Annual report 2007 - Magnitogorsk Iron & Steel Works ...

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38.
Provisions of the Code of Corporate
Behaviour (CCB)
The Company’s Charter should provide for a
procedure of determining the quorum at the Board
of Directors’ meetings which would allow to ensure
obligatory participation of independent directors
in such meetings
Executive bodies
39.
40.
41.
42.
43.
44.
ANNUAL REPORT OPEN JOINT-STOCK COMPANY MAGNITOGORSK IRON & STEEL WORKS
Existence of a collective executive body
(Management Board) of the Company
The Company’s Charter or internal documents
must provide for mandatory approval by the
Management Board of real estate transactions,
or loans if such transactions are not large-scale
transactions or if they are not made in the normal
course of the Company’s business .
The Company’s internal documents must provide
for a procedure of coordinating operations
not covered by the Company’s financial and
operational plan.
Absence in the Company’s executive bodies of
persons which are members, general managers
(managers), members of a managing body or
employees of a legal entity competing with the
Company
Absence in the Company’s executive bodies of
persons who were found guilty of committing
economic crimes or crimes against the State,
public services or local government or who
were subjected to administrative punishment
for offences in business, finance, taxes and fees
as well as security market. If the function of the
individual executive body is performed by a
managing organization or a manager, the General
Director and members of a management board
of a managing organization or a manager must
meet the requirements for the Company’s General
Director and members of the Management Board.
The Company’s Charter or internal documents
must provide for a prohibition for a managing
organization (a manager) to perform similar
functions in a competing company or to have any
other property relationship with the Company
except for services of a managing organization (
manager)
Observance
of the CCB
(yes or no)
no
yes
yes
No n/a
Yes
Yes
No
SEASON 2007
Remarks
Included in the plan of
corporate governance
improvement
Item 13 of the OJSC MMK
Charter approved by the
Decision of the Annual
GeneralShareholders’ Meeting
of the OJSC MMKdd. 21.04.2006
Item 13.4.2 of the OJSC
MMK Charter approved by
the Decision of the Annual
GeneralShareholders’ Meeting
of the OJSC MMKdd.21.04.2006
Included in the plan of
corporate governance
improvement
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