Investor group lauds Russia's CTC
EmptyLONDON -- Top-rated Russian entertainment network CTC -- the country's fourth-ranked television channel -- has been lauded for its good business and management practices by international financial institutions.
CTC Media was awarded the Best Progress in Corporate Governance award by the Russian Investor Protection Assn. -- a group of 30 leading international and Russian financial institutions that has marked corporate progress in the country since 2000.
"Investors noted the innovation in development of corporate governance, which they related to the company's clear understanding of interacting with consumers," Irina Osadchaya of CTC's investor relations department said Thursday.
Association members -- which include Russian oil and gas companies and other major strategic firms -- noted that CTC Media was "the only Russian company that placed its shares on the U.S. stock exchange during the past two years," Osadchaya said.
CTC Media's use of independent directors to chair key board committees, corporate codes and policies also were highlighted in the award.
"This award highlights the substantial efforts our company has made to implement a best practice corporate governance program," CTC Media CEO Alexander Rodnyansky said. "We recognize the importance of corporate transparency in today's public marketplace and remain committed to adhering to the highest standards of corporate governance."
CTC Media broadcasts entertainment channel CTC network, which reaches about 100 million viewers, and daytime home viewing-oriented service Domashny (58 million homes) through a network of directly owned and affiliated channels across Russia.