Standard & Poor’s annuls corporate management rating of local phone operator

21 August 2006 (13:42)

Standard & Poor’s, an international rating agency, has recently annulled the corporate management rating of UralSvyazInform, the regional mobile operator, reports the agency’s spokesperson.

‘We saw some corporate management mechanism improvements last year, for example, the company’s publishing its report on IAS prior to the annual general meeting and doing a tender on auditing services. Besides, the company managed to deal with the controversial influence of SvyazInvest, the state-controlled majority shareholder. Yet all of these improvements are outweighed by the decrease in the number of the independent Members of the Board,’ reports the spokesperson.

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