Follow or explain

COMPLY OR EXPLAIN MESSAGE
Following the international principle “comply or explain”, JSC “Suvsanoatmash” reports the following.
JSC “Suvsanoatmash” made an obligation to follow the recommendations of the Corporate Governance Code, to improve the efficiency of joint stock companies and improve the corporate governance system.
According to clause 18 of the Corporate Governance Code, JSCs include at least one independent member in the supervisory board (but not less than 15% of the number of members of the supervisory board stipulated by its charter) in accordance with the requirements of the regulation on the supervisory board.
Due to the fact that the Supervisory Board was not nominated for an independent member of the Board, Suvsanoatmash JSC did not include an independent member of the Board in the Supervisory Board.