Message from of the Board of Directors
Dear Shareholders and Investors,
In the face of macroeconomic changes, Gazprom Neft has maintained its stability and is actively developing. In 2016, the Company demonstrated substantial growth in operating and financial indicators. The positive dynamics are largely attributable to the high quality of corporate governance – an essential tool for ensuring the Company’s strong competitive positions.
The Gazprom Neft Board of Directors, one of the key components of the corporate governance system, worked to meet strategic development challenges in 2016. Expanding the resource base, including offshore, implementing international projects, improving environmental and industrial safety, efficiently utilising associated petroleum gas and energy conservation were all areas of constant focus for the Board of Directors along with other issues.
Gazprom Neft continues to improve corporate governance practices. In particular, the Company conducted an external assessment of its Internal Audit Department’s activities and organised measures to update data in the Gazprom Neft shareholder register.
In accordance with the requirements of the Corporate Governance Code of the Bank of Russia, the Gazprom Neft Board of Directors approved new versions of the Regulations on the Audit Committee and the Human Resources and Remuneration Committee and reviewed reports on their work in 2016. An analysis of the reports confirmed that the Board’s Committees fully met their objectives and achieved the goals specified by the Code of Corporate Governance. The number of high-profile issues considered by the Audit Committee increased significantly – by 36% – compared with 2015.
Gazprom Neft does not plan to rest on its laurels. Guided by the best Russian and international practices, the Company continues to improve the corporate governance system with the goal of enhancing business efficiency and further successful development.
Board of Directors
Gazprom Neft PJSC