Corporate governance

67%
share of independent directors

Independent non‑executive directors head the Board of Directors and all its committees

GRI 3‑3

Maintaining high standards of corporate governance is key to attracting new investment, strengthening the Group’s competitive position, and boosting shareholder value. Good governance is based on the clarity of roles and responsibilities. The Company aims to ensure that its governance procedures are applied at all levels of decision making across the Group.

As an international company As defined by Federal Law No. 290‑FZ On International Companies and International Funds dated 3 August 2018. , En+ Group builds its corporate governance practice in accordance with the Listing Rules of the Moscow Exchange and the requirements of applicable Russian laws, and also strives to comply with the recommendations of the Corporate Governance Code of the Bank of Russia.

For more details on compliance with the recommendations and principles of the Corporate Governance Code, see Appendix No. 1.

Material topic
  • Corporate governance
Key goals for 2024
Goals Status Progress made in 2024
To conduct independent evaluation of the Board of Directors, its members, and committees in order to assess the Board’s performance Achieved External evaluation of the Board’s performance was conducted with the involvement of an independent consultancy (for more details see the Board Performance Evaluation section below)
Compliance with the recommendations and principles of the Bank of Russia’s Corporate Governance Code
Fundamental principles and goals of En+ Group’s corporate governance:
  • Transparency
  • Open and clear decision making
  • Timely disclosure of reliable information about the Company
  • Well‑balanced and effective internal risk management systems
  • Legal compliance, including clear and robust compliance with requirements for the Company to be and remain clear from OFAC sanctions OFAC – the Office of Foreign Assets Control of the US Department of the Treasury.
  • Ongoing growth in the Company’s value for the benefit of all stakeholders

Governance changes in 2024

9 February 2024
for the first time, the Board of Directors approved the Regulations on Performance Evaluation of the Board of Directors

23 May 2024
Vladimir Kolmogorov took over as the Company’s CEO

22 May 2024
The contract with the CEO of Company, Mikhail Khardikov, was terminated

19 December 2024
the Board of Directors extended the powers of Vladimir Kolmogorov as the Company’s CEO from 1 January until 31 December 2025

Corporate governance structure

In 2024, the Company did not record any:

GRI 2‑27

instances of unethical behaviour of Board members or the CEO

GRI 2‑15

conflicts of interest involving Board members or the CEO

corporate disputes and criminal cases against key officers and employees of the Company

GRI 2‑9, 2‑13

The Company’s corporate governance system outlines the relationship between the Company’s shareholders, the Board, and the CEO, as well as the roles and responsibilities of the Board committees. The Company’s corporate governance structure includes the following key elements.



Issues under the competence of the General Shareholders Meeting (GSM), the procedure for making decisions on them, the conditions for convening and the requirements for participation are described in detail in the Charter and Regulations on the General Shareholders Meeting. Voting at a GSM is conducted on the basis of the “one share, one vote” principle. Resolutions are generally passed by a simple majority of shareholders voting in favour of a motion at the meeting, save for a number of matters, including amendments to the Charter and reorganisation of the Company, which require voting by a 2/3 majority.

En+ Group holds an Annual GSM (mandatory) meeting and an Extraordinary GSM (as necessary). No extraordinary GSMs were held in the reporting period.

Report on meetings held during the year

In 2024, the Annual GSM meeting of the Company was held on 26 June by absentee voting, attended by shareholders holding 84.4079% of votes between them.

The Annual GSM meeting considered and passed the following resolutions:

  1. To approve the Company’s Consolidated Annual Report for 2023
  2. To approve the Company’s annual accounting (financial) statements for 2023
  3. Not to distribute the Company’s net profit for 2023 and not to pay dividends on shares for 2023
  4. To elect the Company’s Board of Directors, consisting of 12 members, from the list of candidates approved by the Board:
      • Christopher Burnham
      • Lyudmila Galenskaya
      • Vadim Geraskin
      • Anastasia Gorbatova
      • Thurgood Marshall Jr.
      • Andrey Plugar
      • J. W. Rayder
      • Olga Filina
      • Zhanna Fokina
      • Andrey Sharonov
      • James Schwab
      • Andrey Yanovsky
  5. To approve Centre for Audit Technologies and Solutions — Audit Services as the Company’s auditor for the accounting (financial) statements prepared in accordance with Russian accounting legislation.

For more details on the results of the annual GSM meeting, see the Company’s official website

General Shareholders Meeting

GRI 2‑12

The Board of Directors of En+ Group takes strategic decisions on the Company’s operations and exercises control over their implementation. The Board of Directors aims to create a long‑term value for the Company by supporting the balance between short‑ and long‑term objectives. The procedure for forming the Board, powers and duties of the Board members are outlined in the Charter and Regulations on the Board of Directors. The Board of Directors is accountable to the GSM.

Independent directors help put together an objective view of the Company’s business and the strength of its strategy, provide constructive challenge, and bring to the Board and management of the Company an unbiased perspective on the state of risk management and internal controls, management’s performance, as well as the strength of the Company’s financial model and policies.

In 2024, the Board of Directors held 11 meetings. The Board discussed matters remotely via videoconference, where each director could give comments, followed by absentee voting. All Board members attended 100% of the Board meetings.

Shareholdings

As at the end of the reporting period, none of the Board members, CEO or members of the management directly or indirectly held shares in the Company or concluded any transactions with Company shares in 2024.

Conflicts of interest and loans issued to members of the Board and the CEO

During 2024 and up to the date of this Report, the Company has not been aware of any conflicts of interest affecting any member of the Board or the CEO (including in connection with their participation in governance bodies of the Company’s competitors).

GRI 2‑15

In the event of a direct or indirect conflict of interest, members of the Board are obliged to provide a notification of its existence. In this case, they abstain from voting on issues in which they have an interest.

GRI 2‑11

The Chairman of the Board of Directors is an independent non‑executive director and does not combine their functions with those of the CEO.

In 2024, no loans were issued by the Company (or any Group company) to members of the Board or the CEO.

Совет директоров
Responsibility statement

The members of the Board confirm that:

  • The consolidated financial statements, prepared in accordance with IFRS as issued by the International Accounting Standards Board and as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Company and its subsidiaries, taken as a whole.
  • This Consolidated (Annual) Report includes a fair review of the development and performance of the business and the position of the Company and its subsidiaries, taken as a whole, together with a description of the principal risks and uncertainties that they face.
Directors’ and officers’ liability insurance

The liability of all Board members related to the discharge of their duties at the Company is insured under a D&O liability insurance policy that covers any damage caused during the Directors’ tenure.

Board composition

GRI 2‑9

As at 31 December 2024, the Board of Directors included 12 directors: eight independent non‑executive directors, one of them being the Chairman of the Board, and four non‑executive directors. All of them attended at the meetings of the Board of Directors throughout 2024.

Full biographies are available on the Company’s website

Member of the Board of Directors since Attendance at meetings of the Board of Directors in 2024
Independent non‑executive directors

Christopher Bancroft Burnham

Chairman of the Board since March 2022

27 January 2019 11/11
Lyudmila Galenskaya 18 May 2022 11/11
Thurgood Marshall Jr. 26 May 2021 11/11
J. W. Rayder 25 May 2022 11/11
Zhanna Fokina 26 May 2021 11/11
Andrey Sharonov 27 January 2019 11/11
James Schwab 3 April 2023 11/11
Andrey Yanovsky 25 September 2020 11/11
Non‑executive directors
Vadim Geraskin 8 February 2019 11/11
Anastasia Gorbatova 29 June 2023 11/11
Andrey Plugar 29 June 2023 11/11
Olga Filina 15 December 2021 11/11

