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Corporate Governance and Strategic Planning Committees Under the Board of Directors of OJSC Kyrgyzgas - Upon recommendation of OJSC MGN Asset Management a decision was made to establish Corporate Governance and Strategic Planning Committees under the Board of Directors of OJSC Kyrgyzgas
Corporate Governance and Strategic Planning Committees Under the Board of Directors of OJSC Kyrgyzgas

 

PRZOOM - /newswire/ - Bishkek, Kyrgyz Republic, 2009/08/14 - Upon recommendation of OJSC MGN Asset Management a decision was made to establish Corporate Governance and Strategic Planning Committees under the Board of Directors of OJSC Kyrgyzgas.

   
 
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On August 12, 2009 at OJSC Kyrgyzgas Board of Directors meeting a decision was made to establish Corporate Governance and Strategic Planning Committees. Among the objectives of forming these Committees are: improving corporate governance, developing and planning the development strategy of the company. The Committees will be formed from among the members of the Board of Directors, Executive Directorate and heads of OJSC Kyrgyzgas business units.
Reference.

The competence of the Strategic Planning Committee includes the following:

- Preliminary review and preparation of recommendations on the Company’s strategic development plan;
- Analyses of the performance of the Company’s strategic development plan;
- Recommendations on introduction of an investment planning and monitoring process;
- Assessment of the Company’s work effectiveness in the long-term prospects;
- Preparation of recommendations on the adjustment of the Company’s current strategy;
- Preparation of recommendations on cooperation between the Company and organizations in which the Company is a member;
- Preparation of recommendations on dividend policy.

The competence of the Corporate Governance Committee includes the following:

- Recommendations to the Board of Directors on issues related to the Corporate Secretary;

- Recommendations to the Board of Directors with respect to convocation, preparation and holding of the Company’s annual and extraordinary General Shareholders’ Meetings with due consideration for the best corporate governance practices;

- Recommendations to the Board of Directors with respect to approval of and amendments to the Company’s internal document(s) setting forth rules of and approaches to disclosing information about the Company, as well as procedure of using information about the Company’s operations, its securities and transactions with them, which is not in public domain;

- Recommendations to the Board of Directors on submitting for review by the General Meeting of Shareholders proposals on approval of or making amendments to the Company’s Charter and other internal documents governing operations of the Company governing bodies;

- Recommendations to the Board of Directors regarding approval of and amendments to the Corporate Governance Code;

- Participation in resolution of corporate conflicts, arising from decisions taken by the Board of Directors on issues within its responsibilities;

- Oversight of compliance with ethic norms reflecting the Company’s social responsibility.

OJSC MGN Asset Management, a division of MGN Group, focuses on structuring and managing investment portfolios. On January 29, 2009 it was announced among the winning bidders for trust management of shares of companies owned by the KR Social Fund. The main purpose of transferring the assets to be managed by the professionals is to improve corporate governance and increase company performance. In accordance with the trust management agreement MGN top managers participated in General Shareholders’ Meetings of these companies. Presently OJSC MGN Asset Management, which is a part of the investment holding MGN Group is managing 12.5% of OJSC Kyrgyztelecom shares.

OJSC Kyrgyzgas is a natural monopoly responsible for ensuring gas supply to the Kyrgyz consumers. Key lines of activity include purchasing, transporting, distributing natural gas, as well as collecting payments for the product sold, as well as effectuating payments to gas suppliers. Charter capital of OJSC Kyrgyzgas amounts to 307.7 million soms.

 
 
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Corporate Governance and Strategic Planning Committees Under the Board of Directors of OJSC Kyrgyzgas

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