Severstal Annual Report 2015 Home > Governance > Corporate Governance Statement > Sole Executive Body

Sole Executive Body

What is the company’s Sole Executive Body?

The authority of the company’s Sole Executive Body is exercised by the Chief Executive Officer / General Director of the Company.

Upon decision of the GMS, the powers of the Company’s Sole Executive Body can be transferred to a commercial organisation (managing company) on a contract basis. The GMS may take such a decision as a result of a proposal of the company’s Board of Directors.

Severstal’s shareholders resolved to transfer the powers and responsibilities of Severstal’s Executive Management Team including those of its CEO, to a new managing company - Severstal Management, effective from 1 January 2015.

This change is in line with the Company’s stated strategic focus of optimising its management structure and further enhancing management efficiency and transparency. Severstal Management will achieve this by reducing management layers, centralising certain administrative functions and removing duplication. Alexey Mordashov stepped down as CEO of Severstal Management and Vadim Larin heads Severstal Management as from 26 May 2015.

The managing company has authority for managing all issues in the company’s current operations except for those issues reserved for the company’s General Meeting of Shareholders and the Board of Directors.

More details on the company’s managing company are available on www.severstal.com.

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