FGC UES named most transparent company in 2019
The Interfax and AK&M information agencies, which are accredited by the Central Bank of Russia (CBR) to disclose corporate information, have named PJSC Federal Grid Company UES (FGC) the most transparent company on the Russian stock market.
The award, a crystal trophy symbolizing transparency, was presented to the company on November 27 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 for the award for "active corporate policy in the area of information disclosure" noted the high quality of FGC‘s corporate reporting, specifically its detailed disclosure of information about the company‘s strategy, the structure of the group, members of management bodies and shareholders of controlled organizations, as well as prompt publication of news for investors.
"FGC has been showing constant progress in increasing transparency in recent years. Specifically, the quality of the company‘s annual reports has improved significantly in recent years," Interfax Group Executive Director Vladimir Gerasimov, the chairman of the competition jury, said. "The company‘s corporate site, in our view, is one of the best examples of working with investment analysts. The amount of information provided on the site is the largest among issuers that were nominated for the award this year. Most of the information is accessible to users literally from the site‘s main page."
The jury also noted that FGC annually publishes more than 350 material events through authorized agencies, which is the highest figure among this year‘s nominees.
"Transparency and openness are basic principles to which Federal Grid Company adheres in corporate governance. This makes it possible to be more comprehensible and attractive to investors and, furthermore, establish constructive relations with clients, partners and other stakeholders," FGC CEO Andrei Murov said on receiving the award. "The attention that we devote to the requirements of the law, exchange rules, international standards of information disclosure, as well as active collaboration with investors, analysts and journalists creates trust and respect for FGC."
Interfax and AK&M established the award for active corporate policy in the area of 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.
The jury includes representatives of Interfax and AK&M, as well as the CBR, Moscow Exchange, the Association of Independent Directors and Russian investor relations association ARFI.
Accredited information agencies have been promptly disclosing information for participants of the Russian stock market since 2003. The agencies‘ wires annually publish 150,000 statements from companies, and their websites have publicly accessible centers for disclosure of corporate information. A "single window" for disclosure of information by issuers about material facts through information agencies and publication of information about corporate actions through the National Settlement Depository has been operating since 2018.