Corporate governance framework

Corporate governance framework

Corporate governance principles

PhosAgro sees its commitment to the highest corporate governance standards as key to building a transparent, responsible and trustworthy governance framework to ensure further growth and sustainable financial strength.

PhosAgro's corporate governance principles, structure, practices and procedures are set forth in its Charter and Corporate Governance Code. Provisions of PhosAgro's Corporate Governance Code do not contradict the Corporate Governance Code recommended by the Bank of Russia’s Letter dated 10 April 2014 (the “CGC”) and the UK Corporate Governance Code.

Basic principles of the Company's Corporate Governance Code

Accountability

Equality

Transparency

Responsibility

Sustainable development governance

GRI 2–12, 2–13

Our governance framework for sustainable development (SD) relies on a number of internal and external drivers.

Internal drivers
The Company’s mission and values supported by our Corporate Strategy

External drivers
Stakeholder expectations and the global community’s requirements for the maturity of the Company’s SD governance framework

2022 initiatives

GRI 2–14
2022 initiatives
Documentation support

Approval of:

  • the Inside Information Regulations as amended
  • the Regulations on the Information Policy as amended
  • the transparency statement under the UK Modern Slavery Act as amended
  • the Terms of use of the PhosAgro hotline as amended
  • the Regulations on the Board of Directors as amended
  • the Regulations on the Strategy and Sustainable Development Committee of the Board of Directors
  • the Tax Strategy
Business processes and organisation
  • Establishing the Strategy and Sustainable Development Committee of the Board of Directors to vest it with the majority of functions previously pertaining to three dissolved committees of the Board of Directors: the Strategy Committee, the Environmental, Health and Safety Committee, and the Sustainable Development Committee
  • Strengthening the sustainability management function at the corporate headquarters and the enterprises
  • Comprehensive regulations on interaction in preparing non-financial reporting drafted and implemented
  • Extending certificates of compliance with requirements of ISO 9001, ISO 14001, ISO 45001, and GMP+ FSA
  • Surveying the opinions of the Company and its stakeholders with respect to the material topics under GRI 2021
IT
  • Update of the reporting year’s environmental and social achievements on the Sustainability page of the Company’s official website
  • Maintenance of the Public Scrutiny application designed to report occupational health violations
Performance review and reporting
  • Procedure for preparing integrated annual reports drafted and approved. CEO appointed as chair of the working group in charge of the integrated annual report
  • Analysis of global and local ESG ratings and rankings
  • Taking into account stakeholders’ opinions (inside and outside the Company)
  • Procedure for the Strategy and Sustainable Development Committee to monitor the Company’s sustainability projects developed
  • TCFD, GRI, CDP, The Value Reporting Foundation recommendations for reporting implemented
Competencies and people
  • Mandatory training in various areas (for example, cybersecurity, climate change, human rights, etc.) included in the sustainability training framework
  • Participation in major international and Russian initiatives (RSPP, CGI, ESG Alliance, UN Global Compact, IFA) maintained
Project management
  • List and coverage of sustainability key performance indicators (KPIs) expanded
  • Expansion of analytics under the automated system evaluating suppliers against ESG criteria
  • List of initiatives pursuing individual UN SDGs-related targets updated