board of Directors is to ensure effective governance, to utilise strategic capabilities, to foster sustainable development for the long term and to increase the value of the Group’s assets. It also protects the legitimate interests of shareholders and ensures disclose of accurate information about the company.
Members of the Board are re-elected on an annual basis. The Nomination and Compensation Committee and the Audit Committee include only independent directors with relevant backgrounds. The Board is constantly enhancing its work following the results of the annual performance assessment.
The Board of Directors is made up of eight highly-experienced professionals including four independent directors. Their profound knowledge of the industry and solid expertise ensure high-quality, strategic governance.
See biographical details of members of the Board
The Board has three standing committees: