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UTK

September 30, 2003

According to “Standard & Poor`s” the general level of "UTK" PJSC transparency has increased by 24%

The corporate transparency is an important factor of forming investor confidence in management and a leading indicator of better governance standards. On 23 September 2003 international rating agency "Standard & Poor's" published the results of its Transparency and Disclosure Survey of 60 Russian companies based on the monitoring of public information.

According to the results of the study the general level of Russian companies' transparency has increased by 5% to 39% with relation to maximum level of disclosure (i.e. easily accessible disclosure of the major parameters of a company's operations, performance, and governance structures).

According to "Standard & Poor`s" the general level of "UTK" PJSC transparency has increased by 24% (from 33% to 57%), which is the best showing among the interregional telecoms. In terms of the level of information transparency "UTK" PJSC gives way only to five Russian companies (OJSC "Wimm-Bill-Dann", OJSC "MTS", OJSC "Rostelecom", OJSC "Vympelcom" and OJSC "Norilsk Nickel").

Results of the Transparency and Disclosure Survey of the 7 interregional telecom companies

name rank in 2003 rank in 2002 total disclosure level in 2003, % blocks total disclosure level in 2002, % change of disclosure level, %
1 2 3
"UTK" PJSC 6 22 57 71 50 52 33 +24
Dalsvyaz 7 - 57 63 51 58 - -
SibirTelecom 12 8 50 53 47 51 45 +5
CenterTelecom 13 16 49 54 47 46 38 +11
Uralsvyazinform 14 26 47 63 39 43 30 +17
North-Western Telecom 20 12 44 54 39 42 43 +1
VolgaTelecom 21 27 42 56 33 43 30 +12

1 - Ownership Structure and Investor Relations, %
2 - Financial and Operational Information, %
3 - Board and Management Structure and Process, %

According to 'Standard & Poor's' the telecommunications sector which has average disclosure level of 61% (versus 59 % in 2002) is the most transparent Russian industry.

You can find the complete text of the Transparency and Disclosure Survey of Russian companies by Standard & Poor's on the site: www.standardandpoors.ru.

 

 

 

 

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