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North-West Telecom

September 23, 2005

S&P increased the transparency index of the JSC North-West Telecom

The analysis of Russian companies performed by the Rating service of International Rating agency Standard & Poor’s together with MICEX led to the increase of the transparency index of JSC North-West Telecom to 71% (as compared to 62% in 2004). This means that the company rates seventh among the 54 largest Russian companies registered at the MICEX (in 2004 the company was eighth among 50 companies). Thus Standard & Poor’s acknowledged the efforts of the JSC North-West Telecom to increase the quality of the reputation management of the company including the transparency.

According to the S&P experts the North-West Telecom has the best transparency index among the Russian companies that are not obliged to comply to the requirements of the US Securities and Exchange Commission (SEC): The only companies rated higher than North-West telecom are those operating or registered in the US. Therefore the transparency index of the OJSC North-West Telecom corresponds to the UK average level.

Furthermore, JSC North-West Telecom has the highest transparency score for “Composition and procedures of the Board and Management” (85%, average score 45%) among all rated companies.

The experts of the Standard & Poor’s noted that the improvements that were achieved last year “were mainly linked to the desire (of NWT) to improve the attractiveness of the shares and the ability to obtain cheaper debt instruments for foreign investors, and predominantly consisted in an increased body of information available in English on the corporate web-site, better reporting of financial and operational activities and faster preparation of the information, as well as the provision of more detailed information in the annual reports”. 

V.A. Akulich, the CEO of the JSC North-West Telecom, commented that “the information transparency of the company is one of the most important constituents of investors’ trust which reflects the general level of the corporate management. The company will continue to work towards the improvement of transparency, the quality of its corporate managements and the investors’ trust.  The communication strategy implemented by North-West Telecom includes the introduction of the standards of disclosure that as much as possible reflect the leading world practices”.

 

 

 

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