Corporate governance framework
Russian Railways’ corporate governance framework is based on applicable standards and derives from the nature of its operations and governance as a 100% state‑owned single economic entity As defined by Federal
The key principles of corporate governance are set out in Russian Railways’ Corporate Governance Code Approved by the Company’s Board of Directors (Minutes No. 1 dated 14 September 2022). available on the Company’s website. Instructions of the Russian Government, which places a special focus on improving the quality of corporate governance in state‑owned companies, are of critical importance for shaping the corporate governance practice in the Company.
Based on the recommendations issued as part of the corporate governance rating process, the Company developed and approved an Action Plan for Improving Corporate Governance at Russian Railways for 2023–2024. Once implemented, this plan will contribute to enhancing the quality of corporate governance at Russian Railways and maintaining a high corporate governance rating.
In 2023, the Company initiated an independent external assessment of its corporate governance practices, which culminated in the assignment of the 7+ (Advanced Corporate Governance Practice) National Corporate Governance Rating (NCGR) to Russian Railways.
For more details on the corporate governance framework and improvements made in the reporting year, see the Corporate Governance Framework section of Russian Railways’ 2023 Annual Report.