Committee chair

G

Corporate Governance Committee

R

Renumeration Committee

A

Audit and Risk Committee

H

Health, Safety and Environment Committee

C

Compliance Committee

N

Nominations Committee

Chairman of the Board
Independent non‑executive director
Year of birth: 1956
A

Christopher Bancroft Burnham has a distinguished career in government, diplomacy, banking, and private equity. He is a globally recognised expert on reporting and transparency, having served as UN Under‑Secretary‑General for Management, Under Secretary of State for Management (acting), Assistant Secretary of State for Resource Management, and CFO of the US Department of State. Christopher Bancroft Burnham serves as Chairman of the Board of Directors and CEO at Cambridge Global Capital, which he co‑founded. He is the former Vice Chairman and Managing Director of Deutsche Asset Management. He completed Georgetown’s National Security Studies Programme and graduated from Washington and Lee University and Harvard University, where he earned an MPA in 1990.

Independent non‑executive director
Year of birth: 1958
H
N
C

Lyudmila Galenskaya started her career at Angarsk Polymer Plant, leading a team of 150 people. After she moved from Angarsk to Irkutsk, she secured a new job at Irkutskenergo. Currently, Lyudmila Galenskaya is responsible for ecology and environmental protection as the Head of the Environmental Safety and Rational Use of Natural Resources Service at Baikal Energy Company. She supports all of the company’s environmental activities, engages with government authorities, and communicates with the entire Group and all its branches. She ensures that the public is informed about the company’s environmental efforts and participates in environmental events and discussions. She engages with the media on environmental matters and actively shares experience with all environmental safety teams within the Group. She is open to new ideas and participates in developing new projects and bringing them to life.

Independent non‑executive director
Year of birth: 1956
C
R
H

Thurgood Marshall Jr. has extensive experience at the intersection of law, business and politics. Throughout his career, Thurgood Marshall Jr. has served as a partner at an international law firm, was a member of boards of listed companies, and held a wide range of positions in the US Government, including Staff Director and Chief Counsel to Senator Al Gore, Director of Legislative Affairs and Deputy Counsel to Vice President Al Gore. Thurgood Marshall Jr. also practiced law in Washington, DC, where he completed his judicial clerkship. He earned his Bachelor of Arts (BA) in 1978 and a Juris Doctor (JD) degree in 1981 from the University of Virginia.

Independent non‑executive director
Year of birth: 1960
A
C
R

J. W. Rayder has been involved in or led significant corporate restructuring projects, financings and M&A deals; he also has a solid track record in negotiating numerous power and natural gas supply contracts on behalf of his clients. He also advises clients on a myriad of legislative, regulatory and transactional matters related to energy markets and federal taxation. He graduated from University of Arkansas (BSBA in Accounting, JD) and Georgetown University Law Center (LL. M).

Independent non‑executive director
Year of birth: 1978
H
G
N

Zhanna Fokina has an extensive track record in environmental regulatory and supervisory authorities. Currently, she leads the environment department at Krasnoyarsk Aluminium Smelter. Zhanna is in charge of preparing and approving environmental reports, arranging for environmental monitoring, overseeing the execution of environmental initiatives, as well as supporting and conducting government environmental supervision activities. Before joining RUSAL, she worked at Rosprirodnadzor (Federal Service for Supervision of Natural Resources) and in the pharmaceutical industry. In 2009, she graduated from Siberian Federal University.

Independent non‑executive director
Year of birth: 1964
G
A
N

Andrey Sharonov is the CEO of the National ESG Alliance and member of the Board of Directors at the Skolkovo Foundation. Since 2002, he has worked as an independent director and representative on the boards of directors of about 30 public companies. He was a People’s Deputy of the USSR, Chairman of the State Committee for Youth Affairs of Russia, a key figure at the Ministry of Economic Development and Trade, a Managing Director and Chairman of the Board of Directors at Troika Dialog, Deputy Mayor of Moscow for Economic Policy, Chairman of the Regional Energy Commission, and headed the Executive Committees of the Moscow Urban Forum and the Open Innovations Forum. He graduated from Ufa State Aviation Technical University and the Russian Presidential Academy of Public Administration and holds a PhD in Sociology. Andrey Sharonov also received a DBA degree from Bocconi University, Milan.

