Corporate Governance Principles

Renova Group has built up a consistent flexible corporate governance system that, on the one hand, allows for efficient representation and protection of interests of the Groups shareholders and, on the other hand, contributes to the coordination of the goals and interests with the Groups partners in certain businesses. The key principles of the corporate governance system are as follows:

  • Professionalization of corporate governance bodies. For this purpose, Renova Group has created the Corporate Center that renders professional services to the shareholders, including, but not limited to, consulting services, and supports their participation in the corporate governance bodies of the Group businesses.
  • Completeness and reliability of information designated for the shareholders and their partners. The Corporate Center provides the shareholders and their partners with all the information and analysis they need on financial, economic, social and environmental parameters of the businesses.
  • Improving efficiency of the Board of Directors through creation of the Strategy, Audit, Appointment Compensations Committees under it. The Committees engage most prominent specialists and experts.
  • Standardization and documentation of key management processes. Renova Group develops standards and regulations to guide key management processes aimed to improve management decision making quality both in the Group and the businesses it manages.
  • Optimizing key infrastructural functions in Renova Group of companies. Renova Group has established a number of consultative bodies (committees and commissions) to coordinate the core functional divisions in the managed businesses in a number of areas, including, but not limited to, reputation management (PR), HR management, risk management etc.
  • Professionalism and reconciliation of interests in developing strategies of the businesses. For this purpose, the Boards of Directors in businesses have established Supervisory Boards that act as consultative bodies and include representatives of Renova Group, business partners and prominent specialists and experts in a relevant area of business.
  • Top management motivation through ownership stakes. Renova Group of companies initiates development and implementation of option programs for top management.
  • Dialogue with stakeholders. Renova Group of companies is open for discussion of business-related issues with stakeholders and is looking at the policy of dialoguing with stakeholders as the guiding landmark in developing corporate governance.
  • Handling and settlement of corporate disputes to mutual benefit. Currently, the Group has accumulated experience and development the culture of settling any business disputes within the existing corporate governance system by arriving at a mutually benefiting result that contributes to further cooperation and partner attitudes.
Renova Group of companies continues to improve its corporate governance system on the basis of international standards with a focus on the interests of the Group shareholders and partners, efficiency improvement, prompt decision making and improving operational transparency of the Group.