In 2023, 60.1 percent of enterprises met the requirements, up from 60.2 percent in 2022, according to international standards. One shareholder has chosen a structure that incorporates the Board of Directors, shareholders, and the Centralized Internal Audit Service. One of the most important aspects of a company’s competitiveness is effective corporate governance. The Company cannot grow unless there is an effective framework in place to govern interactions between the Board of Directors, the executive board, and the shareholders, as well as investor confidence that the Company’s management is using their funds wisely to achieve capitalization growth.

Ural Refinery’s corporate governance has been subjected to yearly diagnostics since its approval to ensure compliance with the level of best practice corporate governance. The diagnostics identify governance system weaknesses and ways to improve governance quality within the organization. Corporate governance reform initiatives are being launched based on the diagnostic results to ensure compliance with international best practices.

Ural Refinery Corporate Service’s governance has been subjected to yearly audits since its approval to ensure that it adheres to best practices in corporate governance. The diagnosis identifies flaws in the governance system and strategies for improving governance quality throughout the organization. Corporate governance reform initiatives are also launched based on the diagnostic results to ensure compliance with international best practices. Ural Refinery, which understands the importance of corporate governance, prioritizes the implementation of corporate governance standards. A Corporate Governance Code was adopted in 2022. The Company’s Corporate Governance Code was created in accordance with the Corporate Governance Code of Ural Refinery, a single stakeholder.