Independent non‑executive director
Year of birth: 1965
N
G
A

James Schwab has 30 years of general management and private equity experience across a variety of industries, including logistics, the paper and forest industry, telecommunications, government, etc. He has held board positions at CrimStone portfolio companies, Western Marketing, Cimcon Finishing, Waples Manufacturing and Greenscape Landscaping. James Schwab holds a Bachelor’s degree (with distinction) in Mathematics from the United States Naval Academy and a Master of Business Administration (MBA) from Harvard Business School.

Independent non‑executive director
Year of birth: 1966
R
A
H

Andrey Yanovsky has been the CEO of the European Medical Center and member of its Board of Directors since 2014. During his career, Andrey Yanovsky was the CEO of the Coca‑Cola Company franchise in Russia, CEO of Nidan Juices (2003–2009), Vice President for Organisational Development and Personnel at TNK‑BP (2009–2013), and Director for Strategy and Organiational Development at NefteTransService (2013–2014). Andrey Yanovsky graduated from the Riga Higher Military Political School and received an MBA in Strategic Management from Kingston University.

Non‑Executive Director
Year of birth: 1968
H
R

Vadim Geraskin has extensive experience in government relations at the national as well as regional level. Since September 2012, as the Deputy CEO for Government Relations at Basic Element, he has been heavily involved in promoting the company’s socioeconomic development programmes in the regions where it operates. Vadim Geraskin led RUSAL’s Natural Monopolies Administration for eight years before joining Basic Element, and prior to that he headed RUSAL’s Transport and Logistics Administration and Transport Department. From 1997 to 2000, he served as CEO of Zarubezhcontract, a company focused on the non‑ferrous metals market. From 1993 to 1997, he worked for AluminProduct. Vadim Geraskin graduated from Lomonosov Moscow State University with a degree in Physics.

Non‑Executive Director
Year of birth: 1979
C
G

Anastasia Gorbatova has a remarkable track record with leading law firms, having acted as an adviser to major Russian and international companies on multi‑billion‑dollar M&A, EPC, and corporate finance deals, as well as capital markets transactions. Anastasia Gorbatova served on the Board of Directors of EN+ GROUP IPJSC as a non‑executive director from 2019 to 2021 and is currently engaged in private legal practice. She graduated with honours from the International Law School of the Moscow State Institute of International Relations (MGIMO University).

Non‑Executive Director
Year of birth: 1970
C

Andrey Plugar has extensive experience in international law and providing legal advice on M&A transactions. He has led investment (M&A) and legal departments at major Russian companies with diversified asset portfolios. He currently heads the investment department at Impulse Group, where he manages investment projects and is responsible for M&A transactions. Andrey Plugar graduated from the International Law School of the Moscow State Institute of International Relations (MGIMO University). He has a diploma of international lawyer with knowledge of foreign languages (English, French).

Non‑Executive Director
Year of birth: 1983
C
R

Olga Filina has over 15 years of experience in internal control and compliance (including senior positions at Deloitte and KPMG). Her primary areas of focus include complex fraud investigations, corruption investigations (including financial investigations and audits for compliance with the US Foreign Corrupt Practices Act (FCPA)), setting up and testing compliance functions, hotline outsourcing and support, and managing internal audit and internal control projects.

