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JSC Atomredmetzoloto included in Top-10 of Corporate Transparency Rating among Russian companies
On March 31, results of corporate transparency survey among the largest Russian companies, conducted by the Russian Regional Network for Integrated Reporting, were announced. ARMZ Uranium Holding Co. was ranked the 8th with 74.25 points out of 100 and outperformed such large companies as JSC Gazprom (17th place, 55.75 points), JSC VTB 24 (20th – 21st place, 53.75 points), JSC Sberbank of Russia (50th – 51st place, 50.55 points), and others.
The Russian Regional Network for Integrated Reporting was founded in August of 2012 at the initiative of ROSATOM State Nuclear Energy Corporation and the International Integrated Reporting Council (IIRC).
Regional networks were established in ten regions across the world, including in Russia, the Netherlands, Germany, South Africa, Great Britain, Turkey, USA, the Scandinavian countries, Brazil and Japan. These are open communication venues for all stakeholders. The networks are aiming to promote integrated reporting, as well as to develop reporting quality support mechanisms worldwide.
ROSATOM came in first in the Corporate Transparency Rating among the largest Russian companies. Another eight Rosatom’s organizations were included in the Top-20. Aggregately, the survey sampling featured 100 largest Russian companies, representing 24 branches of economy.
The survey was held with a view to comprehensively analyzing reporting of the largest Russian companies and assessing their transparency level in order to create conditions for corporate reporting quality evolution. One of the survey tasks was to reveal and share best practices in corporate reporting. However, companies’ transparency was only considered in terms of public reporting, while further surveys, which are planned to be carried out on an annual basis, will include increased number of parameters.
Greater information transparency and accessibility of large companies for all stakeholders is an important element of business sustainability, significantly contributing to the national socio-economic development. Company value growth, reduced investment risks and greater public confidence in activity of the largest companies mainly depend on whether the company openly and genuinely discloses information about its achievements and challenges, implementation strategy, resources and investment in the development of human capital, technology, regions and etc. Public reporting is one of mechanisms ensuring transparency.
In the current survey, companies’ transparency was only considered in terms of public reporting, while further surveys, which are planned to be carried out on an annual basis, will include increased number of parameters.
Report preparation by the Russian companies is entering a new phase. In 2013, international reporting standards underwent serious changes: in May, the G4 version of the GRI Sustainability Reporting Guidelines was published; in December, the International Integrated Reporting Standard was released. The Ministry of Economic Development of the Russian Federation is elaborating the National Concept for Development of Public Non-Financial Reporting in the Russian Federation. A new edition of the Corporate Governance Code is also being prepared for release. This survey was conducted to determine areas for improvement of report quality under new conditions, and also to enhance general maturity level of corporate reporting.
Materials of the survey are available at:
JSC Atomredmetzoloto regularly demonstrates quality of its annual reports. For several successive years, the company’s reports have been awarded at national corporate reporting contests. The JSC Atomredmetzoloto Annual Report 2012 became a winner in the Best Annual Report Idea and Design nomination within the framework of the 10th Annual Report Competition among companies of the fuel and energy sector, held by Energorynok Magazine.