RVC is continuously striving to improve its corporate governance systems in accordance with the best Russian and international standards. RVC’s current effective model of corporate governance is based on three criteria:
The principles and procedures of the corporate governance of RVC are available in the Charter of RVC and its documents — which mutually establish the structure and responsibilities of the company's management bodies and the control of the company.
The top management body of RVC is the General meeting of shareholders. The sole shareholder of RVC is the Russian Federation represented by the Federal Agency for State Property Management.
RVC’s plays the Principle role of choosing the main of the company's work, and in developing the Corporate Strategy of RVC. The Board of Directors is responsible for the general management of the company and control over the executive bodies — the Management Board and the Chief Executives.
The executive bodies are in charge of the day-to-day activities and the strategic management of the company including control over the activities of its subsidiary companies. The executive bodies enforce the resolutions of the General Meeting of Shareholders and the Board of Directors of RVC. The Auditing Committee of RVC controls RVC’s financial activities.
To audit its financial and economic activities, as well as to reconfirm the accuracy of its annual financial statements, RVC can, on a contractual basis, engage a professional auditing organization (an auditor).
RVC operates a number of internal control, audit and risk management systems. The company has developed structural units of management, created the Risk and Ethic Committee, developed internal management documents, systematic rules for the handling of risk management, and has enforced the main provisions of the Federal Law No 273-FZ Against Corruption'. The effective coordination of the internal control systems with audit and risk management are critical to protect the rights and interests of the company's shareholders. Therefore the company takes every effort to ensure and implement the best practices in performance.
Disclosure of information is done in accordance with the legislation of the Russian Federation.