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    1. 4.1 The Memo of the Controlling Stockholder (PAO Rosseti) with Regard to the Controlled Grid Companies
    2. 4.2 Corporate Governance Practices
    3. 4.3 General Meetings of Stockholders
    4. 4.4 Board of Directors’ Progress Report
    5. 4.5 Board of Directors Committees
    6. 4.6 Corporate Secretary
    7. 4.7 Executive Bodies
    8. 4.8 Remuneration and Compensation Policy
    9. 4.9 Settlement of Competing Interests
    10. 4.10 Internal Control, Risk Management and Internal Audit
    11. 4.11 Board of Internal Auditors
    12. 4.12 External Auditor
    13. 4.13 Management of subsidiaries and affiliates
    14. 4.14 Stockholder Equity and Securities
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Document for 2022

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4.1 The Memo of the Controlling Stockholder (PAO Rosseti) with Regard to the Controlled Grid Companies

Goals of stockholding and plans with regard to the controlling stakes

Public Joint-Stock Company Federal Grid Company – Rosseti (PAOPublic Joint-Stock Company Rosseti) is a public joint-stock company, with 75.2780% of the charter capital owned by the government[1]. In January 2023, PAOPublic Joint-Stock Company Rosseti, after completion of reorganization in the form of a merger of Public Joint-Stock Company Russian Grids, Joint-Stock Company Far East Energy Managing Company – UNESunited national energy system, Open Joint-Stock Company Tomsk Backbone Grids and Joint-Stock Company Kuban Backbone Grids to it, became a Rosseti Group holding company administering backbone and distribution grid complexes of the Russian Federation. PAOPublic Joint-Stock Company Rosseti has controlling stakes in 17 regional grid companies [2]: PAOPublic Joint-Stock Company Rosseti Kuban, PAOPublic Joint-Stock Company Rosseti Lenenergo, PAOPublic Joint-Stock Company Rosseti Moscow Region, PAOPublic Joint-Stock Company Rosseti Volga, PAOPublic Joint-Stock Company Rosseti North West, PAOPublic Joint-Stock Company Rosseti North Caucasus, PAOPublic Joint-Stock Company Rosseti Siberia, PAOPublic Joint-Stock Company Rosseti Ural, PAOPublic Joint-Stock Company Rosseti Center, PAOPublic Joint-Stock Company Rosseti Center and Volga, PAOPublic Joint-Stock Company Rosseti South, PAOPublic Joint-Stock Company TRK, AOJoint-Stock Company Rosseti Tyumen, AOJoint-Stock Company Rosseti Yantar, AOJoint-Stock Company RES, AOJoint-Stock Company Energetik, AOJoint-Stock Company Elektromagistral. PAOPublic Joint-Stock Company Rosseti considers its controlling stakes strategic and does not plan to divest from the assets.

Primary objectives regarding management of the assets

The key objective of PAOPublic Joint-Stock Company Rosseti with regard to the management of the subsidiaries is innovation-based development of the grids to the extent that meets the needs of consumers and Russian economy.

PAOPublic Joint-Stock Company Rosseti has outlined the following strategic priorities for the Group’s development:

Corporate governance principles

PAOPublic Joint-Stock Company Rosseti administers the group in compliance with the single corporate standards focused on the efficiency of business processes, quality control, minimization of all types of corporate risks. PAOPublic Joint-Stock Company Rosseti, as a controlling shareholder, fully understands the importance of improving corporate governance in the Group, strives to foster transparency and to implement recommendations of the Corporate Governance Code into business practices. Following the best corporate governance practices, PAOPublic Joint-Stock Company Rosseti ensures that the boards of directors of the Group’s listed companies have as much independent directors as required to comply with the listing rules and corporate governance principles. To ensure independence and neutrality of the boards of directors of the Group’s companies, the number of independent directors in the boards of directors is slated not to be lower than the present number.

Rosseti’s representatives also take part in annual general meetings of stockholders of the Group’s companies to build a dialog with minority stockholders regarding business prospects. PAOPublic Joint-Stock Company Rosseti guarantees compliance of the Group’s operations with market-based principles. PAOPublic Joint-Stock Company Rosseti, as a controlling stockholder, supports initiatives of the Group’s companies on protection of rights and interests of minority stockholders. The dividend policy of the Rosseti Group is based on strict respect for rights of shareholders, stipulated by the Russian laws, and is focused on the enhancement of investment attractiveness of the Group’s listed companies and growth of their market capitalization. The size of dividends recommended for payout is set by the Board of Directors of the Group’s companies with respect to financial results, incl. IFRSInternational Financial Reporting Standards.

[1] Taking into account outstanding shares of additional issue (1-01-65018-D-109D dated 21.08.2023)

[2] PAOPublic Joint-Stock Company TRK’s brand name is Rosseti Tomsk.