Strategic development program
The Strategic Development Program of the LUKOIL Group outlines long-term objectives with a 10-year planning horizon, major tasks and expected results for each business segment, as well as analysis of risks and opportunities. The program is preliminarily considered by the Strategy and Investment Committee under the Company’s Board of Directors and approved by the Management Committee and the Board of Directors. The strategic tasks are subject to delegation to the managerial level through implementation of triennial medium-term plans. The adoption of a new strategy is scheduled for 2017.
The achievement of strategic goals is assessed based on the key performance indicators (KPI), which are used for planning, performance efficiency assessment, and motivation of managers and employees.
The list of key performance indicators is approved by the PJSC LUKOIL Management Committee and reviewed biennially. As part of the budget planning process, the KPIs are used as a goal-setting tool both during the development of benchmarks and the finalization of target performance indicators serving to assess the efficiency of activities.