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Audit Committee

Structure of the Audit Committee:

  • Hans-Joerg Rudloff (Chairman of the Committee)
  • Matthias Warnig
  • Oleg V. Viyugin

Committee objectives and functions

Main objective of the Committee is to provide assistance to the Board of Directors in ensuring protection of the shareholders' interests by way of monitoring completeness and accuracy of financial and other reporting of the Company, reliability and efficiency of the internal controls and risk management, compliance, internal audit and corporate governance system.

Key functions of the Committee are:

  • control completeness, accuracy and reliability of the accounting (financial statements) reporting of the Company;
  • ensure independence and objectivity of the external and internal audit as well as ensure effective interaction of the external auditor with the Company;
  • control operating effectiveness and reliability of the internal controls and risk management system;
  • monitor Company' corporate governance system, evaluate corporate governance practice and develop recommendations on improving corporate governance system;
  • regular interaction with Audit Commission;
  • control performance of the Fraud Early Warning System that informs about potential fraud of Rosneft employees (incl. wrongful use of insider information) and third parties and other noncompliance issues of the Company activities;
  • ensure regular interaction of the Board of Directors with the executive bodies, structural units (hereinafter also the JV) finance and economic function, JV's, employees responsible for the matters of internal audit, internal control and Audit commission.

The Committee's activity in the reporting corporate period.

The Committee’s functions and mechanisms of interaction with other corporate bodies are governed by the Rosneft Regulation on the Rosneft Board of Directors Audit Committee.