Activities of the Management Board in 2015
Last year, the Management Board held 25 meetings, 1 of which was a physical meeting and 24 were held by absentee voting.
In the reporting period, the Management Board dealt with matters related to the Company’s operations activity and making plans for future development, in particular the following issues were regularly discussed:
- reviewing the Company’s budget execution reports and budget planning for the next year;
- the Company’s technological policy and transformation of telecommunications networks;
- implementation of risk management programmes;
- projects aimed at increasing operational efficiency and costs optimisation.
With the aim of improving operational efficiency, the Management Board resolved matters related to the optimisation of procurement, the decommissioning of analogue telecommunications line facilities and structural changes of the Company’s branches.
Working towards further development of corporate governance standards, the Management Board paid considerable attention to the development and approval of the Risk Management Programme and Development Concept of Internal Control System in the Company.
Recognising the Company’s social responsibility to Russian society, in the reporting year the Management Board dealt with matters relating to charity and sponsorship.
In addition, the Management Board devoted considerable attention to the preparation of the materials and issues requiring decisions passed by the Board of Directors, including preliminary consideration of related party transactions to ensure careful examination of such issues and high quality of Company’s decisions.