22 Nov 2018 11:30

Inter RAO named most transparent company in 2018

The Interfax and AK&M information agencies, which are accredited by the Central Bank of Russia (CBR) to disclose corporate information, have named PJSC Inter RAO (MOEX: IRAO) the most transparent company on the Russian stock market.

The award, a crystal trophy symbolizing transparency, was presented to Inter RAO on November 21 at the annual Director of the Year awards ceremony in Moscow organized by the Association of Independent Directors and the Russian Union of Industrialists and Entrepreneurs (RSPP).

The jury noted the high quality of the company‘s annual and quarterly reports and the fact that it is among the first to publish consolidated financial statements for the year. Inter RAO‘s website is well-structured, with most information accessible in one or two clicks, and company representatives promptly respond to questions from financial journalists.

"The company offered an innovative annual report format in the form of a smartphone app. In addition, Inter RAO is an active participant in the Single Disclosure Window project, which is being implemented by Interfax and the National Settlement Depository with the support of the Bank of Russia. Participation in the project enables issuers to reduce costs when sending information to various groups of users and expedites publication of information," Interfax Group Executive Director Vladimir Gerasimov, the chairman of the competition jury, said.

Inter RAO voluntarily discloses information in the form of press releases, and not just standard material facts, which is convenient for most consumers and speaks to the company‘s desire to be clearer for the market, the jury said.

"In the opinion of the jury, all this testifies to the company‘s deliberate and proactive approach to issues of information transparency," Gerasimov said.

"For Inter RAO, disclosure of information is not just a desire to meet the best global standards of corporate governance, but a conscious understanding by management of the importance of free and equal access to important information for all stakeholders. It is very gratifying that the company‘s efforts to create an effective information disclosure system that influences the formation of fair shareholder value have found recognition from such an expert and respected jury of employees of authorized information agencies," Inter RAO‘s corporate and property relations director, Tamara Merebashvili said.

The jury includes representatives of Interfax and AK&M, as well as the CBR, Moscow Exchange (MOEX: MOEX), the Association of Independent Directors and Russian investor relations association ARFI.

Interfax and AK&M established the award for active corporation policy on information disclosure in 2003 for companies that have achieved the greatest success in prompt and complete disclosure of information for investors. When selecting the winner, the jury considers the completeness and timeliness of disclosure of financial statements, corporate events and information about ultimate beneficiaries, corporate governance, the synchronicity of disclosure for Russian and foreign investors, and the extent to which the company‘s information policy is conscious and proactive.

Accredited information agencies have been promptly disclosing information for participants of the Russian stock market since 2003. The agencies‘ wires annually publish 160,000 statements from companies, and their websites have publicly accessible centers for disclosure of corporate information.