GRI 405‑1

Composition of the Board of Directors as at 31.12.2024
Tenure on the Board
Average age of the Board members
3.5
average tenure of the Board members
57years old
average age of the Board members
Board of Directors
Competencies of members of the Board of Directors
Power industry Strategic management Legal and corporate governance Ethics and compliance Risk management and audit Environmental management Occupational health and safety
Independent non‑executive directors
Christopher Bancroft Burnham + + +
Lyudmila Galenskaya +
Thurgood Marshall Jr. +
J. W. Rayder + + + +
Zhanna Fokina +
Andrey Sharonov + +
James Schwab +
Andrey Yanovsky + +
Non‑executive directors
Vadim Geraskin + +
Anastasia Gorbatova +
Andrey Plugar + +
Olga Filina + +

Training and professional development of Board members

GRI 2‑17

New Directors take induction training upon their appointment, which includes:

  • Meetings with the CEO, the Chairman of the Board of Directors, the Corporate Secretary, and heads of corporate business units of the Company
  • Familiarisation with operations, including site visits to the Group’s production facilities with operational and management briefings and meetings with Company’s management teams
  • Access to internal reports and other important documents
  • Opportunity to ask questions and receive explanations from the Company’s management team
  • Attending meetings of all Board committees as observers
  • Mandatory training, including by external advisors, on matters relating to insider trading, disclosures, and compliance with sanctions

GRI 2‑17

The Corporate Secretary coordinates the implementation of this programme with the support of the relevant committees of the Board of Directors (the Nominations Committee and the Corporate Governance Committee).

In addition, the Board also organises regular training sessions for its members, including with the involvement of external advisors. However, no special training sessions were held in 2024.

Diversity and equal opportunities

Diversity and equal opportunities

The Board of Directors has the vision and knowledge to ensure En+ Group’s leadership in the markets of presence

The high level of professionalism and solid track record of the Directors, coupled with a balanced Board composition, are intended to enhance the Board’s performance.

GRI 2‑10

When selecting candidates for nomination to the Board of Directors, the Nominations Committee considers objective factors, regardless of their gender or nationality:

  • independence
  • cultural and individual diversity
  • age
  • impeccable reputation
  • qualifications
  • skills
  • relevant personal experience
  • knowledge of business specifics
  • knowledge of the Company’s core businesses
  • willingness to devote sufficient time to discharging their duties as a Board member

The Company is strongly committed to promoting a diverse and inclusive workforce and recognises and embraces the benefits of having a diverse Board and senior management to enhance the quality of their performance. The Company has approved the Board of Directors Diversity Policy, which sets out the Company’s approach to promoting and maintaining Board diversity.

All members of the Board of Directors share the Company’s commitment to equal opportunities, creating an inclusive environment, and non‑discrimination, and strictly follow En+ Group’s Corporate Code of Ethics and Policy on Human Rights.

Board performance evaluation

GRI 2‑18

The Board performance is evaluated based on the results of regular self‑assessment, which, as a rule, is carried out every year, and periodic external assessment with the involvement of independent consultants. In the reporting period, the Company approved the Regulations on Performance Evaluation of the Board of Directors, which will make it possible to structure this process and improve its effectiveness. In 2024, an independent external assessment of the Board of Directors was performed. The Company did not perform a separate self‑assessment in the reporting period, since self‑assessment questionnaires were part of the independent external assessment methodology.

The assessment was carried out by an independent consultant RosExpert, a Russian consulting company that has been specialising in the assessment, formation and development of management teams for more than 20 years. The evaluation methodology included individual interviews and benchmarking with relevant international companies.

Analysis of the results of self‑assessment of members of the Board demonstrated stable and improving performance of the Board and its committees compared to the previous year.

Results of independent external assessment of the Board performance
Positive aspects Areas for further improvement
The Company’s commitment to high standards of corporate governance Increasing the Board’s focus on new technologies
Attention to the analysis of production and financial results of the Company’s activities and risk management, including compliance with the requirements of regulators and exchanges Succession planning
Professional development of members of the Board
Active interaction of the Board with executive management Strengthening the role of the Board in matters of sustainable development and social responsibility
Results of independent external assessment of the Board performance

