RUSSIA: WBD adopts corporate governance code
The Russian food and drink producer Wimm-Bill-Dann Foods today announced that the company had adopted its Corporate Governance Code.
Wimm-Bill-Dann's board of directors approved the company's Corporate Governance Code at its scheduled meeting, which took place in person on December 17, 2004.
"The adoption of the Code comes in line with the company's commitment to further enhance its corporate governance practices. The Code sums up and reinforces corporate governance principles, which are already being widely used within the company. It also outlines their implementation in the light of existing legislative norms, securities trading and capital markets rules," the comany said.
The Corporate Governance Code enshrines corporate governance principles, set forth by the World Economic Forum (WEF) and the Russian Union of Industrialists and Entrepreneurs (RSPP), which had already been subscribed to by the company's Board of Directors. It also outlines relationship structure among the Company's Shareholders, the Board of Directors, its Committees, the Corporate Secretary and the Management Board.
The Corporate Governance Code also mentions that Wimm-Bill-Dann's Code of Ethics is currently being created and is planned for adoption in the first six months of 2005. The Code of Ethics takes account of the requirements of the U.S. Securities and Exchange Commission (SEC).
Sectors: Soft drinks
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