13 Dec 2005 12:39

OAO Russian Railways wins Interfax-AK&M award

Russian Railways, the country‘s state owned rail monopoly, has won this year‘s ‘For an Active Corporate Policy in Information Disclosure‘ prize, awarded by Interfax Information Services Group and the AK&M news agency.

The award is presented to issuer-companies in recognition of their success in disclosing information to investors rapidly and in full.
"This is the first time our award has been presented to such a major company, a company which operates nationwide and has to tackle extensive tasks in the area of information disclosure," Vladimir Gerasimov, president of Interfax Group‘s financial and business information service, said at the awards ceremony.
"In selecting this year‘s winner we took many factors into account. These included our daily information interaction with Russian Railways along with the issuer‘s fulfillment of information disclosure requirements and its commitment to publishing additional data and informing its investors of steps to issue new securities, the speed with which it provides accounting reports based on international standards and the quality of its quarterly reports," Gerasimov said.
"We appreciate the Interfax Group‘s recognition of our efforts, especially as it includes not only a news agency, but also a rating agency," Russian Railways president Vladimir Yakunin said.
"Access to information is an absolute necessity for modern corporate governance. We in OAO Russian Railways are well aware of this fact. In the near future, we plan to seek funds for our subsidiaries on the stock market," he said.
The contest‘s panel said that over the past year OAO Russian Railways has carried out four emissions of bonds with different maturity dates and received a $600-million syndicated credit.
Interfax and AK&M are authorized to use their resources to disclose information related to major processes in issuer-companies. A total of 7,300 companies now use the agencies‘ information disclosure system at www.e-disclosure.ru ,up from 5,000 in early 2005 and 2,000 in January 2004.
The requirement to disclose information related to major events in issuer-companies via the newswires of the authorized agencies was introduced by the stock market regulator in October 2003.
The awards were presented to the OAO Mechel Group in 2004 and to the OAO Kalina Concern in 2003.