Chairman’s letter

As one of the world’s largest metals companies, Nornickel is strongly committed to good corporate governance.

Throughout 2022, despite a new wave of shocks that hit the economy following the sanctions introduced by several countries against Russia and the challenging geopolitical environment and economic uncertainty, Nornickel’s Board of Directors consistently provided strategic leadership to the Company and monitored the achievement of the goals set for the management team.

In terms of improving the quality of corporate governance, the reporting year was marked by a number of important decisions. Nornickel’s corporate practices cover most of the principles and recommendations of the Corporate Governance Code recommended by the Bank of Russia.

To further improve corporate governance and incorporate the Bank of Russia’s recommendations, the Company updated its internal documents regulating disclosure, prevention of unlawful use of insider information and market manipulation as well as the documents dealing with internal audit, internal control and prevention of corruption and fraud.

For more details on the Company’s approved and updated internal documents, please see Corporate Governance Results section of this Annual Report.

The new developments that the Company had to deal with in 2022 gave its management a new perspective on the Company’s priorities and its global goal – building safe and green cutting-edge production while driving sustainable business growth. The Company’s business processes were promptly adapted to the new environment in 2023 to maintain its leading position in the global market.

Dear shareholders, despite all the challenges of the reporting year, Nornickel achieved all its 2022 targets. The Company’s robust balance sheet allows it to fully meet its obligations to employees, partners and the state while continuing to be a compelling investment case for shareholders and remain upbeat about the outlook on progress towards its long-term priorities.

Andrey Bougrov Chairman of the Board of Directors
MMC Norilsk Nickel