Authorized agencies name Lukoil as most media-friendly company in 2008
Interfax and AK&M, agencies authorized to disclose information on the stock market, named Lukoil the winner in the annual contest “For Active Corporate Policy on Information Disclosure.”
The prize (a transparent crystal symbolizing openness to the media) was given to a Lukoil representative at the ceremony conducted inn Moscow on December 10.
The prize “For Active Corporate Policy on Information Disclosure” was established by Interfax and AK&M, authorized agencies of the Russian Federal Service on Financial Markets, in 2003 for issuers achieving the most success in prompt and complete disclosure of information to investors. In the past years, this prize has been awarded to OJSC TMK (2007), OJSC Severstal (2006), OJSC Russian Railways (2005), OJSC Mechel Group (2004), and OJSC Concern Kalina (2003).
“When evaluating companies this year, we also took into account their activities on the media market during the crisis. Lukoil received most points from the jury for this parameter, leaving all other companies far behind. Experts have also pointed out an increase in the level of synchronization in the disclosure to foreign and Russian investors by Lukoil and gave high marks to the company’s work in other areas of cooperation with the media,” said Vladimir Gerasimov, Interfax Executive Director and the chairman of the jury.
When selecting the winner of the prize “For Active Corporate Policy on Information Disclosure,” the jury takes into account a fullness and timeliness of disclosure of accounting information based on international standards, disclosure of information on final potential beneficial owners, and the synchronization of the information disclosure to Russian and foreign investors.
The requirement for compulsory disclosure of information through newswires of authorized information agencies was introduced for issuers by the stock market regulator in October 2003. All in all, 14,000 companies currently disclose information on significant events trough authorized agencies, whose number was increased to five in 2007.