Corporate Governance

Rusneftegaz maintains the highest standards of corporate governance through compliance with all relevant laws and regulations, whilst also sustaining strong internal policies and procedures to ensure accountability, efficiency, and reliability. All directors are accountable to the principal shareholder, which delegates authority and takes a deferential role with regard to daily affairs. Rusneftegaz holds an Annual General Meeting every year for said shareholder to vote on an agenda set forth by the directors, with any addendums by interested parties, including motions to re-elect the Board. At this event, the results for the previous period, produced in compliance with International Financial Reporting Standards, are published and an auditor for the next financial year is selected accordingly.

​On a day-to-day basis, the company is governed by the Management Board, an executive body which consists of the Chairman and Chief Executive Officer in a single, unified role. This particular director orchestrates Rusneftegaz through the service departments of the Executive Office, and is answerable for all areas of the Group's operations. The head of the organization is assisted by his deputy, who also serves in also in a combined role, with all other directors reporting to the Executive Office on a daily basis. At a regional level, the Group is managed through highly experienced local directors on behalf of the head office in Moscow. Moreover, the Chief Financial Officer is responsible for Rusneftegaz's accounting and fiscal policies, with the Chief Operations Officer answerable for the Group's oil production and electricity generation programs. The office of the Company Secretary has specialized in both corporate law and the more complex and intricate areas of administration and technocracy.

​All echelons of management ensure that Rusneftegaz employees maintain the highest professional, moral and ethical standards, and condemn those who fail to do so accordingly. Management strives to have the full confidence of all those affiliated with our organization, and works scrupulously to uphold the integrity of the company. The current remit of the Board is to focus on improving the business operations of Rusneftegaz, committing to develop the long-term interests of the Group and striving to achieve high-quality revenue growth in forthcoming financial years. Whilst the majority of impetus is placed on the fulfillment of long-term business strategy, management is also expected 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 with the company's undertakings. To mitigate the possibility of such predicaments arising, senior staff will always collaborate in unison with all relevant employees to manage and plan the work program to be undertaken by said staff.

​To ensure that excellent standards are constantly and consistently upheld, when appropriate, Rusneftegaz deploys foreign specialists to capitalize on their personal expertise and knowledge. However, as a fundamental principle, the company will as a discourse support the local and national economy by prioritizing the utilization of services rendered by Russian businesses, contractors, and suppliers across all areas of Rusneftegaz's enterprise. This includes extensive investment in operational and environmental safety, which is an essential element in the implementation of the Group's current strategy. Rusneftegaz, as a direct consequence of its high standards of corporate governance and oversight, thus is able to provide rigorous guarantees regarding employment and environmental standards, including an exemplary employee safety record and above industry average pay and conditions.