Corporate Governance / Board Committees

Two committees have been set up under the OJSC Gazprom Neft Board of Directors to ensure the effectiveness of the Board of Directors’ activities: the audit Committee and the Human Resources and Compensation Committee. These committees have been set up to carry out preliminary in-depth research into matters within their jurisdiction. The procedures governing committee creation and activities are outlined in the respective Regulations.

The Audit Committee of the OJSC Gazprom Neft Board of Directors

The Audit Committee assists the Board of Directors in exercising control over the Company’s financial and business activities by assessing the efficiency of internal control systems, including mechanisms for controlling the preparation and submission of financial and other statements, assessing their completeness and reliability, and by monitoring the risk management system.

The Audit Committee helps to establish a constructive dialogue with the external auditor, bodies in charge of controlling financial and business activities, and the Company’s internal audit units.

The Committee’s work is directly related to the Action Plan of the Board of Directors and includes consideration of topics related to financial activities and investment planning.

Work carried out by the Audit committee in 2012:

  • consideration of the report on the OJSC Gazprom Neft Internal Audit Department performance for 2011;
  • preliminary consideration of the implementation of the OJSC Gazprom Neft Investment Program and Budget (Financial Plan) for 2011 based on the Company’s performance results in 2011;
  • consideration of the OJSC Gazprom Neft 2011 Annual Report;
  • assessment of the audit report on the OJSC Gazprom Neft 2011 financial statements, prepared by CJSC PricewaterhouseCoopers Audit;
  • consideration of the nomination of the OJSC Gazprom Neft auditor for 2012;
  • consideration of the distribution of OJSC Gazprom Neft profits for 2011;
  • consideration of recommendations on the amount of dividends per shares for OJSC Gazprom Neft and the dividend payment procedure based on the results from 2011;
  • consideration and recommendation of the OJSC Gazprom Neft Investment Program for 2013 for approval by the Board of Directors;
  • analysis of the Company’s draft Business Plan and Budget (Financial Plan) for 2013, including the financial borrowing program for Gazprom Neft Group and the 2014-2015 forecast (on the Committee’s recommendation, the Budget was approved by the Board of Directors).

Changes in committee composition in 2012

Before June 8, 2012, the committee was comprised of:

  • Andrei Vyacheslavovich Kruglov (Chairman).
  • Nikolay Nikolaevich Dubik,
  • Olga Petrovna Pavlova.

As of December 25, 2012, the Audit committee was comprised of:

  • Andrei Vyacheslavovich Kruglov (Chairman),
  • Valery Aleksandrovich Golubev,
  • Nikolay Nikolaevich Dubik.

The Human Resources and compensation committee of the OJSC Gazprom Neft Board of Directors

In accordance with the Regulations of the Human Resources and Compensation Committee, the Committee’s main task is to make a preliminary comprehensive examination of topics included within the jurisdiction of the Board of Directors and to prepare recommendations for the Board of Directors to adopt resolutions regarding the Company’s human resource policies and compensation for members of the Company’s management bodies and the Audit Committee.

Work carried out by the Human Resources and compensation Committee of the OJSC Gazprom Neft Board of Directors in 2012:

  • consideration of procedural issues related to the annual general meeting of shareholders;
  • evaluation of the activities of the Board of Directors; based on this assessment, the Committee noted an improvement in the Board of Directors’ effectiveness as a result of a greater number topics discussed in Board meetings and active involvement by the Board members.

Changes in committee composition in 2012

Prior to June 8, 2012, the committee was comprised of:

  • Olga Petrovna Pavlova (Chairman),
  • Nikolay Nikolaevich Dubik,
  • Andrei Vyacheslavovich Kruglov

As of December 25, 2012, the Human Resources and compensation committee was comprised of:

  • Nikolay Nikolaevich Dubik (Chairman),
  • Andrei Vyacheslavovich Kruglov,
  • Vsevolod Vladimirovich Cherepanov.


Compared to 2011
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