Independent directors play an important role in the effective work of the Board of Directors. They provide an independent review of the issues discussed, based on their knowledge, experience and qualifications. They play an especially important role when matters of protecting the interests of minority shareholders and investors are being considered. Such directors provide independent judgments and constructive criticism at meetings of the Board of Directors, which contributes to the development of corporate governance in the Company.
During 2018, the following independent directors They were nominated as independent directors on the basis of Directive No. 2947-r of the Government of the Russian Federation dated 26 December 2017 and Directive No. 327-r of the Government of the Russian Federation dated 27 February 2018. were on the Company’s Board of Directors: I. Klebanov, A. Korsik, G. Schmal.The independence of the members of the Company’s Board of Directors was verified in accordance with the Listing Rules of the Moscow Exchange and the provisions of the Corporate Governance Code (CGC). According to the results of this validation approved by resolutions of the Company’s Board of Directors 9 February 2018 (Minutes No. 1), 1 August 2018 (Minutes No. 13). I. Klebanov and G. Shmal were recognised as independent, despite the presence of formal criteria of affinity.