ChelPipe key objective is to achieve high international standards in corporate governance and business ethics. The company strives to build such a system of corporate governance that would allow to create a transparent and clear system of corporate managerial procedures providing for strict observance of shareholders’ rights and interests. We are sure that high level of corporate governance makes ChelPipe a more reliable company, being worthy of customers’, investors’ and shareholders’ trust and consequently leads to enhancing the company’s attractiveness, opens new opportunities for development.
ChelPipe supreme governing body is the General Meeting of Shareholders. In between meetings general management is fulfilled by the Board of Directors. The Board of Directors approves perspective programs and plans, analyzes investment and financial strategy of the company on the whole, elaborates recommendations in terms of issues of relationship with shareholders and investors as well as takes decisions in terms of other vital issues of the company activity within its competence. The main objective of the Board of Directors is to assist in enhancing ChelPipe efficiency in the long term.
The expert bodies of the Board of Directors are committees – Audit Committee, Human Resources and Compensation Committee, Corporate Governance Committee, Strategic Planning Committee, that perform preliminary consideration of the most important issues of the company activity and submit their recommendations to the Board of Directors. Active work of committees reflects ChelPipe striving for constant improvement of corporate governance rules and procedures and serves an effective tool of communication and interaction between the Board of Directors and the company management.
Pursuant to conventional international standards of corporate governance the Board of Directors includes independent directors who are top-ranked specialists. Independent members of the Board of Directors are not connected with ChelPipe activity, their objective is to protect shareholders’ interests by making professional judgements in terms of key issues of the company development.
Day-to-day management of ChelPipe activity is laid upon executive bodies that are a key part in the structure of governing bodies: General Director (sole executive body) and Management Board (collegial executive body). ChelPipe executive bodies act to the benefit of the company and its shareholders and report to the Board of Directors and the General Meeting of Shareholders. The main objectives of executive bodies are organizing daily operational work according to accepted financial and economic plan and effective and timely execution of decisions of the General Meeting of Shareholders and the Board of Directors.
One of the key principles of ChelPipe corporate governance is openness and transparency of internal company procedures and processes for shareholders, business partners, state regulatory bodies and personnel. The company informs concerned parties regarding all aspects of its activity on a regular basis. ChelPipe strictly observes the requirements of legislation in terms of publishing information subject to compelling disclosure.
The company observes the same high-level requirements for transparency in internal relationship.print