On February 20, 2004 the Board of Directors approved the Corporate Governance Code of Center Telecom. 

The Code is a set of corporate conduct guidelines voluntarily established by the company which are based on a balanced consideration of the interests of shareholders, governing bodies and other interested parties concerning the core components of the corporate governance process. 

The provisions contained in this document were worked out on the basis of the Corporate Conduct Code, as recommended by the Federal Securities Commission, the basic principles of the corporate governance as set out by the Organization for Economic Cooperation and Development (OECD), the federal law “On Joint Stock Companies”, the Company Charter, and declarations on the principles of corporate conduct of Center Telecom. 

The draft Code was reviewed by a panel of experts from leading organizations which specialize in issues concerning the improvement of corporate governance:  the Russian Institute of Directors, the Association of Independent Directors, International Financial Corporation (IFC) and received an excellent assessment. 

Adherence to the Corporate Governance Code should help promote greater trust of shareholders and potential investors in Center Telecom, which will ultimately result in improved investment appeal for the company. 

Those interested in the full text of the Corporate Governance Code and experts conclusions can view them in the “Corporate Governance” section of the company’s corporate website (www.centertelecom.ru).