Annual Report 2014
Despite a challenging year for the financial markets, in 2014 Moscow Exchange succeeded in achieving the strategic objectives set by its stakeholders, and delivered excellent operating and financial results. At the core of this success were the professionalism of the Exchange’s management team and corporate governance practices established in line with the best global standards.
The Exchange strives to be a model of effective corporate governance for all issuers with a listing on the Exchange. Its free float of above 50% is one of the highest on the Russian market. In March 2014, the Exchange retired a number of quasitreasury shares, increasing the ownership interest and return on capital of existing shareholders and also strengthening corporate governance by preventing voting with these shares.
The Supervisory Board comprises senior managers of the highest caliber. Many of the directors are independent, which further enhances transparency and performance management.
A particular strength of the Exchange’s investment case is its dividend policy, with annual increases in the share of income paid out in dividends. In 2014, the Board recommended a payout of 55% of net profit in the form of dividends.
Moscow Exchange’s corporate strategy for