Gazprom board approves ethics code
MOSCOW. Aug 7 (Interfax) - The board of directors of Gazprom has approved a code of corporate ethics, the Russian gas giant said.
"The code confirms Gazprom's corporate values, and defines the most important rules of business conduct that are based on them and embraced by the company. The development of the code took into account generally accepted standards of corporate and business ethics, as well as the experience of Russian and foreign best practices of corporate governance," Gazprom said.
The code covers issues such as company employees' relations with competitors and counterparties, shareholders and investors, government and public organizations, and controlled legal entities. It also sets out the main principles on which the company builds relations with its employees.
It was reported earlier that the Gazprom code was developed by the AID Center for Corporate Governance, a subsidiary of the Association of Independent Directors.
Gazprom was perhaps the only major Russian company that did not already have such a code. Companies such as Rosneft , Sberbank , Vimpelcom , MTS, VTB , Tatneft , Mechel , MMK, AFK Sistema , Novatek and Norilsk Nickel have all adopted such documents.