RID gives Uralvagonzavod good CG rating

November 20, 2014. The Russian Institute of Directors rated Uralvagonzavod Scientific & Production Corporation at 5+ for Corporate Governance on the National Corporate Governance Rating®.

The corporation announced the introduction of a new CG system in 2010, and a CG Center was set up by the Director-General within the company, Uralvagonzavod’s press service reports. In 2011, the company elaborated a multi-purpose CG improvement program. CG enhancement is now an integral part of the corporation’s privatization roadmap.

The company’s CG practices were evaluated along four criteria that helped single out both strengths and growth points. The Institute rated the corporation’s corporate governance in the way the shareholders’ rights were protected as Satisfactory. The annual selection of external auditors for the creation of the RAS-based accounting report, tenders for suppliers of goods and services, an internal documentation of the use of insider data, and adoption of the Corporate Conduct Code in 2012 were pointed out as great strengths.


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