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In July of 2008 a Code of Corporate Governance was adopted at a meeting of the Board of Directors of the holding CENTRAVIS. 

The Code was adopted with the aim of building quality and transparent corporate governance, taking into account the particularities of national legislation and experience of the countries of presence of the holding CENTRAVIS, as well as protection of the interests of shareholders and improvement of the investment attractiveness of the holding.

The document was elaborated in accordance with the provisions of the Code of Corporate Governance of the Republic of Cyprus, the recommendations of the European Corporate Governance Institute (ECGI), as well as the generally accepted principles of corporate governance and conditions of work of the Company.

The Code of Corporate Governance of the Holding CENTRAVIS includes:

1. Section “Principles of Corporate Governance” — governs the relationship with shareholders of the holding company and compliance with accepted international practice standards in corporate governance;

2. Section “General Shareholders’ Meeting” — defines the rights and legitimate interests of shareholders of the holding company;

3. Section “The Board of Directors of the Company” — defines the purpose of the work and competence of the Board of Directors, cooperation of the Councils of Directors of all the companies of “CENTRAVIS”, a system of electing members of the Board of Directors and their responsibilities, procedures, as well as the formation of committees of the Board of Directors of the Company;

4. Section “Executive Board of the Company” — defines the role, purpose and accountability of this board. Competence, formation procedures, conditions and procedures for payment of compensation to the Executive Board of the Company;

5. Section “Corporate Secretary of the Company” — defines the essence, accountability and purpose of activities, as well as the competence and procedure for electing the Corporate Secretary of the Company;

6. Section “Significant Corporate Actions” — defines the meaning of the notion “Significant Corporate Actions”, the principles of such actions, as well as defines the body that make the decisions concerning the realisation of Significant Corporate Actions;

7. The section “Disclosure of information about the Company” — defined which information about the company is open to the public as well as to the responsible for reliable and complete presentation of this information;

8. Section “Control of the financial and economic activity of the Company” — defines the purpose of monitoring and allocates areas of responsibility;

9. Section “Dividends” — defines the principles and order of payment of dividends;

10. Section “Decision of corporate conflicts” — determines which situations relate to corporate conflicts and people responsible for their settlement.

Sergey Atanasov, the Chairman of the Board of Directors of the holding CENTRAVIS:

“At this stage of development of the holding company we needed the Code of Corporate Governance. We aim to introduce the best global practices and conform to European standards of corporate governance. The Code is a tool to improve management of the holding, which will also help to make the governance transparent and effective”.

A full version of the Code of Corporate Governance of the Holding CENTRAVIS can be found at the site of the holding http://centravis.com/about-us/.

Print version

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