The Board’s focus in 2024

Area of focus Key matters considered and decisions adopted
Strategy and risk
  • The Board preliminarily approved the Consolidated (Annual) Report for 2023.
  • The Board approved the Company’s business plan for 2025.
Sustainable development
  • The Board considered the latest updates on health and safety matters.
  • The Board took note of the reports of management and committee chairs covering, among other things, performance in occupational health, industrial safety, and environmental protection; the Company’s climate goals; the status of the environmental and climate strategy (including progress towards net zero); and the implementation of the biodiversity strategy.
  • The Board reviewed environmental upgrades, infrastructure projects, and digital initiatives.
Succession and leadership
  • The Board appointed a new CEO of the Company.
  • The Board approved the composition and elected chairpersons of the committees of the Board of Directors.
Corporate governance
  • The Board approved overall levels of D&O (Directors and Officers) liability insurance.
  • The Board approved the results of the assessment of the 2023 KPI achievement by the CEO.
  • The Board approved the CEO’s KPIs for 2024 and 2025.
Financial performance
  • The Board approved the consolidated interim and annual financial statements.
Nature and number of critical issues considered by the Board of Directors, %

GRI 2-16

Under the Charter, the CEO acts as the sole executive body of the Company, is responsible for overseeing the Company’s day‑to‑day operations and holds all powers falling outside the exclusive competence of the GSM and the Board of Directors.

For more details on the powers and duties of the CEO, see the Charter

As a rule, the CEO is appointed by the Board for a period of five years unless another term of office is established by the Board.

Until 22 May 2024, Mikhail Khardikov held the CEO position. On 23 May 2024, Vladimir Kolmogorov was appointed as the CEO; at the end of the reporting period, his term of office was extended until the end of 2025.

Vladimir Kolmogorov
CEO
  • Year of birth: 1956
  • Appointed as the CEO: 23 May 2024

For more details on Vladimir Kolmogorov, see the official website of En+ Group

Vladimir Kolmogorov graduated from the Novosibirsk Electrotechnical Institute and started his career as a foreman at Krasnoyarsk HPP and then took the position of senior group foreman at Sayano‑Shushenskaya HPP. In 1989, he was appointed Director of Krasnoyarsk HPP, which he managed until 1997. He then moved to RAO UES of Russia, where he held senior positions in the management of generation facilities in Siberia. Between 2000 and 2016, he headed such energy companies as Siberian Energy Company, Irkutskenergo, and OGK‑3, and also served as an advisor to the CEO of Norilsk Nickel. From 2016 to 2023, Mr. Kolmogorov served as first deputy CEO of En+ Group for technical policy. Mr. Kolmogorov is currently the CEO of En+ Group.

Pursuant to the Regulations on the Corporate Secretary, the Corporate Secretary of the Company is responsible for ensuring the Company’s efficient ongoing communication with shareholders, coordinating the Company’s activities to protect the rights and interests of shareholders, and supporting the effective operation of the Board and Board Committees. The Corporate Secretary also ensures the Company’s interaction with regulatory bodies, trading organisers, the registrar, and other professional participants in the securities market within the powers vested in the Corporate Secretary.

Currently, the Company’s Corporate Secretary is Sergey Makarchuk, who has held this position since 14 November 2019.

For more details on the Corporate Secretary, see the company’s website

The Corporate Secretary can be contacted by e‑mail: CS@enplus.ru

The compositions of the Committees were reshuffled after the annual GSM in June 2024.

All Board members attended 100% of meetings of the Board Committees.

For more details on each committee, see the Committees of the Board of Directors section of the official website of the Company

Membership in the Board committees and attendance at meetings
Audit and Risk Committee Compliance Committee Corporate Governance Committee Health, Safety, and Environment Committee Nominations Committee Remuneration Committee
Independent non‑executive directors
Christopher Bancroft Burnham 7/7
Lyudmila Galenskaya 2/2 5/5 1/1
Thurgood Marshall Jr. 2/2 (C) 5/5 2/2
J. W. Rayder 7/7 (C) 2/2 2/2
Zhanna Fokina 1/1 5/5 (C) 1/1
Andrey Sharonov 7/7 1/1 (C) 1/1
James Schwab 7/7 1/1 1/1 (C)
Andrey Yanovsky 7/7 5/5 2/2 (C)
Non‑executive directors
Vadim Geraskin 5/5 2/2
Anastasia Gorbatova 2/2 1/1
Andrey Plugar 1/1
Olga Filina 2/2 2/2

