The Director of the Year 2007 National Awards Ceremony was held on 12 December.

The winners of Director of the Year 2007 were:

Independent Director of the Year

Winner:
Dr Burckhard Bergmann, chairman of the Executive Board, E.ON Ruhrgas AG, member of the Board of Directors, OAO Gazprom

Honourable Mention:
Jo Lunder, independent director, OAO VimpelCom
Guy De Selliers, independent director, OAO Vimm-Bill-Dann Food Products
Ivan Rodionov, independent director, OAO North-western Telecom
Seppo Remes, independent director, RAO UES, OAO SeverstalAvto, OAO OMZ, OAO Sibur
Ilya Yuzhanov, independent director, OAO Kirov Plant, OAO Uralkali, OAO Novatek, OAO NOMOS-Bank.

Chairman of the Board of Directors: Contribution to Corporate Governance Development

Winners:
David Yakobashvili, chairman of the Board of Directors, OAO Vimm-Bill-Dann Food Products
Alexander Landia, chairman of the Board of Directors, OAO SUEK

Corporate Secretary of the Year

Winner:
Valery Kuprienko, chief of staff of the Board of Directors, OAO Vimm-Bill-Dann Food Products

Honourable Mention:
Valery Dashevsky, corporate secretary, OAO Irkut Corporation
Sergei Grushin, corporate secretary, OAO CenterTelecom
Angelica Granitsa
Konstantin Chulakov, corporate secretary, OAO Uralsvyazinform

“The major distinction of the Director of the Year Award is that it is not presented to a company, but to a person for his contribution to the development of corporate governance in one or several companies,” said Alexander Filatov, managing director of the Independent Directors Association. “It cannot be otherwise, as the Independent Directors Association is a partnership based on directors’ individual membership. The work of an independent director is based on his professionalism and high reputation, and these concepts are personified.”

“I am happy to have won this award at the ceremony in Moscow yesterday. It indicates that Russian executives appreciate critical but constructive cooperation and Western know-how in corporate governance,” Dr Bergmann said. “The Independent Directors Association (IDA) serves as an example and performs an essential function. By presenting this award, the association emphasises the significance of independent directors for corporate governance and the transparency of Russian companies.”

David Yakobashvili believes that “Russian companies have reached the development stage when insufficient attention to corporate governance issues may lead to the reduction of competition”.

“The quality of corporate governance in Russia has already passed the initial stage, which it was in just several years ago,” Alexander Landia said, commenting on the event. “Russian companies are becoming full members of the global economic community, more transparent, understandable and, consequently, more attractive. The Independent Directors Association makes a significant contribution to this process, for instance by improving its members’ knowledge of best global practices and formulating approaches to their development and efficient application for Russian companies.”

“Corporate governance in Russia is a real school of true democracy,” Valery Kuprienko said.

“The growing significance and number of independent directors in boards of directors of Russian companies is one of the major indicators of Russia’s integration in global economics,” Philip Gudgeon said, addressing the news conference participants, “as it is hard to imagine such integration without the adoption of corporate governance standards ensuring transparency and the protection of shareholders’ interests. This trend is facilitated by the aspiration of a large number of companies to place their shares on Russian and foreign exchanges, or attract new investors and business partners. We as auditors and consultants note that exchanges, investors, investment banks and funds express their expectations regarding these standards in a more consistent way, which has a considerable impact on the corporate scenery in Russia.”

The Director of the Year Award was initiated in 2006 by the Independent Directors Association in cooperation with audit and consulting company PricewaterhouseCoopers.

The award is meant to emphasise directors’ personal contribution to the development of corporate governance systems in companies and to facilitate the implementation and promotion of high standards and best practices of corporate governance in Russia.