We are committed to maintaining the highest standards of corporate governance.
Our corporate governance framework is designed to ensure that timely and accurate disclosures are made on all material matters regarding the Group, including its financial situation, performance, ownership and governance.
The Group’s management pays significant attention to promoting transparency and information disclosure standards throughout the Group in a belief that partners' and investors' confidence is critical to business success. The Group has reported its annual consolidated financial statements under US GAAP since 1998, with Ernst & Young as the Group's auditor. The Group invited independent directors to participate on its Advisory Board.
The Group adheres to the highest quality standards, including establishes certification of professionals and internal quality systems. Many of the Group’s quality systems are certified according to international quality standards.
The Board of Directors of the Company currently consists of four members and is advised by a separate Advisory Board. The Advisory Board provides advice to the Board of Directors on all strategic and other significant decisions of the Company. The President of the Group heads the Advisory Board and is ultimately responsible for external communications with investors and public bodies.
The Board of Directors may, by resolution of the directors, designate one or more committees, each consisting of one or more directors, and delegate one or more of their powers, including the power to affix the seal, to the committee.
On November 9th 2010 IBS Group has announced completion of listing upgrade for its Global Depositary Receipts (“GDRs”) to the Regulated Market Segment of the Frankfurt Stock Exchange.
This decision was approved on May 29th 2010 by the Advisory Board of IBS Group in Moscow.
The Company expects that the listing on the Regulated Market will enhance the Company’s profile, increase its transparency and contribute to the liquidity of its shares. As part of the listing maintenance on the Regulated Market, IBS Group will fulfill comprehensive disclosure requirements, such as ad-hoc releases, which will benefit existing investors and allow the Company to expand its investors base.