On September 2, 2003 international ratings agency Standard & Poor’s upgraded North West Telecom’s corporate governance rating from 5.5 to 5.9.

Analysts at the agency made a comprehensive study of the changes that have been taking place at the company.  Part of the rating review process included a large number of documents concerning corporate governance practice and meetings were held with the management and the independent executives of North West Telecom, auditors, independent analysts and shareholders.

NWT’s corporate governance rating is an integral financial index which includes the following components:

• Ownership structure and impact of interested parties – 5.5

• Shareholders rights and relations with financially interested parties – 6.5

• Financial transparency, information disclosure and audit procedure – 6.2

• Composition and efficiency of operations by Board of Directors – 5.5.

Commenting on the S&P ratings upgrade, the general director  of North West Telecom Alexander Sysoyev noted: “The upgrade reflects a number of positive changes which have occurred at the company recently, especially:

• the company’s increased financial transparency;

• disclosure of financial statements done to international standards;

• efficient operations by the board of directors

The company plans to pursue its policy aimed at improving the quality of corporate governance, raising market capitalization and improving the investment appeal of North West Telecom.