OREANDA-NEWS. January 24, 2008. “Expert RA” rating agency has conducted the monitoring of OJSC VolgaTelecom corporate governance rating and based on its results has affirmed the rating at “A” level (“7+” in numerical rating), the press service of the company reported. “Expert RA” report states: “based on the monitoring results the Company is recognized as one of the leaders in management quality in Russia.” “VolgaTelecom’s corporate governance system is developing fast which is contributed by strategic initiatives of the management and shareholders of the Company,” states the report. In accordance with the technique of National corporate governance rating, the assigned rating of the company is based on the analysis of four groups of indicators: shareholders rights, activities of management and control bodies, information disclosure and the company’s corporate social responsibility.

In the opinion of the rating agency’s experts, the level of disclosure of financial and non-financial information about VolgaTelecom’s activity deserves the highest rating. The Company’s disclosure of information defines VolgaTelecom as one of the most transparent Russian companies. This is supported by the practice of fairness, promptitude of disclosed information, posting all basic forms of reports and internal documents at the Company’s site in the Internet at: www.vt.ru.

The experts also spoke highly of positive dividend history of the Company and the availability of the Company’s Corporate Governance Code, which in their opinion is indicative of VolgaTelecom’s commitment to respect the interests of all interested parties. The other positive points are realization of corporate social projects for the Company’s employees, lack of disputes with labor collective, implementation of projects of corporate social responsibility for the population in the Company’s service area.

Sergey Omelchenko, VolgaTelecom’s general Director, says that participation in national ratings and appreciation of activities contributes to the Company’s sustained development, improvement of its image and business reputation. “Both Russian and foreign investors are interested in joint activity with reliable and civil in corporate governance companies, that is why continuous cooperation of VolgaTelecom with rating agencies confirms the Company’s strong intentions to build the relations with shareholders and investors with regard to the best world practice in corporate governance,”says Mr. Omelchenko.

In accordance with the technique of National corporate governance rating, “A” level means that the practice of the company’s corporate governance is estimated as fairly high. The company complies with the requirements of Russian legislation in corporate governance and follows basic recommendations of Russian code of corporate governance. The risks related to the infringement of the company’s shareholders rights, ill-efficient operation of management bodies, and also to the activity non-transparency are insignificant. “7+” rating means that the company’s corporate governance risks are low.