Summary

The Group and its management believe in conducting their affairs in a fair and transparent manner and in maintaining high ethical standards in their dealings with all relevant parties.  The Board and management are committed to following good corporate governance practices, including complying with the UK Combined Code, and with all of the relevant regulations in Ukraine & Switzerland.

The company is developing a formal Code on Corporate Responsibility and Business Ethics which will be made available on this website. 

The day to day management of the Group’s operational and financial affairs is the responsibility of the Executive Committee.  The Board of Ferrexpo plc, currently consisting of a Non-Executive Chairman, three executive Directors and five Non-Executive Directors, set the strategy, approve the major financial commitments and reporting items and ensure that the Group complies with its statutory obligations.  The Supervisory Board of Ferrexpo Poltava Mining ensures that the operations in Poltava comply with Ukrainian requirements and reporting.  The Executive Committee meets once a month and the Board will meet at least quarterly. 

In 2007 a separate internal audit department was established to ensure that financial procedures are correctly adhered to and that risks are identified and monitored.  The internal audit department reports to the Board of Ferrexpo plc.

Corporate & Social Responsibility

As the largest iron ore mining company in Ukraine, the Group is committed to managing its business in a socially responsible manner.  The responsible management of environmental, employee, health and safety and community issues is central to the success of our business.  This will monitored by the CSR committee, a sub committee approved by the Board.

The Group aims to reduce the impact of its activities on the Environment wherever feasible.  The operations are subject to regular inspection by the authorities in Ukraine and, in general, the Group has operated historically well within the official guidelines.

The management of Health & Safety is a high priority within the Group and is reported at all meetings of the Executive Committee and Boards. The operations have an extensive network of Health & Safety officers present in every unit and the operations are regularly monitored by the Ukrainian Authorities.  The Group runs health and safety training programmes for new recruits and regular training updates for existing employees.  The company operates occupational health facilities at its sites and all permanent employees are offered medical treatment and a medical at least once a year.

The Group is involved in a wide range of social programmes from sport to education and health.  It is the intention of the Executive Committee that this spending will become more targeted on programmes where there are specific and identifiable needs and particularly to the benefit of communities around the operational activities.