Internal Qualitative Assessment of Corporate Governance
In 2018, FPC’s Internal Audit Unit assessed the compliance of the Company’s corporate governance with the recommendations of the Corporate Governance Code and the Federal Agency for State Property Management, as well as the corporate governance principles accepted in Russia. The assessment comprised the following focus areas:
- regulations guiding FPC’s corporate governance
- alignment of FPC’s organisational and governance structure with the recommendations of the Corporate Governance Code and other corporate governance regulations and guidelines
- distribution and regulation of powers and responsibilities of the risk management and internal control process participants
- compliance with FPC’s corporate ethos and standards
- disclosure of information about FPC’s operations.
Following the assessment, the Internal Audit Unit prepared recommendations to improve the corporate governance practice, and compiled a list of corporate governance principles which are currently not feasible to implement due to FPC’s business specifics. The recommendations prepared by the Internal Audit Unit have been considered in JSC FPC’s Action Plan to Achieve the Target State of the Corporate Governance System.