and is responsible for:
- Formulation of the Company's strategy;
- Establishing and maintaining systems that enable it to
monitor PhosAgro's performance; and - Holding management accountable for successful
implementation of the strategy.
PhosAgro's corporate governance system encompasses the management and control processes that help to ensure that we run the business effectively. It governs how decisions from shareholders' meetings, the Board of Directors and senior management are made and implemented throughout the company; and it also includes the business intelligence and risk management systems we use for decision-making as well as to monitor and control our operations.
We continually seek to ensure that our stakeholders have access to information about what is happening in the business and that they understand why strategic decisions are made.
Our dialogue with shareholders, for example, is extensive, including feedback received during meetings with PhosAgro's senior management who also sit onthe Board of Directors. Important information received from regular meetings with investors is reported tothe Board of Directors, and the Board can then analyse whether or how to react to this information. Severalof the key events listed below are a direct result of this engagement, and in December 2012 PhosAgro was awarded for "Best Progress in Developing Corporate Governance" by Russia's Investor Protection Association.
In order to further implement best practice in corporate governance, in December 2012 the Board of Directors recommended, and shareholders approved, a new edition of PhosAgro's charter, which included a Management Board as the Company's governing executive body in addition to the CEO; the Board of Directors appointed the members of the Management Board in January 2013
Three independent non-executive directors served on the Board of Directors in 2012, occupying the positions of Chairman of the Board, Chairman of the Audit Committee and Chairman of the Remuneration and Human Resources Committee
Senior management conducted 10 non-deal roadshows and took part in 20 investor conferences, in addition to ongoing one-on-one meetings with shareholders throughout the year
We introduced quarterly reporting of IFRS financial results and operational results, with management-hosted conference calls in Russian and English for each of the 8 announcements
The Board approved new revisions to PhosAgro's inside information policy and a new information policy