LUKOIL improves its system of corporate governance in accordance with Russian and international legislation, and the listing rules of stock exchanges on which the Company’s securities are traded in Russia and abroad, in order to improve business management efficiency.
The Company intends to continue improving its corporate governance in order to enhance operational efficiency and strengthen its competitive advantage.
Major 2015–2016 changes
- The institution of the PJSC LUKOIL Corporate Secretary was established.
- The Internal Audit Service was established with functions separate from internal control and risk management.
- PJSC LUKOIL Health, Safety and Environment Committee was established.
- The following corporate documents were adopted:
- Antimonopoly policy;
- Compensation and Expense Reimbursement Policy for PJSC LUKOIL BoD members;
- Regulations on the Provision of Information to the Shareholders of the Public Joint Stock Company LUKOIL Oil Company.
- Transition to the International Financial Reporting Standards was completed.