7/7 – To the left of the slash — the number of committee meetings attended in 2024, to the right — the total number of committee meetings
(C) – Committee Chairperson

Audit and Risk Committee

En+ Group’s Audit and Risk Committee monitors and supervises financial statements, the internal control system, risk management and compliance with regulatory requirements. The scope of responsibility of the Audit and Risk Committee is outlined in the relevant Regulations.

GRI 2‑5

The Audit and Risk Committee is also responsible for reviewing the effectiveness of the external audit process, in conjunction with other Board committees.

The Audit and Risk Committee consists entirely of independent members of the Board of Directors.

In 2024, the Audit and Risk Committee held seven meetings. The agenda included financial statements, internal audit reports, work plan for 2024, external audit reports, and internal control and risk management reports.

Auditor’s remuneration for audit and non‑audit services

For the year ended 31 December 2024, the accrued fees for audit and non‑audit services provided by the Group’s external auditor, B1, totalled as follows Calculated based on the 2024 average USD/RUB exchange rate of RUB 92.5262 per dollar.:

Audit services Non‑audit services Total fees paid to the audit firm
Power segment
USD mn Calculated based on the 2024 average USD/RUB exchange rate of RUB 92.5262 per dollar. 0.3 0.2 0.5
RUB mn 31.8 19.2 51.0
share of services type, % 60 40 100
Metals segment
USD mn Calculated based on the 2024 average USD/RUB exchange rate of RUB 92.5262 per dollar. 2.6 1.2 3.8
RUB mn 238.9 111.9 350.8
share of services type, % 68 32 100
En+ Group
USD mn 2.9 1.4 4.3
RUB mn 270.7 131.1 401.8
share of services type, % 67 33 100
Compliance Committee

GRI 2‑15

The main task of the Compliance Committee is driving the build‑out of the Group’s compliance management system. The scope of responsibility of the Compliance Committee is outlined in the relevant Regulations.
The Compliance Committee reviews its own performance and reassesses the adequacy of regulatory compliance procedures and guidelines.
In 2024, the Compliance Committee held two meetings and reviewed regular Company compliance reports, as well as compliance with the terms of removal from OFAC’s SDN List given the current geopolitical situation.

Corporate Governance Committee

The Corporate Governance Committee develops and monitors the implementation of the corporate governance system in accordance with statutory requirements, best practices and business ethics. The powers of the Corporate Governance Committee are outlined in the relevant Regulations.
In 2024, the Corporate Governance Committee held one meeting to consider two issues: the general levels of the Company’s D&O liability insurance and the Regulations on Performance Evaluation of the Board of Directors.

Remuneration Committee

The Committee develops an incentive and remuneration system for members of the Board of Directors and management, ensuring its compliance with the Company’s strategic goals. Its scope of responsibility is described in detail in the relevant Regulations.
The majority of the members of the Remuneration Committee (3 of 5), including its chairman, are independent directors.

GRI 2‑20

In 2024, the Remuneration Committee met twice to review the CEO’s KPIs and the remuneration arrangements for the CEO appointed on 23 May 2024.

Health, Safety, and Environment Committee

The HSE Committee develops and monitors measures to ensure safety, reduce environmental impact and protect the health of employees. Its scope of responsibility is described in detail in the relevant Regulations.
In 2024, the Health, Safety, and Environment Committee held five meetings and reviewed regular HSE reports, the environmental and climate strategy development updates, the Company’s environmental risk management status, performance against HSE KPIs in 2024 and target KPIs for 2025, the biodiversity strategy update, and En+ Group’s HSE roadmap for 2025.

