Corporate Governance

Rusneftegaz maintains high standards of corporate governance through compliance with all relevant laws and regulations, while also sustaining strong internal policies and procedures to ensure accountability, efficiency, and reliability. All our directors are accountable to our principal shareholder, which delegates authority and takes a deferential role with regards to our daily affairs. We likewise hold an annual general meeting every year for the ownership to vote on an agenda set forth by our leaders, with any addendums by interested parties taking precedence on the ballot in concurrence with these motions, including those to re-elect our existing board members. At this event, the results for the previous period are published, which are produced in full accordance with International Financial Reporting Standards, and select an auditor for the next fiscal year in due course.

​On a day-to-day basis, we are governed by our management board, a governing body that is led by our Chairman and Chief Executive Officer in a single, unified role. This particular director orchestrates our functions through the service departments at our headquarters, and bears responsibility for all areas of our activities. The head of our corporation is ably assisted by his deputy, who also serves in a combined role, with all other directors reporting to this individual as their superior. At a regional level, we are managed by highly experienced managers on behalf of our head office in Moscow. Moreover, the Chief Financial Officer is responsible for our accounting and economic policies, with our Chief Operations Officer answerable for the outcomes of both our oil production and electricity generation programs. Similarly, our Company Secretary specializes in corporate law and the more complex and intricate elements of our administration and technocracy.

​All echelons of our management guarantee that our staff maintain the highest professional, moral, and ethical principles, and condemn those who fail to do so accordingly. Our leadership strives to have the full confidence of those affiliated with our organization, and works scrupulously to uphold the integrity of our company. The remit of our board at present is to focus on improving our commercial operations, committing to developing the long-term interests of our wider entity, and striving to achieve high-quality revenue growth in forthcoming years. Whilst the majority of impetus is placed on the fulfillment of our long-term business strategy, we also expect to set a high benchmark in regard to compliance with both local and international standards for corporate governance. In this instance, all directors and managers must be open, transparent, and communicative with their contemporaries, particularly in relation to any issues emerging from undertakings. To mitigate the possibility of such predicaments arising, senior members of our workforce will always collaborate in unison with all relevant employees to plan and manage the work program of our personnel.

​To ensure that strong ethics are constantly and consistently upheld, Rusneftegaz deploys foreign specialists to capitalize on their personal expertise and knowledge when appropriate. However, as a fundamental principle, we routinely support both the local and national economies by prioritizing the utilization of services rendered by Russian businesses, contractors, and suppliers across all areas of our enterprise. This includes extensive investment in operational and environmental security, which is an essential element in the implementation of our current stratagem. As a direct consequence of our exemplary corporate governance and oversight, we are therefore able to provide rigorous guarantees regarding employment and ecological standards, including an admirable employee safety record and above-industry average pay and conditions.