ALROSA Wins ‘Best Corporate Governance Award’ from Swedish Fund East Capital
ALROSA has been named as the winner of the Best Corporate Governance Award at the annual East Capital Awards, organised by Swedish fund East Capital, one of the largest international portfolio investors on the Russian market and a minority shareholder of ALROSA.
Elaborating on the selection, the fund said, “Typically, state-owned companies are not leaders in terms of corporate governance developments, but we consider ALROSA one of the best examples adhering to the highest standards of corporate governance in emerging markets.”
Some of the significant points mentioned by the fund include positive changes in the dividend policy of ALROSA, according to which the amount of annual dividends may exceed 100% of free cash flow, cost-cutting, disposal of non-core assets and working capital improvements.
Alexey Filippovsky, Deputy CEO of ALROSA said, “Compliance with high corporate governance standards is currently one of ALROSA’s strategic priorities, so we are grateful to East Capital for the honour and are pleased to receive such a prestigious award. Despite the fact that our company has already achieved some success in this area, we continue to improve our corporate governance system, strive to meet international standards (including corporate law and anti-corruption legislation), and promptly respond to any changes and external challenges.”
Peter Elam Håkansson, Chairman and CIO of East Capital, commented, “The Awards serve to highlight some of the most outstanding companies in our portfolios, and also to inspire others. Through our extensive in-depth research with frequent company meetings in emerging and frontier markets, we identify companies each year that have achieved impressive results and demonstrate great potential. I want to extend my sincere congratulations to this year’s award winners on their impressive achievements.”
The East Capital Awards have been held annually since 2004, highlighting the success of investment and financial companies that have achieved the most impressive results and have shown potential in four categories: Best Growth, Best IPO, Discovery of the Year, and Best Corporate Governance.
East Capital was founded in Sweden in 1997. It is an independent asset manager specialized in emerging and frontier markets with offices in Dubai, Hong Kong, Luxembourg, Moscow, Oslo, Stockholm and Tallinn. The company manages EUR 2.8 bn in public and private equity funds, real estate funds and separate accounts.