The main purpose of the corporate management code of United Chemical Company LLP is to improve corporate management, ensure transparency of management, and follow standards of good corporate management.
Corporate management is understood as a set of processes that provide management and control over activities of the Partnership and include relations between Single shareholder, Supervisory Board, Management Board, other bodies of the Partnership and Stakeholders in interests of Single stockholder, as well as interaction of the Partnership with subsidiaries and dependent organization.
Fundamental principles of UCC corporate management are:
1) principle of protection of rights and interests of Single participant;
2) principle of effective management of the Supervisory Board and the Management Board;
3) principle of independent activity;
4) principles of transparency and objectivity of activities information disclosure;
5) principles of legality and ethics;
6) principles of effective dividend policy;
7) principles of effective personnel policy;
8) principle of environmental protection;
9) policy of regulation of corporate conflicts and conflict of interests;
10) principle of responsibility.
According to development Strategy for 2012-2022 improvement of corporate management to increase operational efficiency and enhancement of long term value is one of the key objectives of UCC.
In 2018, PricewaterhouseCoopers LLP (PWC) conducted diagnostics of the Partnership’s corporate management in the following sections:
- Rights of participants and fair treatment for participants;
- Effectiveness of the Supervisory Board and Executive body;
- Risk management, internal control and audit;
- Sustainable development;
Based on results of the diagnostics, the Partnership was given recommendations on those areas of activity that require further development and improvement, in the framework of which a Plan of measures to improve corporate management for 2019 – 2020 was developed and approved. The partnership on a quarterly basis provides members of the Supervisory Board with information on implementation of this Plan.