Corporate Governance Structure

The General Meeting of Shareholders is the highest governing body of the Company, with the primary management powers being delegated by the shareholders to the Board of Directors. In order to ensure the Company’s day-to-day management, the Board of Directors elects the CEO and approves the members of the Management Board as advised by the CEO. The Board of Directors also establishes committees whose resolutions are of an advisory nature.

TMK keeps its accounting practices and prepares financial and accounting reports in compliance with Russian and international standards. Starting from 2011, TMK began publishing quarterly consolidated IFRS reports (ir.tmk-group). In addition, the Company distributes press releases discussing key financial highlights and their changes and conducts conference calls attended by the Company’s senior executives. TMK has a unit which monitors the development and implementation of a single information policy as well as a function that controls compliance with insider dealing laws and regulations

In order to ensure efficient control over the Company’s financial and business operations as well as the Company’s compliance with Russian laws and regulations, the General Meeting of Shareholders elects the Revision Commission and approves the Company’s auditor.

TMK’s Corporate Governance Structure

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