Expert RA Raises UTair Corporate Governance Rating
Leading Russian rating agency Expert RA has raised UTair Aviation corporate governance quality rating to level 7, indicating a 'developed corporate practice'. Last year the company received a 6+ rating.
- (1888PressRelease) October 11, 2012 - The improved rating confirms the low level risk related to corporate governance and UTair compliance with Russian legal requirements for standards of corporate governance.
Among the factors influencing the improved rating for UTair corporate governance, the official Expert RA statement noted high level of respect for the rights of shareholders, the organization of the executive bodies of the company and the general discipline of financial disclosure. Also noted was the moderately high level of interaction between the company's management personnel.
Among other positive factors noted by Expert RA analysts was the high level of financial disclosure and corporate transparency on the UTair website. The rating agency noted the airline's moderately high level of control of financial and economic activities.
In 2012 UTair ranked in the 122nd position on Expert RA's Expert-400 list of Russia's largest companies according to volume of turnover.
UTair Aviation ranks among the top three Russian airlines. In 2011 UTair aircraft transported 6,750,425 passengers. In January-June 2012 UTair Group serviced 40.9% more passengers than for the same period of 2011. In 2012 the airline expects an increased transport volume of up to 10 million passengers. The airline operates more than 200 fixed wing aircraft and performs flights to 110 destinations in Russia and aboard. The airline maintains its central hub at Vnukovo International Airport in Moscow, from which it performs 100 flights daily.