OREANDA-NEWS  On 21 November was announced, that International Rating Agency Standard & Poor’s advised on raising OJSC VolgaTelecom’s Corporate Governance Score (Russia national scale) from CGS-5,2 to CGS-5,4. Standard & Poor’s affirmed the Company’s Corporate Governance Score (global scale) at CGS-5.

In the opinion of the agency’s analysts “The raising of the Russia national scale score primarily reflects improvements in the financial disclosure: VolgaTelecom presented an unqualified auditor’s opinion in its annual IFRS accounts for the first time in 2008”.

Standard & Poor’s notes the following strengths of VolgaTelecom’s corporate governance practices:

The Company maintains a high level of disclosure. VolgaTelecom presented an unqualified auditor’s opinion in its annual IFRS accounts for the first time in 2008. The Company practices proactive investor relations.

Shareholders’ meeting procedures are strong. Minority shareholders enjoy a wide measure of rights under Russian law and VolgaTelecom’s Articles of association.

The Company employs an internationally acknowledged auditor chosen via an open tender.

There are representatives of minority shareholders on the Board.

The Board has substantial authority and is active. The work of the Board is supported by four Board committees, all of which include external directors.

The overall CGS on VolgaTelecom is the result of four component scores on the global and Russia national scales of 1 (low) to 10 (high). The global scale score is shown first below, and the Russia national scale score second: Ownership structure and external influences - 5/5.0; Shareholder rights and stakeholder relations – 7/7,1; Transparency, disclosure, and audit – 6/6,3; Board structure and effectiveness – 4+/4,7. For more detailed information, please, visit Standard & Poor’s site: http://www.standardandpoors.ru/page.php?path=issuerr&id=78 or VolgaTelecom’s site: http://www.vt.ru/6571.