Corporate governance system
Russian Railways’ corporate governance system is based on applicable standards and the nature of its operations and governance as a 100% state-owned single economic
In implementing its corporate governance framework and tools, Russian Railways also complies with documents issued by the Bank of Russia as the regulator and the Federal Agency for State Property Management as the corporate governance methodologist for state-owned companies. Russian Railways’ Board of Directors is the key component of the corporate governance framework, leading the development of the Company’s best practice of corporate governance.
In 2020, Russian Railways updated the Charter and Regulation on the Board of Directors to improve the Company’s corporate governance quality, reflect changes in the Russian laws, and take into account the recommendations of the Bank of Russia’s Corporate Governance Code and the Moscow Exchange’s corporate governance requirements for bond issuers. The proposed amendments are based on best practices and seek to redistribute the competences of Russian Railways’ governance bodies, update criteria for transactions requiring the consent of Company’s Board of Directors and Management Board, and optimise the Board of Directors’ competence in relation to Russian Railways’ controlled entities.
The Board of Directors of Russian Railways approved the new versions of the Charter and Regulation on the Board
In 2020, the Board of Directors reviewed the corporate governance practice at Russian