16 Dec 2004 13:42

Mechel wins Interfax and AK&M prize for information disclosure

Mechel Steel Group has won the annual prize For Active Corporate Policy in Information Disclosure instituted by Interfax and AK&M news agencies for issuer companies.

The other 2004 nominees were Open Investments company and Seventh Continent supermarket chain.
In choosing the winner, the agencies took into account the fulfillment of the compulsory disclosure program by the issuer and also the publication of additional information, the notification of investors about new securities issues, the existence and promptness of publishing financial statements according to US GAAP standards, and the quality of quarterly reports.
"What simplified our choice is that the system of information disclosure has changed over the past year and a half, primarily as far as the publication of reports on corporate milestones by companies is concerned," Vladimir Gerasimov, first deputy general director of Interfax, told the awards ceremony. "Relying on our own daily practice of communicating with the companies, we could appreciate how effectively they had adopted these new mechanisms and how precisely they observe the rules set by the regulator," he said.
Interfax and AK&M are authorized by the Federal Securities Commission to disclose significant events and corporate actions in accessible form (www.e-disclosure.ru).
According to Interfax files, the number of companies involved in the disclosure system has doubled to almost 5,000 in a year.
The 2003 prize For Active Corporate Policy in Information Disclosure was awarded to cosmetics company Kalina, while Irkut Corporation, and the Central Telecommunication Company were nominated for the prize.