External evaluation of corporate governance

Since 2013, FPC has engaged an independent expert to conduct external qualitative assessment of its corporate governance.

In 2016, RAEX (Expert RA) affirmed the Company’s 2015 rating A+.gq Very High Level of Management Quality. The management quality system greatly contributes to the promotion and protection of stakeholders’ rights.

The positive factors highlighted by the agency include:

• high ownership concentration (RZD’s shareholding in FPC’s authorised capital amounts to 100% less one share);
• highly organised risk management system;
• highly organised system for control over financial and business activities of the Company;
• highly organised Board of Directors;
• high credit ratings;
• highly organised activities of the Board of Directors’ committees;
• high level of cooperation between the Company’s governing bodies;
• high level of disclosure;
• highly organised corporate social responsibility;
• ISO 9001 certificates.