Annual Report 2010 - Magnitogorsk Iron & Steel Works

16 22 26 28 32 38 50 72MMK , sBusiness ModelMMK’s Missionand StrategyOJSC MMK Boardof Directors'The Company'sProductionSales MarketsFinancesCorporateGovernanceEnvironmentProtectionMMK Corporate Governance StructureThe General Shareholders’ Meeting is the supremegoverning body. The Board of Directors overseesthe Company’s general management and alsosets the strategy for future development. TheManagement Board and LLC MMK ManagingCompany (the executive bodies) are in charge of theCompany’s day-to-day operations. In accordancewith Russian legislation and international standards,an independent Auditor and the Audit Committeesupervise the Company’s financial and economicactivities.MMK Corporate Governance StructureCorporate bylaws regulating the operation of thegoverning and supervision bodies can be found on theCompany’s website at:http://www.mmk.ru/corporate_governance/internal_documents/regulations_approved/and http://www.mmk.ru/corporate_governance/internal_documents/group_documents/.General Shareholders' MeetingAuditCommitteeBoD Committeefor StrategicPlanning andCorporateGovernanceBoD Committee forNominations andRemunerationBoard of DirectorsChairman of BoDSecretary of BoDBoD membersCorporate SecretaryAuditorBoD Committeefor AuditBoD Committee forInvestment Policyand Liaison withGovernment BodiesManagement Board (MB)MB ChairmanMB membersMB SecretaryIndividual Executive Body –LLC MMK Managing CompanySteel & Style , 10 MMK ANNUAL REPORT 51