25 Oct 2012 00:00

Magnit named most open company

Interfax and AK&M, news agencies authorized to disclose information on the stock market, have named Russian retailer Magnit (RTS: MGNT) as the winner of the annual award for Active Corporate Policy on Information Disclosure.
The jury, which includes representatives of news agencies, the Moscow Exchange, and respected IR experts, noted that Magnit adheres to the highest standards in management transparency and openness, and creatively uses new ways of working with investors.
"Magnit is first among public retailers to publish operating and financial results, provides guidance, discloses all material facts fully and promptly, and demonstrates openness and goodwill in communicating with investors and analysts," the Interfax Group‘s executive director and chairman of the competition‘s jury, Vladimir Gerasimov said at the awards ceremony in Moscow on October 25.
"Upon entering the public arena, the company assumed certain obligations. This award is confirmation that we have done our job well," Magnit‘s deputy CEO and investor relations director, Oleg Goncharov said.
The jury noted the company‘s efforts to actively use forms of information disclosure that are relatively new on the Russian market (such as a calendar of events), and to release financial statements more quickly.
The award for Active Corporate Policy on Information Disclosure was founded by Interfax and AK&M, authorized agencies of the Federal Financial Markets Service, in 2003 to recognize companies that have made the greatest advances in prompt and full disclosure of information for investors.
When selecting the winner of the prize, the jury takes into consideration how fully and promptly companies disclose financial statements to international standards, corporate events and information on ultimate beneficiary owners, the synchronicity of disclosure for Russian and foreign investors, and an overall assessment of the company‘s conduct in the information field.
Past winners of this award have been Sberbank (RTS: SBER) in 2011; Magnitogorsk Iron & Steel Works (RTS: MAGN), or MMK (2010); oil majors Rosneft (RTS: ROSN) (2009) and Lukoil (RTS: LKOH) (2008); TMK (RTS: TRMK) (2007); steelmaker Severstal (2006); Russian Railways (RTS: RZHD) (2005); Mechel Group (RTS: MTLR) (2004); and beauty firm Concern Kalina (RTS: KLNA) (2003).
Russia‘s stock market regulator introduced the requirement for mandatory disclosure of corporate information about material events through the wire services of authorized news agencies in October 2003. About 30,000 companies now disclose information through such authorized agencies.