Board of Directors

Board of Directors is a collective management body and performs general management of activities of group of companies RUSTEEL within the scope of its competence prescribed by Federal Law “On limited liability companies”, Articles of Association and other internal documents of company. 30% of Board are company employees and 70% are independent directors.

Among major objectives of Board of directors are::

• formulation of strategic lines of activity providing for dynamic development of RUSTEEL;
• increasing of corporate financial stability;
• providing efficiency of investments;
• increasing of profitability and competitive power of RUSTEEL.

The following activities pertain to the competence of Board of directors:

• Development of priority areas of activities of RUSTEEL.
• Coordination of corporate organization structure at the level of key employees or higher.
• Approval of documents regulating activity of RUSTEEL, including: system of requirements for financial and management reporting, document flow, rules for contractual work, contents of HR policy; standards of information and economic security; planned performance of company; standards of unified corporate policy.
• Formulation of optimum procedure for work, expansion of best practices and improving of management organization.

In order to further examine issues within scope of competence of Board of directors and to ensure efficient implementation of particularly significant management and control functions of board of directors, to solve strategic tasks and analyze important problems of RUSTEEL activity two committees were formed and work in Board of directors: Committee on budgetary policy, financial obligations and analysis of efficiency of activities and Committee on strategic development.

Committee on budgetary policy, financial obligations and analysis of efficiency of activities  is engaged in development of standard requirements for local regulatory documents governing accounting and fiscal reporting, prepares evaluations of cost estimates in priority areas of corporate activities, recommendations on strategies for capitalization growth, investment policies and specific investment projects submitted to Board of directors for consideration; on strategy of work with borrowed capital, assets and liquidity management policies.

Committee on strategic development
This Committee organizes development of key areas of activity of RUSTEEL and sets global tasks with further formulation of ways to solve them, elaborates recommendations in respect of priority areas of corporate activities and strategy of company development, including long-term efforts for growth of efficiency, assets, cost effectiveness and investment potential.