In implementing its growth strategy, Michurinsky Refinery strives to increase its shareholder value as well as achieve the highest standards of corporate governance. The Company is firmly convinced that these two aims are closely related. The commitment to a transparent and responsible business management is extremely important for maintaining investor confidence and, in the long term, for guaranteeing the maximum return on investment to all our shareholders.

Being the hallmark of the most renowned international corporations, efficient governance is an important indication of our success in the eyes of our foreign partners. We are convinced that conscientious governance benefits all stakeholders, including clients, suppliers, partners, employees and our Company’s shareholders.  Michurinsky Refinery’s management will unswerving continue giving equal consideration to the interests of all shareholder groups of the Company.

The transparency of financial reporting is yet another important element of corporate governance.  Michurinsky Refinery has ample experience of drafting quarterly, semiannual and annual reports in compliance with the generally accepted accounting principles (US GAAP). In the future we intend to follow these practices. Our open joint stock company’s immediate objective designed to further improve our US GAAP reporting procedures is to continue reducing the time gap between the end of the reporting period and the publication date of financial performance indicators for the same period.

One of the most convincing proofs of practical application of the principles of strong corporate governance is the composition of the board of directors and its subcommittes The members of  Michurinsky Refinery’s Board of Directors are experienced leaders commanding great respect within the business community. In order to make discussions at the meetings of the Board of Directors more effective, the standing Board of Directors’ committees - the Committee for personnel and compensations, the Committee for strategic planning and the Audit Committee - provide advice on most important issues.

In  Michurinsky Refinery we understand that reputation of an organization that strictly adheres to the highest standards of corporate governance cannot be gained overnight. This takes time and we are certain to be able to acquire such a reputation. We are trying to develop our business operations. We are ready for future challenges, unavoidable in the energy industry. And we are following the principles of transparent and responsible governance. All this will help win your trust.

In keeping with  Michurinsky Refinery’s strategy, a developed system of corporate governance is one of the key elements in creating a balanced, dynamic, vertically integrated company of global stature.

 Michurinsky Refinery is building a corporate governance system practicing openness and transparency and strictly complying with Russian legislation

In its efforts to meet the highest international standards, the Company constantly monitors and applies the international best practices of corporate governance

The main areas of  Michurinsky Refinery’s corporate governance policy are

  • strict compliance with shareholder interests and dedication to the protection of their rights;
  • introduction of uniform management standards across all Company structures;
  • improvement of Company information policy and internal control systems;
  • implementation of the principles of openness and transparency;
  • constructive engagement with the Company’s investors, employees and business partners;
  • active implementation of the best practices of corporate governance.

The Company’s corporate governance structure is based on the following key principles:

  • transparency of all processes to shareholders, investors and partners;
  • an active and competent Board of Directors;
  • consistent and collective decision-making.

 Michurinsky Refinery’s principal governing bodies are;

  • The General Meeting of Shareholders
  • The Board of Directors
  • The Management Board (collective executive body)
  • The President (sole executive body)

The Company’s principles and procedures of corporate governance are set out in its Charter and a number of other publicly available internal documents that collectively define the structure and authority of management and control over the Company’s financial and operating activities. the code of corporate conduct and code of ethic contains additional obligations in the areas of openness, social responsibility and business ethics.

Similar refineries with same production