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« December, 2018
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Activity of Audit Committee

The Board Audit Committee functioned on the basis of semi-annual plans. 13 Committee meetings were held during the period from 22.06.2017 to 21.06.2018.

The Committee reviewed 36 issues over the said period; recommendations were given to the Board of Directors in respect of some issues, including:

  • Financial statements of the Company and the outcomes of reporting audits were reviewed (quarterly);
  • The plan of the Company’s financial reporting audit was agreed;
  • The Internal Audit plan and performance reports were agreed;
  • The plan of inspections to be conducted by the Audit Commission was agreed;
  • A candidate for Rosneft Auditor was reviewed and the auditor's fee was approved;
  • Issues of the Company profit distribution based on 2017 performance and the dividend payment were provisionally reviewed;
  • Draft Annual Report  2017 was reviewed and recommended for approval;
  • Results of the Audit Commission's audit of the Company performance 2017 were reviewed;
  • Results of the execution audit of the Company's Long-Term Development Program were reviewed;
  • Information on the Company's risks and plans for the development of the risk management and internal control system was reviewed,

as well as issues concerning modifications to the Company's internal documents:

  • Rosneft Dividend Policy;
  • Company's Regulations on Procedure for Managing Conflict of Interest at Rosneft and Group Subsidiaries;
  • Company's Regulation on Rosneft Board Audit Committee.

During the reporting period, the Committee Chairman held regular working discussions and conference calls with senior managers of the Company and leaders of structural units engaged in the process of materials preparation for the Committee.

During the period, the Committee accomplished all the imposed tasks in full.