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Corporate Governance / Code of Conduct Compliance

Corporate governance at OJSC Gazprom Neft is based on an unwavering respect for shareholder rights, high quality investment planning, a logical system of internal audits and risk management, a high degree of financial and informational transparency, and an efficient, professional Board of Directors.

The Company abides steadfastly by the rules of effective legislation, aimed primarily at ensuring respect for and protection of shareholder rights.

OJSC Gazprom Neft ensures the equal treatment of its shareholders holding shares of one type (category).
  • All shares issued by the Company are of a single category.
  • Each share grants one vote to its holder.
OJSC Gazprom Neft ensures that shareholders can exercise authority over their stock without restriction, delay or duress.
OJSC Gazprom Neft engages a professional independent registrar, ensuring a reliable and effective system of recording title to shares.
OJSC Gazprom Neft provides for the efficient preparation and conducting of general meetings of shareholders.
  • Shareholders are notified of a forthcoming general meeting of shareholders no later than 30 days before the meeting. Notifications are communicated by two methods: via hard copy mailed to each shareholder, and via a notice published in Rossiyskaya Gazeta.
  • Shareholders have the opportunity to study all information made available to them in advance of the general meeting of shareholders (all information is published on the Company’s official Web site; Russian and English versions are published simultaneously; shareholders may also also study relevant materials at the Company’s registered office).
  • The registration of shareholders attending the general meeting of shareholders is made as easy and efficient as possible and the high proportion of the Company’s minority shareholders who attend general meetings of shareholders proves that there are no technical difficulties which would hinder attendance.
  • Shareholders are allowed to vote by proxy at the general meeting.
  • Voting is conducted by using voting ballots.
  • The Board of Directors is elected using cumulative voting.
  • The procedure for voting on each agenda item is explained before the voting begins, including a detailed explanation of the cumulative voting principle; explanations of how to vote are provided on the back of each ballot paper.
  • Votes at general meetings of shareholders are counted by a professional registrar.
  • The procedure for conducting the general meeting of shareholders promotes equal opportunity for all shareholders, by allowing them to express their opinions and raise questions on the agenda with members of the Company’s Management Board who participate in general meetings of shareholders every year.
  • Voting results are announced at the general meeting of shareholders.
  • Minutes of the general meetings of shareholders are published on the Company’s official Web site and are available to any stakeholder to examine.
OJSC Gazprom Neft ensures the right of shareholders to receive profit.
  • OJSC Gazprom Neft has a clearly communicated dividend policy: to pay as a minimum 15% of the Company’s net profit determined in accordance with the generally recognized accounting principles (US GAAP).
  • The Company pursues the policy of “fast payment” of dividends to minority shareholders (the Company transfers dividends to the accounts of minority shareholders within three months after the resolution to pay dividends).
OJSC Gazprom Neft provides efficient control over financial and business activities.
  • For the annual audit of its financial statements, the Company engages PWC, the world’s largest auditing service provider.
  • The Company has an elected Audit Committee consisting of the parent company’s internal auditors.
  • The Company operates an efficient Internal Audit Department comprised of highly skilled professionals; auditors working in the Company’s subsidiaries report to the Internal Audit Department of OJSC Gazprom Neft.
  • An Audit Committee has been set up under the Board of Directors. The Internal Audit Department is accountable to the Audit Committee. The Audit Committee regularly meets to address issues related to the Company’s activities within the scope of its jurisdiction as stipulated in the Regulations of the Audit Committee.
OJSC Gazprom Neft seeks to disclose information in the most timely and transparent manner.
  • The Board of Directors has approved the Regulations of the Information Policy.
  • The Company has an official bilingual Web site (www.gazprom-neft.com).
  • The Company does not attempt to conceal any material information about its business.
  • The Company ensures a high level of disclosure of information about its business (including information about the structure of its equity capital, financial and operating data) by using available media, including on-line publication of press releases.
  • The Company provides prompt disclosure of information to prevent it from becoming out of date.
  • When disclosing information, the Company uses disclosure methods which allow unrestricted, user-friendly and the lowest-cost access to information.
  • When disclosing information, the Company ensures that no audience has priority over other audiences.
  • In accordance with the law, the Company provides information (documents) at the request of shareholders.
OJSC Gazprom Neft ensures that the structure of its management bodies is as effective as possible.
  • The management bodies are made up of highly skilled professionals.
  • The Company’s internal documents clearly define the jurisdiction of each management body.
  • The management bodies do not employ managers from competitors.
  • The Company’s management bodies do not employ individuals who have been found guilty of committing economic crimes or crimes against the state, public services, federal or municipal agencies, or individuals who have been subject to administrative fines for business, financial, tax or securities market-related offenses.
  • Members of the management bodies are obliged to refrain from any action that may give rise to conflicts of interest and are obliged to report to the Company any information concerning situations (transactions) potentially posing conflicts of interest.
  • The Board of Directors reports to the general meeting of shareholders.
  • Two committees work under the Board of Directors: the Audit Committee and the Human Resources and Compensation Committee.
  • The Company operates a collaborative executive body — the Management Board, which reports to the general meeting of shareholders and to the Board of Directors.
  • The procedure for conducting meetings of the Company’s management bodies is clearly defined in the Company’s internal documentation.
OJSC Gazprom Neft adheres to international social responsibilitystandards; social goals are integrated into the Company’s long-term strategy.
  • For many years OJSC Gazprom Neft has been preparing and publishing Sustainable Development Reports.
  • The Company implements large-scale programs aimed at improving industrial, environmental and occupational safety.
  • OJSC Gazprom Neft is involved in regional social and economic development programs.
  • The Company implements an HR motivation and professional development policy.

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