PJSC Tatneft. Annual report 2017
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PJSC Tatneft. Annual report 2017

Committees of the Board of Directors

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In order to increase the effectiveness of decisions taken by the Board of Directors, the Company established three committees of the Board of Directors that carry out preliminarily review of the most important issues on the agenda of the meeting of the Board of Directors and prepare appropriate recommendations within their competence:

  • Corporate Governance Committee
  • Audit Committee
  • HR and Remuneration Committee

The activities of the committees are regulated by the relevant provisions approved by the Board of Directors of TATNEFT:

  • Regulations on the Corporate Governance Committee of the Board of Directors of TATNEFT
  • Regulations on the Audit Committee of the Board of Directors of TATNEFT
  • Regulations on the HR and Remuneration Committee of the Board of Directors of TATNEFT Committees are fully accountable to the Board of Directors.

The composition of the committees is approved by the Board of Directors of TATNEFT, with consideration given to the relevant knowledge, qualifications, and background of each candidate.

The Audit Committee and the HR and Remuneration Committee comprise significant number of independent directors.

The Audit Committee consists of three independent directors. The Chairman of the Committee Yu. L. Levin (who is deemed to be independent by special resolution of the Board of Directors) has necessary expertise in the preparation, analysis, evaluation, and audit of accounting (financial) statements. The members of the Committee have the necessary knowledge and competence to carry out preliminary consideration of issues relating to control over the financial and economic operations of the Company. The Board of Directors decided to increase the number of members of the Committee, by including additional nonexecutive director who also has expertise in preparation, analysis, evaluation, and audit of accounting (financial) statements (R. R. Gayzatullin).

The HR and Remuneration Committee of the Board of Directors of TATNEFT includes three independent directors. The Chairman of the Committee is the independent director René Steiner. Due to the fact that the Committee also carries out responsibilities of the Remuneration and Nominations Committee (appointments, personnel), The Board of Directors decided to increase the number of members of the Committee by including an additional nonexecutive director (R. K. Sabirov). All members of the Committee have the expertise and background relevant to the tasks of the Committee.

The Corporate Governance Committee is headed by the General Director of TATNEFT (N. U. Maganov). The members of the Committee have relevant expertise in the field of corporate law and disclosure of information, the requirements of stock market regulators to issuers, advanced standards of corporate governance and sustainable development, and qualifications, competencies, and practical experience of corporate practices.