Nominations Committee

The Nominations Committee is responsible for the selection, assessment and succession planning of members of the Board of Directors and senior management. In addition, it develops recommendations to the Board of Directors on Board performance evaluation. The powers of the Nominations Committee are outlined in the relevant Regulations.
The Nominations Committee consists entirely of independent members of the Board of Directors.
In 2024, the Nominations Committee held one meeting to consider the proposed appointment of Vladimir Kolmogorov as the Company’s CEO and the Company’s Regulations on Performance Evaluation of the Board of Directors.

Remuneration report

GRI 2‑19

Objectives of the remuneration policy of En+ Group:

  • Attract, remunerate, and retain skilled talent supporting the achievement of the Company’s strategic goals
  • Maintain the right balance between the Company’s short‑term operating results and long‑term goals
  • Create value for our shareholders, given the risks that may impact the variable component of remuneration

Remuneration of Board members

In 2019, the Board considered and approved the base levels of compensation for Board members.

Remuneration of Board members All amounts are gross.

GRI 2‑19

Type of remuneration AmountAll amounts are gross.
Remuneration of Board members (excluding the Chairman of the Board) EUR 215,000 (about USD 249,000 thousand)Calculated based on the EUR/USD exchange rate of 1.08 as at 31 December 2024.
Additional remuneration for chairing committees or other structural units of the Board EUR 26,000 (about USD 28,000)Calculated based on the EUR/USD exchange rate of 1.08 as at 31 December 2024.
Additional remuneration for membership in each committee or in other structural units of the Board EUR 18,000 (about USD 19,000)Calculated based on the EUR/USD exchange rate of 1.08 as at 31 December 2024.
Pension contributions The Company does not pay any other pension contributions or retirement benefits, except for the mandatory contributions to the Pension Fund of the Russian Federation as required by Russian law

Total remuneration of the Board of Directors in 2024, excluding social insurance contributions Mandatory payments (pension contributions, compulsory medical insurance, etc.) as required by Russian law. amounted to USD 10.8 million All amounts are gross.

Remuneration of the Board of Directors, USD mn

Remuneration of key executives

GRI 2‑19, 2‑20

The Company’s remuneration system is aimed at attracting and retaining key management personnel. The amount of remuneration is determined by the Company’s internal documents without the involvement of external stakeholders.

Structure of additional payments to key executives

GRI 2-19

Type of additional remuneration Approach Links to metrics Key changes during the year

Annual bonus

Encourages focus on the Group’s strategic goals

  • The bonus is paid for meeting individual KPIs
  • KPIs for the CEO are set by the Remuneration Committee and approved by the Board
  • KPIs are set at the beginning of each financial (calendar) year
  • KPIs are regularly reviewed and updated to ensure that they align with the Group’s goals

Examples:

  • Financial performance: adjusted EBITDA, free cash flow
  • HSE and sustainability: lost time injury frequency rate (LTIFR), zero environmental incidents, accidents, or violations
  • Strategy: achievement of strategic goals and successful implementation of development projects
  • Other objectives: in accordance with the manager’s area of responsibility
No changes during the year

Additional payments and benefits

Optional bonus payments for achieving targets other than KPIs for the relevant year

  • Paid for achieving results that are important for the Company but not included in KPIs
  • Task‑specific
 No changes during the year

Remuneration of other risk takers

Attracts and retains highqualified professionals

  • Top managers of En+ Group subsidiaries are considered risk takers
  • The Group’s executive remuneration policy applies
  • Aligned with the Group’s executive remuneration structure
 No changes during the year

In 2024, the remuneration of key executives, including the CEO, amounted to USD 7.0 million Calculated based on the EUR/USD exchange rate of 1.08 as at 31 December 2024., including a base salary of USD 5.0 million and bonuses of USD 2.0 million.

Remuneration of key executives

Plans for 2025 and the medium term

The Company intends to continue developing corporate governance in accordance with high standards, best practices and the provisions of the Corporate Governance Code of the Bank of Russia.